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 closing the position in AOT (holding-period return: +5.7%) as the stock has fallen out of our ranking criteria.</li>
<li>It is replaced by AMATA, which is expected to benefit from continued foreign direct investment (FDI) inflows.</li>
<li>Strong rebounds in CCET (+5.3%) and EPG (+4.3%) lifted the portfolio's average return by 1.4%, outperforming the SET's 1.1% return (+0.1%).</li>
</ul>


We recommend closing the position in AOT (holding-period return: +5.7%) as the stock has fallen out of our ranking criteria.
It is replaced by AMATA, which is expected to benefit from continued foreign direct investment (FDI) inflows.
Strong rebounds in CCET (+5.3%) and EPG (+4.3%) lifted the portfolio's average return by 1.4%, outperforming the SET's 1.1% return (+0.1%).


KTX TACTICAL PICKS - July 10, 2026 (Eng.)

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Thematic (Sector/Industry)

<h2>CGS: 3Q21 Road Show</h2><ul>
<li><h3>Performance review of CGS‘s stock picks</h3></li>
<li><h3>CGS Strategy</h3></li>
<li>
<h3>Our stock picks for 3Q21</h3>
<ul><li><ul>
<li>
<strong>KBANK</strong>:  Most benefit amongst big banks post-COVID recovery</li>
<li>
<strong>EPG</strong>: Global-standard polymer converter assured of sustainable growth</li>
<li>
<strong><strong>CKP:</strong></strong> Positive 2021-22 outlook from the better hydro operation</li>
</ul></li></ul>
</li>
<li>
<h3>Power sector</h3>
<ul><li><ul>
<li>
<strong>RATCH</strong>: Stable earnings outlook and a high dividend yield</li>
<li>
<strong>GULF</strong>: Earning growth and upside from INTUCH investment</li>
</ul></li></ul>
</li>
</ul>

CGS: 3Q21 Road Show
Performance review of CGS‘s stock picks
CGS Strategy

Our stock picks for 3Q21


KBANK:  Most benefit amongst big banks post-COVID recovery

EPG: Global-standard polymer converter assured of sustainable growth

CKP: Positive 2021-22 outlook from the better hydro operation



Power sector


RATCH: Stable earnings outlook and a high dividend yield

GULF: Earning growth and upside from INTUCH investment




<ul>
<li>There have been no changes to portfolio holdings today.</li>
<li>Profit-taking in energy stocks dragged the portfolio's average return down by 0.87%, underperforming the SET (+0.1%), which was supported by the rebound in technology stocks.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


There have been no changes to portfolio holdings today.
Profit-taking in energy stocks dragged the portfolio's average return down by 0.87%, underperforming the SET (+0.1%), which was supported by the rebound in technology stocks.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


Quantitative Analysis

<ul><li>There have been no changes to portfolio holdings today.</li><li>Our KTX Tactical Picks Portfolio posted an average return of -0.20%, compared with the SET's -0.05%.</li><li>The slight underperformance was mainly driven by selling pressure in KCE, GUNKUL, and EPG.</li></ul>

There have been no changes to portfolio holdings today.Our KTX Tactical Picks Portfolio posted an average return of -0.20%, compared with the SET's -0.05%.The slight underperformance was mainly driven by selling pressure in KCE, GUNKUL, and EPG.

<ul>
<li>We reiterate BUY rating for EPG but trim down target price to Bt12.60, (Previous TP:14.30) derived from 21xPE’FY23E,  (5-year average) or 90% premium to materials sector. We reduce PE multiple </li>
<li>Expect the company to post 4QFY22 (Jan-Mar) core profit at Bt398m (+7%YoY -2%QoQ)</li>
<li>Solid demand for automotive-parts in Thailand and Australian. Concern over rising raw material remain under control at least in the next two quarter</li>
</ul>


We reiterate BUY rating for EPG but trim down target price to Bt12.60, (Previous TP:14.30) derived from 21xPE’FY23E,  (5-year average) or 90% premium to materials sector. We reduce PE multiple 
Expect the company to post 4QFY22 (Jan-Mar) core profit at Bt398m (+7%YoY -2%QoQ)
Solid demand for automotive-parts in Thailand and Australian. Concern over rising raw material remain under control at least in the next two quarter


EPG: Expect Earnings to Remain at High Base, but Growth Is Limited

Thailand

Eastern Polymer Group Public Company Limited manufactures and distributes rubber insulation, automotive parts and accessories, and plastic packaging products. The company's diverse product portfolio includes thermal insulation under the 'Aeroflex' brand, pickup truck bedliners and automotive accessories under 'Aeroklas', and disposable plastic packaging for food and beverages under 'EPP'. Eastern Polymer Group was founded in 1978 and is headquartered in Mueang Samut Prakan, Thailand.

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Eastern Polymer Group (EPG TB)

KTX TACTICAL PICKS - July 10, 2026 (Eng.)

We recommend closing the position in AOT (holding-period return: +5.7%) as the stock has fallen out of our ranking criteria. It is replaced by...

Krungthai XSpring

3Q21 Road Show

CGS's roadshow : Performance review of CGS ‘s stock picks, CGS Strategy, Our stock picks for 3Q21, Power sector outlook 3Q21

Pi Securities PCL, Thailand

KTX TACTICAL PICKS - July 9, 2026 (Eng.)

There have been no changes to portfolio holdings today. Profit-taking in energy stocks dragged the portfolio's average return down by 0.87%,...

Krungthai XSpring

KTX Tactical Picks - July 2, 2026 (Eng.)

There have been no changes to portfolio holdings today. Our KTX Tactical Picks Portfolio posted an average return of -0.20%, compared with the...

Krungthai XSpring

EPG: Expect Earnings to Remain at High Base, but Growth Is Limited

We reiterate BUY rating for EPG but trim down target price to Bt12.60, (Previous TP:14.30) derived from 21xPE’FY23E, (5-year average) or 90%...

Pi Securities PCL, Thailand

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52-week Range

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