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 taking profit on GUNKUL (+22.5%) and KKP (+20.2%), as their holding-period returns have exceeded our threshold.</li>
<li>We have also closed our positions in SCGP (+16.7%) and AMATA (+3.7%) after both stocks fell out of our ranking criteria.</li>
<li>The strong rally in energy stocks continued to drive the portfolio's average return higher (+1.02%), outperforming the SET (+0.1%).</li>
</ul>


We recommend taking profit on GUNKUL (+22.5%) and KKP (+20.2%), as their holding-period returns have exceeded our threshold.
We have also closed our positions in SCGP (+16.7%) and AMATA (+3.7%) after both stocks fell out of our ranking criteria.
The strong rally in energy stocks continued to drive the portfolio's average return higher (+1.02%), outperforming the SET (+0.1%).


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.

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)

BCPG, GUNKUL, GULF top pick growth stocks<ul>
<li>
Earnings upcycle in 2021: We expect BCPG, GULF and GUNKUL to achieve 15 to 30% net profit growth during 2021 on the back 12 to 30% power generation capacity expansion in 2020-21 period.</li>
<li>
Declining gas price to support SPP performance: The industrial user power sales of SPP players BGRIM, GPSC and GULF (accounting 10 to 20% of the revenue) has rebound to pre – COVID 19 levels as of 4Q20.  We expect the declining gas cost (-10% YoY) will help in revamping the GPM and support the sector performance.</li>
</ul>EGCO, RATCH top pick value stocks<ul>
<li>
Cheap valuation: The stock price of EGCO and RATCH faced 70% and 30% fall in 2020 respectively. The stocks are trading very cheap at 9 to 13x PE’21E and having the companies already overcome the COVID-19 impact we believe the price correction has created an investment opportunity.</li>
<li>
Decent dividend yield: We expect RATCH and EGCO to pay a decent dividend yield of 3.3 to 4.4% in 2021.</li>
</ul>Maintain HOLD rating on BGRIM, EA and GPSC<ul><li>We have a positive view on BGRIM and GPSC as the SPP players will benefit from declining gas price. However, due to limit upside from current share price we maintain the HOLD rating. We recommend to HOLD EA, as the stock performance will depend on new EV-ESS business success and valuation demands.</li></ul>

BCPG, GUNKUL, GULF top pick growth stocks

Earnings upcycle in 2021: We expect BCPG, GULF and GUNKUL to achieve 15 to 30% net profit growth during 2021 on the back 12 to 30% power generation capacity expansion in 2020-21 period.

Declining gas price to support SPP performance: The industrial user power sales of SPP players BGRIM, GPSC and GULF (accounting 10 to 20% of the revenue) has rebound to pre – COVID 19 levels as of 4Q20.  We expect the declining gas cost (-10% YoY) will help in revamping the GPM and support the sector performance.
EGCO, RATCH top pick value stocks

Cheap valuation: The stock price of EGCO and RATCH faced 70% and 30% fall in 2020 respectively. The stocks are trading very cheap at 9 to 13x PE’21E and having the companies already overcome the COVID-19 impact we believe the price correction has created an investment opportunity.

Decent dividend yield: We expect RATCH and EGCO to pay a decent dividend yield of 3.3 to 4.4% in 2021.
Maintain HOLD rating on BGRIM, EA and GPSCWe have a positive view on BGRIM and GPSC as the SPP players will benefit from declining gas price. However, due to limit upside from current share price we maintain the HOLD rating. We recommend to HOLD EA, as the stock performance will depend on new EV-ESS business success and valuation demands.

Thailand Power Sector: Overweight-Bright 2021 Performance

<ul><li>Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.</li></ul>

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

<ul>
<li>We maintain the HOLD rating with a TP of Bt4.45. The GUNKUL-GULF JV, and reduction of GUNKUL’s stake in 3 wind farm projects to 50% (from previous 100%)</li>
<li>Event:GUNKUL-GULF form JV to expend RE portfolio The company informs the SET about selling 50% share of Gulf Gunkul Corporation, the joint venture company between Gunkul and with Gulf Renewable</li>
<li>Meanwhile,GUNKUL contributes the 3 wind energy power projects with installed capacity of 170MW(Wind energy group)into the JV with total asset side of Bt13.4bn and net profit of Bt229m as of1Q22.</li>
</ul>


We maintain the HOLD rating with a TP of Bt4.45. The GUNKUL-GULF JV, and reduction of GUNKUL’s stake in 3 wind farm projects to 50% (from previous 100%)
Event:GUNKUL-GULF form JV to expend RE portfolio The company informs the SET about selling 50% share of Gulf Gunkul Corporation, the joint venture company between Gunkul and with Gulf Renewable
Meanwhile,GUNKUL contributes the 3 wind energy power projects with installed capacity of 170MW(Wind energy group)into the JV with total asset side of Bt13.4bn and net profit of Bt229m as of1Q22.


GUNKUL : JV with GULF to Capture Synergy Benefits

Thailand

Gunkul Engineering Public Co. Ltd. specializes in renewable energy generation, including solar and wind farms, and the manufacturing and distribution of electrical equipment. The company also provides construction and maintenance services for power systems. It was founded in 1982 and is headquartered in Bangkok, Thailand.

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Gunkul Engineering (GUNKUL TB)

KTX Tactical Picks - July 8, 2026 (Eng.)

We recommend taking profit on GUNKUL (+22.5%) and KKP (+20.2%), as their holding-period returns have exceeded our threshold. We have also closed...

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

Thailand Power Sector: Overweight-Bright 2021 Performance

Power Sector: Overweight-Bright 2021 sector performance. BCPG, GUNKUL, GULF top pick growth stocks. EGCO, RATCH top pick value stocks

Pi Securities PCL, Thailand

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest...

Krungthai XSpring

GUNKUL : JV with GULF to Capture Synergy Benefits

We maintain the HOLD rating with a TP of Bt4.45. The GUNKUL-GULF JV, and reduction of GUNKUL’s stake in 3 wind farm projects to 50%(from previous...

Pi Securities PCL, Thailand

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