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.

Thematic (Sector/Industry)

<ul><li>The SET declined in line with Asian bourses, facing immediate selling pressure due to concerns over trade wars, upcoming reciprocal tariffs, and expiring futures contracts.</li><li>Initially, the index appeared to stand above the support at 1,180 points, but a sudden earthquake triggered a sharp selloff, dragging down stocks in the electronics, petrol and hospital sectors.</li><li>Ultimately, the index fell 0.94% from the previous week.</li></ul>

The SET declined in line with Asian bourses, facing immediate selling pressure due to concerns over trade wars, upcoming reciprocal tariffs, and expiring futures contracts.Initially, the index appeared to stand above the support at 1,180 points, but a sudden earthquake triggered a sharp selloff, dragging down stocks in the electronics, petrol and hospital sectors.Ultimately, the index fell 0.94% from the previous week.

<ul><li>The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.</li><li>As a result, the SET struggled to maintain its rebound. However, the index traded sideways within a narrow range, supported by gains in ADVANC, PTTEP, banking shares, and Chinese DR stocks, which mirrored the Hang Seng's rebound.</li><li>Meanwhile, foreign investors turned net buyers.</li></ul>

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.As a result, the SET struggled to maintain its rebound. However, the index traded sideways within a narrow range, supported by gains in ADVANC, PTTEP, banking shares, and Chinese DR stocks, which mirrored the Hang Seng's rebound.Meanwhile, foreign investors turned net buyers.

<ul>
<li>We maintain a Neutral investment weighting after our downward revision of tourist arrivals for 2025E, which remain below pre-COVID levels.</li>
<li>This reflects a slowdown in Chinese tourists and a shift in their travel destination preference toward Japan.</li>
<li>However, the downside risk for SET TOURISM has become more limited, as the implied EPS has dropped to near the historical average. </li>
</ul>


We maintain a Neutral investment weighting after our downward revision of tourist arrivals for 2025E, which remain below pre-COVID levels.
This reflects a slowdown in Chinese tourists and a shift in their travel destination preference toward Japan.
However, the downside risk for SET TOURISM has become more limited, as the implied EPS has dropped to near the historical average. 


Tourism and Airline Sectors - MARCH 13, 2025

<ul><li>The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.</li><li>Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.</li><li>Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. </li></ul>

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. 

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

<ul><li>The impact of concerns over the tourism situation, which may escalate following the repatriation of Uyghurs to China in late February, is expected to be limited owing to the following factors: i) The proportion of tourists from the US and Japan, which have issued travel advisories for Thailand, is low at only 6% of total tourists.</li><li>ii) The government plans to revive the "We Travel Together" scheme during the low season (May-September), helping to mitigate the potential impact of the Uyghur issue, which is expected to affect the same period; historically, tourism conditions tend to normalize within 3-4 months after any unrest or unusual incidents.</li><li>iii) Stock prices typically decline and underperform the SET slightly at -2% to -3% in the one-week to two-month period following such events. </li></ul>

The impact of concerns over the tourism situation, which may escalate following the repatriation of Uyghurs to China in late February, is expected to be limited owing to the following factors: i) The proportion of tourists from the US and Japan, which have issued travel advisories for Thailand, is low at only 6% of total tourists.ii) The government plans to revive the "We Travel Together" scheme during the low season (May-September), helping to mitigate the potential impact of the Uyghur issue, which is expected to affect the same period; historically, tourism conditions tend to normalize within 3-4 months after any unrest or unusual incidents.iii) Stock prices typically decline and underperform the SET slightly at -2% to -3% in the one-week to two-month period following such events. 

Tourism and Airline Sectors - Expect Limited Impact from Uyghur Repatriation

Thailand

The Erawan Group Public Company Limited develops and operates luxurious hotels, office buildings and shopping centers in the heart of Bangkok.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Erawan Group (ERW TB)

Technical Analysis - MARCH 31, 2025

The SET declined in line with Asian bourses, facing immediate selling pressure due to concerns over trade wars, upcoming reciprocal tariffs, and...

Krungthai XSpring

Technical Analysis - MARCH 28, 2025

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.

Krungthai XSpring

Tourism and Airline Sectors - MARCH 13, 2025

We maintain a Neutral investment weighting after our downward revision of tourist arrivals for 2025E, which remain below pre-COVID levels.

Krungthai XSpring

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY...

Krungthai XSpring

Tourism and Airline Sectors - Expect Limited Impact from Uyghur Repatriation

We maintain a Neutral view on the sector and select CENTEL as the top pick (Outperform; TP at Bt39.00), given its stronger-than-peer earnings...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)