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>Asian bourses advanced on expectations that the Fed will cut interest rates at its September 16–17 meeting.</li><li>The SET surged for a fifth consecutive day while gains in the electronic, transportation, finance and tourism sectors boosted the index up and finally increased 2.28% from the previous week.</li><li>Therefore, we continue to recommend selective speculation, as the index remains in the uptrend with having a bullish signal.</li></ul>

Asian bourses advanced on expectations that the Fed will cut interest rates at its September 16–17 meeting.The SET surged for a fifth consecutive day while gains in the electronic, transportation, finance and tourism sectors boosted the index up and finally increased 2.28% from the previous week.Therefore, we continue to recommend selective speculation, as the index remains in the uptrend with having a bullish signal.

Krungthai XSpring Technical Eng. September 15, 2025

<ul><li>Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.</li><li>The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.</li><li>Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.</li></ul>

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controls</li><li>IPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)</li><li>The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controlsIPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: IPCA Laboratories, Endurance Technologies, ITD Cementation

<ul><li>Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas vertical</li><li>Due to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bn</li><li>The outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiaries</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas verticalDue to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bnThe outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiariesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

<ul><li>Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division</li><li>PAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETR</li><li>Our faith in the company is undeterred given its well-diversified presence across components, geographies and customers</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products divisionPAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETROur faith in the company is undeterred given its well-diversified presence across components, geographies and customersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Samvardhana Motherson International

India

ITD Cementation India Limited operates a construction company.  The Group's projects include marine works, road works and bridges, civil works for industrial projects, foundations and specialist engineering works.

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ITD Cementation India (ITCE IN)

Krungthai XSpring Technical Eng. September 15, 2025

The SET surged for a fifth consecutive day while gains in the electronic, transportation, finance and tourism sectors boosted the index up and...

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund...

Krungthai XSpring

HSIE Results Daily: IPCA Laboratories, Endurance Technologies, ITD Cementation

EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and...

HDFC Securities

HSIE Results Daily: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil & gas vertical

HDFC Securities

HSIE Results Daily: Samvardhana Motherson International

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division

HDFC Securities

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