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>Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.</li><li>The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.</li><li>We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.</li></ul>

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.

Krungthai XSpring Zoom Eng. July 23, 2026

<ul><li>(-) 2Q26 results from the major banks ranged from broadly in line with expectations (KBANK, SCB) to below expectations (BBL), providing limited scope for earnings upgrades to justify their stretched near-term valuations.</li><li>(+) Investors have rotated back into chip stocks (Nasdaq +1.29%) ahead of tonight's 2Q26 earnings releases from Google and Texas Instruments, supporting a continued recovery in Thailand's electronics sector.</li><li>(+) We expect PTTGC (Outperform; TP: Bt46.50) to report its strongest quarterly earnings of 2026, with 2Q26E core profit reaching Bt10.5bn (+2x QoQ), supported by improvements across all business segments.</li></ul>

(-) 2Q26 results from the major banks ranged from broadly in line with expectations (KBANK, SCB) to below expectations (BBL), providing limited scope for earnings upgrades to justify their stretched near-term valuations.(+) Investors have rotated back into chip stocks (Nasdaq +1.29%) ahead of tonight's 2Q26 earnings releases from Google and Texas Instruments, supporting a continued recovery in Thailand's electronics sector.(+) We expect PTTGC (Outperform; TP: Bt46.50) to report its strongest quarterly earnings of 2026, with 2Q26E core profit reaching Bt10.5bn (+2x QoQ), supported by improvements across all business segments.

Krungthai XSpring Zoom Eng. July 22, 2026

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

<ul><li>TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.</li><li>We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.</li><li>The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.</li></ul>

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.

Krungthai XSpring Zoom Eng. July 21, 2026

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. </li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. 
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).


Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

United States

ITC Holdings Corporation is a holding company.  Through subsidiaries, the Company transmits electricity from electricity generating stations to local electricity distribution facilities.  ITC invests in electricity transmission infrastructure improvements as a means to improve electricity reliability and reduce congestion.

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Itc Holdings (ITC US)

Krungthai XSpring Zoom Eng. July 23, 2026

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 22, 2026

(-) 2Q26 results from the major banks ranged from broadly in line with expectations (KBANK, SCB) to below expectations (BBL), providing limited...

Krungthai XSpring

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

Krungthai XSpring Zoom Eng. July 21, 2026

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report. We upgrade AMATA to...

Krungthai XSpring

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

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