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 index followed a similar pattern to the previous session, edging higher before retreating in the afternoon.</li><li>The index retreated toward the 1,250–1,230 support zone, pressured mainly by declines in DELTA and ADVANC.</li><li>Therefore, we recommend buying on dips and selling on rises, as the index is still expected to hold above its support zone.</li></ul>

The index followed a similar pattern to the previous session, edging higher before retreating in the afternoon.The index retreated toward the 1,250–1,230 support zone, pressured mainly by declines in DELTA and ADVANC.Therefore, we recommend buying on dips and selling on rises, as the index is still expected to hold above its support zone.

Krungthai XSpring Technical Eng. November 28, 2025

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

Equity Bottom-Up

We initiate coverage on M with a BUY rating, based on a target price of Bt96 and derived from 31xPE’18E, which is the +2SD of three-year average trading range.The story:<ul><li>Brand portfolio strategy to support sales and margin expansion</li><li>Consumption recovery and marketing activities to boost SSSG</li><li>Expansion of nationwide outlet network is ramping up</li><li>Upside from spin-off of logistics business</li></ul>Risks:  <ul><li>Raw-material procurement</li><li>Increasing staff costs</li></ul>Background: The M story starts in 1962, when Thongkam Mekto took over the small MK shop house restaurant in Siam Square, Bangkok from former owner Makong King Yee, a Hong Kong businessman, hence the “MK” name. Around 1986, Thongkam opened her first MK branch at the Central Department Store complex in Ladprao. The chain grew, and in 1989, MK Restaurant Group Public Company Limited (M) was established. Its core business is to operate suki, Japanese, Thai restaurants, and coffee shops, led by 638 outlets under its flagship MK brand. M has sold the MK Suki franchise to operators in Japan, Vietnam and Laos and further offshore expansion came with a joint-venture company to operate restaurant business in Singapore in 2011.

We initiate coverage on M with a BUY rating, based on a target price of Bt96 and derived from 31xPE’18E, which is the +2SD of three-year average trading range.The story:Brand portfolio strategy to support sales and margin expansionConsumption recovery and marketing activities to boost SSSGExpansion of nationwide outlet network is ramping upUpside from spin-off of logistics businessRisks:  Raw-material procurementIncreasing staff costsBackground: The M story starts in 1962, when Thongkam Mekto took over the small MK shop house restaurant in Siam Square, Bangkok from former owner Makong King Yee, a Hong Kong businessman, hence the “MK” name. Around 1986, Thongkam opened her first MK branch at the Central Department Store complex in Ladprao. The chain grew, and in 1989, MK Restaurant Group Public Company Limited (M) was established. Its core business is to operate suki, Japanese, Thai restaurants, and coffee shops, led by 638 outlets under its flagship MK brand. M has sold the MK Suki franchise to operators in Japan, Vietnam and Laos and further offshore expansion came with a joint-venture company to operate restaurant business in Singapore in 2011.

M: Big-Three Chain Restaurant Giant Ramps up Brands and Networks

Thailand

JCK Hospitality Public Company Limited owns and operates a chain of fast food restaurants. The Company offers a wide range of Thai and Japanese dishes and beverages. JCK Hospitality serves customers in Thailand.

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JCK Hospitality (JCKH TB)

Krungthai XSpring Technical Eng. November 28, 2025

The index followed a similar pattern to the previous session, edging higher before retreating in the afternoon.The index retreated toward the...

Krungthai XSpring

M: Big-Three Chain Restaurant Giant Ramps up Brands and Networks

We initiate coverage on M with a BUY rating, based on a target price of Bt96 and derived from 31xPE’18E, which is the +2SD of three-year average...

Pi Securities PCL, Thailand

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