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>While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.</li><li>We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).</li><li>Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.</li></ul>

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.

AMATA CORPORATION Plc. (AMATA): Chonburi IE 2 Transfers Ease Backlog Concerns

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.</li>
<li>The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.
The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.
We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.


A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aux-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:45549:1" rel="noopener">Aux Electric (2580 HK)</a>  raised around US$532m in its Hong Kong IPO.</li>
<li>It is one of the global top five air conditioner providers. </li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Aux Electric (2580 HK)  raised around US$532m in its Hong Kong IPO.
It is one of the global top five air conditioner providers. 
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aux Electric IPO Trading: Decent Insti Demand; Is Cheap

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HUGE, rampaging, "Beautiful Skew"... is flat. Big swings in H/A ratios continue, this time on average with 2.1% H underperformance vs As which is -4.4% on average over two weeks.</li>
<li>Last week's short reco on <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> was up 2.3% on the week in Hs but Hs underperformed the As by 1.86%.</li>
<li>AH premia are in a widening phase. This may continue. New reco this week.</li>
</ul>


HUGE, rampaging, "Beautiful Skew"... is flat. Big swings in H/A ratios continue, this time on average with 2.1% H underperformance vs As which is -4.4% on average over two weeks.
Last week's short reco on Fuyao Glass Industry Group (3606 HK) was up 2.3% on the week in Hs but Hs underperformed the As by 1.86%.
AH premia are in a widening phase. This may continue. New reco this week.


A/H Premium Tracker (To 29 Aug 2025):  AH Premia Expand Again, Beautiful Skew Takes a Breather

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aux-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:45549:1" rel="noopener">Aux Electric (2580 HK)</a> has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.</li>
<li>The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.</li>
<li>We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.</li>
</ul>



Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.


AUX Electric IPO: Forecasts and Valuation

China

Hisense Home Appliances Group Co., Ltd. manufactures and sells refrigerators, air conditioners, freezers, and product components.

Hisense Home Appliances Group Co., Ltd. H (921 HK)

Hisense Home Appliances Group Co., Ltd. H

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

Hisense Home Appliances Group Co., Ltd. H (921 HK)

AMATA CORPORATION Plc. (AMATA): Chonburi IE 2 Transfers Ease Backlog Concerns

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast. We maintain Outperform with 2026E FV...

Krungthai XSpring

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Aux Electric IPO Trading: Decent Insti Demand; Is Cheap

Aux Electric raised around US$532m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

A/H Premium Tracker (To 29 Aug 2025): AH Premia Expand Again, Beautiful Skew Takes a Breather

Short version this week. Excellent Pair Alpha last week as Hs underperformed As by 2% but we were up on the week. AH premia up 4.4% in 2 weeks. I...

Travis Lundy

AUX Electric IPO: Forecasts and Valuation

AUX Electric has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m. In this...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)