Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We recommend selling DBS19, GRAB80, NOW19, and ZAI23 at losses of 0.3%, 6.3%, 3.2%, and 17.9%, respectively.</li><li>Most of these sales were triggered by our stop-loss criteria.</li><li>Notably, ZAI23 fell sharply after OpenAI's launch of GPT-6 Astra intensified competition for other AI model developers.</li></ul>

We recommend selling DBS19, GRAB80, NOW19, and ZAI23 at losses of 0.3%, 6.3%, 3.2%, and 17.9%, respectively.Most of these sales were triggered by our stop-loss criteria.Notably, ZAI23 fell sharply after OpenAI's launch of GPT-6 Astra intensified competition for other AI model developers.

KTX Tactical DR Picks - September 10, 2026 (Eng.)

<ul><li>We recommend taking profit on LENOVO13 (+14.9%) and EXPE06 (+15.2%), while closing DBS19 (-1.3%). The Tactical DR Portfolio continues to hold positions in seven DRs.</li><li>Our KTX Tactical DR Portfolio delivered a broadly flat return (-0.08%) amid a pullback in technology stocks following a strong four-session rebound.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend taking profit on LENOVO13 (+14.9%) and EXPE06 (+15.2%), while closing DBS19 (-1.3%). The Tactical DR Portfolio continues to hold positions in seven DRs.Our KTX Tactical DR Portfolio delivered a broadly flat return (-0.08%) amid a pullback in technology stocks following a strong four-session rebound.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 6, 2026 (Eng.)

Macroeconomics

<ul><li>The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.</li><li>Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.</li><li>The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.</li></ul>

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.

Krungthai XSpring Zoom Eng. September 1, 2026

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/info-tech-systems-ltd" target="_blank" data-smartkarma-citation="entities:45425:1" rel="noopener">Info-Tech Systems (ITSL SP)</a> is an SGX Mainboard-listed provider of cloud-based business software for small and medium enterprises (SMEs), with operations in SG, MY, HK and IN.</li>
<li>Its core product is a modular human resource management system (HRMS) covering payroll, leave, claims, time attendance, appraisal and scheduling, which it sells alongside its proprietary accounting software.</li>
<li>We initiate non-rated coverage on Info-Tech Systems. While the firm has shown strong growth , HRMS revenue could potentially decline given grant funding being an important driver for first-year sign-ups.</li>
</ul>



Info-Tech Systems (ITSL SP) is an SGX Mainboard-listed provider of cloud-based business software for small and medium enterprises (SMEs), with operations in SG, MY, HK and IN.
Its core product is a modular human resource management system (HRMS) covering payroll, leave, claims, time attendance, appraisal and scheduling, which it sells alongside its proprietary accounting software.
We initiate non-rated coverage on Info-Tech Systems. While the firm has shown strong growth , HRMS revenue could potentially decline given grant funding being an important driver for first-year sign-ups.


Info-Tech Systems Initiation - High Growth and Margins but Needs to Be Sustainable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zixin-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:7007:1" rel="noopener">Zixin Group (ZXGH SP)</a> is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. </li>
<li>The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.</li>
<li>We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.</li>
</ul>



Zixin Group (ZXGH SP) is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. 
The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.
We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.


Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

Singapore

DBS Group Holdings Ltd is an investment holding company that provides a comprehensive range of commercial banking and financial services, primarily in Asia, through its subsidiary DBS Bank Ltd. Its key services include consumer banking, wealth management, and institutional banking. The company serves individual consumers, institutional clients, government-linked companies, large corporations, and small and medium-sized businesses. DBS Group Holdings Ltd is headquartered in Singapore and was founded in 1968.

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DBS (DBS19 TB)

KTX Tactical DR Picks - September 10, 2026 (Eng.)

We recommend selling DBS19, GRAB80, NOW19, and ZAI23 at losses of 0.3%, 6.3%, 3.2%, and 17.9%, respectively. Most of these sales were triggered by...

Krungthai XSpring

KTX Tactical DR Picks - August 6, 2026 (Eng.)

We recommend taking profit on LENOVO13 (+14.9%) and EXPE06 (+15.2%), while closing DBS19 (-1.3%). The Tactical DR Portfolio continues to hold...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 1, 2026

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%. Thailand's...

Krungthai XSpring

Info-Tech Systems Initiation - High Growth and Margins but Needs to Be Sustainable

We initiate non-rated coverage on Info-Tech Systems. Despite the strong growth, HRMS revenue could potentially decline given grant funding being an...

Evolve Capital Advisory Pte Ltd

Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern...

Evolve Capital Advisory Pte Ltd

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52-week Range

Market Cap (USDm)

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