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.

Cross Asset Strategy

<ul><li>Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.</li><li>China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.</li><li>The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).</li></ul>

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).

Krungthai XSpring Zoom Eng. July 15, 2026

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Hong Kong stock market concluded the first half of the year.</li><li>The index closed at 22,881, down 145 pts or 0.63%, giving back part of the previous session’s gains as investors turned cautious despite continued policy support from Beijing.</li><li>SSEC/SZSE/GEI moved by +0.44%/-0.53%/-1.89%, as concerns over uneven economic growth weighed on market sentiment.</li></ul>

Hong Kong stock market concluded the first half of the year.The index closed at 22,881, down 145 pts or 0.63%, giving back part of the previous session’s gains as investors turned cautious despite continued policy support from Beijing.SSEC/SZSE/GEI moved by +0.44%/-0.53%/-1.89%, as concerns over uneven economic growth weighed on market sentiment.

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>MA Financial and Coombes have acquired Central Melbourne Mall for a total of $110 million.</li><li>Ingham is actively seeking a partner to develop a significant $714 million logistics hub.</li><li>Home sales in Singapore have dramatically decreased by 68% in the first quarter of the year.</li></ul>

MA Financial and Coombes have acquired Central Melbourne Mall for a total of $110 million.Ingham is actively seeking a partner to develop a significant $714 million logistics hub.Home sales in Singapore have dramatically decreased by 68% in the first quarter of the year.

Asia Real Estate Tracker (22-May-2026): MA Financial and Coombes acquire Melbourne mall for $110M.

<ul><li>CDL property sales fell to $476 million in Q1, highlighting challenges in the APAC real estate market.</li><li>Hillhouse's Rava acquired a majority stake in Barwon Fund Manager, expanding its footprint in Australia.</li><li>Hongkong Land saw a 5% profit increase, while Asia Standard Hotels faces difficulties refinancing a $174 million loan.</li></ul>

CDL property sales fell to $476 million in Q1, highlighting challenges in the APAC real estate market.Hillhouse's Rava acquired a majority stake in Barwon Fund Manager, expanding its footprint in Australia.Hongkong Land saw a 5% profit increase, while Asia Standard Hotels faces difficulties refinancing a $174 million loan.

Asia Real Estate Tracker (21-May-2026): CDL's Q1 property sales drop to $476M.

<ul><li>Shinsegae has been chosen as the preferred bidder for a new hotel project in Seoul, indicating its expansion in the hospitality sector.</li><li>Ares Management has raised $1.6 billion for a Japan-focused industrial fund, increasing its total assets under management to $644 billion.</li><li>Hongkong Land has launched a luxury mall in Shanghai as part of an $8 billion commercial development, showcasing growth in retail investments.</li></ul>

Shinsegae has been chosen as the preferred bidder for a new hotel project in Seoul, indicating its expansion in the hospitality sector.Ares Management has raised $1.6 billion for a Japan-focused industrial fund, increasing its total assets under management to $644 billion.Hongkong Land has launched a luxury mall in Shanghai as part of an $8 billion commercial development, showcasing growth in retail investments.

Asia Real Estate Tracker (06-May-2026): Shinsegae wins bid for Seoul hotel and real estate news.

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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Goldman Sachs Group (GS US)

Krungthai XSpring Zoom Eng. July 15, 2026

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY. China's...

Krungthai XSpring

Quam Morning Note (2 Jul)

Hong Kong stock market concluded the first half of the year. The index closed at 22,881, down 145 pts or 0.63%, giving back part of the previous...

Quam Securities

Asia Real Estate Tracker (22-May-2026): MA Financial and Coombes acquire Melbourne mall for $110M.

MA Financial and Coombes bought Central Melbourne Mall for $110M, Ingham seeks a partner for a $714M logistics hub, and Singapore home sales fell...

Asia Real Estate Tracker

Asia Real Estate Tracker (21-May-2026): CDL's Q1 property sales drop to $476M.

In Q1, CDL's property sales fell to $476M amid APAC market challenges, while Hillhouse's Rava expanded in Australia, and Hongkong Land saw a profit...

Asia Real Estate Tracker

Asia Real Estate Tracker (06-May-2026): Shinsegae wins bid for Seoul hotel and real estate news.

Shinsegae is the preferred bidder for a Seoul hotel, Ares raised $1.6B for a Japan fund, Hongkong Land launched a luxury mall in Shanghai, and...

Asia Real Estate Tracker

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