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>SYNEX reported 1Q26 core profit of Bt177mn (+17% YoY, +10% QoQ), in line with both our and market expectations.</li><li>Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved GPM, supporting our expectation for 2026 earnings growth of 16% to Bt760mn.</li><li>We maintain our Outperform rating with an unchanged fair value of Bt10.70, based on a required return of 6.82%.</li></ul>

SYNEX reported 1Q26 core profit of Bt177mn (+17% YoY, +10% QoQ), in line with both our and market expectations.Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved GPM, supporting our expectation for 2026 earnings growth of 16% to Bt760mn.We maintain our Outperform rating with an unchanged fair value of Bt10.70, based on a required return of 6.82%.

SYNNEX (THAILAND) Plc. (SYNEX): 1Q26 Core Profit Came in As Expected

<ul><li>We expect SYNEX to report 1Q26E net profit of Bt173mn (+14% YoY, +7% QoQ).</li><li>Near-term outlook remains challenging, particularly for Apple, phone, and consumer segments (accounting for over 70% of total revenue), due to soft purchasing power, higher IT product prices, and the loss of HONOR-related revenue since 4Q25.</li><li>We still expect SYNEX to deliver earnings growth in 2026, but its catalysts may be less compelling than peers as the company remains in a transition phase toward more sustainable long-term growth.</li></ul>

We expect SYNEX to report 1Q26E net profit of Bt173mn (+14% YoY, +7% QoQ).Near-term outlook remains challenging, particularly for Apple, phone, and consumer segments (accounting for over 70% of total revenue), due to soft purchasing power, higher IT product prices, and the loss of HONOR-related revenue since 4Q25.We still expect SYNEX to deliver earnings growth in 2026, but its catalysts may be less compelling than peers as the company remains in a transition phase toward more sustainable long-term growth.

SYNNEX (THAILAND) Plc. (SYNEX): Earnings Growing, But Still Modest Amid Transition

<ul><li>We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.</li><li>We have increased our 2026 profit forecast by 10% to Bt760mn (+10% YoY), on expectations of sustained strength in iPhone 17 sales.</li><li>We maintain our FV at Bt14.00 but downgrade our rating from BUY to Outperform, as long-term growth has been revised down from Above average to Average following strong growth in 2025, with a required return of 6.82%.</li></ul>

We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.We have increased our 2026 profit forecast by 10% to Bt760mn (+10% YoY), on expectations of sustained strength in iPhone 17 sales.We maintain our FV at Bt14.00 but downgrade our rating from BUY to Outperform, as long-term growth has been revised down from Above average to Average following strong growth in 2025, with a required return of 6.82%.

SYNNEX (THAILAND) Plc. (SYNEX): 4Q25E Profit To Reach An All-Time High

<ul><li>SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ).</li><li>9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).</li><li>SYNEX posted 3Q25 core profit of Bt174mn (+26% YoY, +8% QoQ), a three-year high—inline with our estimate but 10% below the market.</li></ul>

SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ).9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).SYNEX posted 3Q25 core profit of Bt174mn (+26% YoY, +8% QoQ), a three-year high—inline with our estimate but 10% below the market.

SYNNEX (THAILAND) Plc. (SYNEX): Profit In Line With Our Estimate But 10% Below Concensus

<ul><li>SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.</li><li>9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.</li><li>We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.</li></ul>

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

China

Huawei Technologies Co., Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services.

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Huawei Technology (40978Z CH)

SYNNEX (THAILAND) Plc. (SYNEX): 1Q26 Core Profit Came in As Expected

Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved...

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): Earnings Growing, But Still Modest Amid Transition

We expect GPM to improve to 3.91% (vs. 3.55% in 4Q25 and 3.81% in 1Q25), driven by a lower contribution from low-margin Apple products and a higher...

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 4Q25E Profit To Reach An All-Time High

We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): Profit In Line With Our Estimate But 10% Below Concensus

SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ). 9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.

Krungthai XSpring

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