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 PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively.</li><li>Meanwhile, we recommend opening positions in DBS19, a DR linked to a leading Singapore financial institution, and ZAI23, a DR linked to a Chinese AI model provider.</li><li>Our KTX Tactical DR Portfolio's average return declined 1.46%, reflecting weakness in software stocks despite a modest recovery in the broader US equity market.</li></ul>

We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively.Meanwhile, we recommend opening positions in DBS19, a DR linked to a leading Singapore financial institution, and ZAI23, a DR linked to a Chinese AI model provider.Our KTX Tactical DR Portfolio's average return declined 1.46%, reflecting weakness in software stocks despite a modest recovery in the broader US equity market.

KTX Tactical DR Picks - September 3, 2026 (Eng.)

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

Goodwill Entertainment Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. </li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. </li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. 
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. 


Goodwill Entertainment Holding - Hitting the Notes of Growth

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<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

Thematic (Sector/Industry)

<ul>
<li>There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.</li>
<li>Hence, we thought it timely to take a closer look at the SGX. </li>
<li>The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. </li>
</ul>


There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.
Hence, we thought it timely to take a closer look at the SGX. 
The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. 


Singapore

DBS Group Holdings Ltd is a leading financial services group in Asia, providing retail, small and medium-sized enterprise, corporate, and investment banking services. Its offerings include current and savings accounts, loans, cards, payments, investment, and insurance products. The company was founded in 1968 and is headquartered in Singapore.

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DBS Group (DBS SP)

KTX Tactical DR Picks - September 3, 2026 (Eng.)

We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively. Meanwhile, we...

Krungthai XSpring

Goodwill Entertainment Holding - Hitting the Notes of Growth

Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with...

Evolve Capital Advisory Pte Ltd

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

A Timely Review of Our Local Bourse

There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund...

Evolve Capital Advisory Pte Ltd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)