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 view the NEPC measures as having mixed implications but remain positive over the medium to long term.</li><li>The expansion of the Direct PPA framework should increase renewable energy consumption to support data center growth, strengthening Thailand's position as a regional data center hub while transforming domestic power producers into energy solution providers.</li><li>We view any share price weakness as a buying opportunity, given the upside potential from PDP 2026, Direct PPA and data center growth, all of which could provide upside to earnings and valuations.</li></ul>

We view the NEPC measures as having mixed implications but remain positive over the medium to long term.The expansion of the Direct PPA framework should increase renewable energy consumption to support data center growth, strengthening Thailand's position as a regional data center hub while transforming domestic power producers into energy solution providers.We view any share price weakness as a buying opportunity, given the upside potential from PDP 2026, Direct PPA and data center growth, all of which could provide upside to earnings and valuations.

Energy (Power): NEPC Unveils Seven Measures to Cut Power Bills and Support Data Center Growth

<ul><li>Inflation concerns eased after US June PPI came in below expectations, supporting risk assets.</li><li>Thailand's National Energy Policy Council (NEPC) approved an expanded Direct PPA framework to support data center investments, providing a positive catalyst for power producers as they transition toward energy solution providers.</li><li>US core PPI increased 4.7% YoY in June, coming in below expectations and reinforcing the softer-than-expected CPI released earlier.</li></ul>

Inflation concerns eased after US June PPI came in below expectations, supporting risk assets.Thailand's National Energy Policy Council (NEPC) approved an expanded Direct PPA framework to support data center investments, providing a positive catalyst for power producers as they transition toward energy solution providers.US core PPI increased 4.7% YoY in June, coming in below expectations and reinforcing the softer-than-expected CPI released earlier.

Krungthai XSpring Zoom Eng. July 16, 2026

<ul><li>The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on vessels passing through the Strait of Hormuz.</li><li>Concerns over tighter oil supply sent crude oil prices surging 9%, heightening inflation risks.</li><li>We therefore recommend using any weakness as an opportunity to accumulate domestic plays with remaining upside.</li></ul>

The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on vessels passing through the Strait of Hormuz.Concerns over tighter oil supply sent crude oil prices surging 9%, heightening inflation risks.We therefore recommend using any weakness as an opportunity to accumulate domestic plays with remaining upside.

Krungthai XSpring Zoom Eng. July 14, 2026

<ul><li>Core profit grew strongly in 4Q25/2025, driven by higher contributions from ADVANC and the power portfolio.</li><li>We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong customer data platform linking energy–digital–virtual banking, and data center expansion.</li><li>In 2025, core profit rose to Bt28.8bn (+33% YoY), driven by 1) a 40% YoY increase in associate contributions (ADVANC, HKP, Jackson); 2) c.Bt1.19bn dividend income from KBANK; 3) full-year earnings from GPD Units 3–4 and added contributions from solar/solar BESS (COD: late 2024–25); and 4) LNG import gains.</li></ul>

Core profit grew strongly in 4Q25/2025, driven by higher contributions from ADVANC and the power portfolio.We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong customer data platform linking energy–digital–virtual banking, and data center expansion.In 2025, core profit rose to Bt28.8bn (+33% YoY), driven by 1) a 40% YoY increase in associate contributions (ADVANC, HKP, Jackson); 2) c.Bt1.19bn dividend income from KBANK; 3) full-year earnings from GPD Units 3–4 and added contributions from solar/solar BESS (COD: late 2024–25); and 4) LNG import gains.

GULF DEVELOPMENT Plc. (GULF): 4Q25 NP Beat; Core In Line — Strong Portfolio...

Cross Asset Strategy

<ul>
<li>SET expected to extend gains, supported by fund inflows ahead of Thailand Focus</li>
<li>The US may further expand buybacks of medium- to long-term Treasuries.</li>
<li>Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.</li>
</ul>


SET expected to extend gains, supported by fund inflows ahead of Thailand Focus
The US may further expand buybacks of medium- to long-term Treasuries.
Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.


Krungthai XSpring Zoom Eng. August 24, 2026

Thailand

Gulf Development Public Company Limited is a holding company that invests in a diversified portfolio including conventional and renewable power generation, natural gas supply and distribution, infrastructure development, and digital businesses. It develops and manages gas-fired, solar, wind, hydroelectric, biomass, and waste-to-energy projects. The company is headquartered in Bangkok, Thailand, and was founded in 2007.

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Gulf Development (GULF TB)

Energy (Power): NEPC Unveils Seven Measures to Cut Power Bills and Support Data Center Growth

We view the NEPC measures as having mixed implications but remain positive over the medium to long term. The expansion of the Direct PPA framework...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 16, 2026

Inflation concerns eased after US June PPI came in below expectations, supporting risk assets. Thailand's National Energy Policy Council (NEPC)...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 14, 2026

The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on...

Krungthai XSpring

GULF DEVELOPMENT Plc. (GULF): 4Q25 NP Beat; Core In Line — Strong Portfolio...

We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 24, 2026

SET expected to extend gains, supported by fund inflows ahead of Thailand Focus The US may further expand buybacks of medium- to long-term...

Krungthai XSpring

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