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.

Technical Analysis

JMT Network Services / Technical Analysis

<ul>
<li>The SET Index rebounded sharply in line with the recovery across Asian equity markets, supported by buying interest in technology stocks and the US Treasury's announcement of expanded Treasury buybacks.</li>
<li>Although the index surged before pulling back, the move did not undermine the overall price pattern.</li>
<li>As the index continues to swing rapidly in both directions, we recommend buying on weakness, as we believe the overall upward bias remains intact.</li>
</ul>


The SET Index rebounded sharply in line with the recovery across Asian equity markets, supported by buying interest in technology stocks and the US Treasury's announcement of expanded Treasury buybacks.
Although the index surged before pulling back, the move did not undermine the overall price pattern.
As the index continues to swing rapidly in both directions, we recommend buying on weakness, as we believe the overall upward bias remains intact.


Krungthai XSpring Technical Eng. August 21, 2026

Equity Bottom-Up

<ul>
<li>We upgrade our rating to Outperform from Neutral and raise our 12-month forward FV to Bt13.00 from Bt10.00, based on a 7.4% required return (previously 9.2%), following a revision to our forecast period under our new macro assumptions.</li>
<li>This implies around 9% upside.</li>
<li>While 2Q26 results may not have been particularly strong, signs of recovery have emerged, with lower provisions and improving cash collection.</li>
</ul>


We upgrade our rating to Outperform from Neutral and raise our 12-month forward FV to Bt13.00 from Bt10.00, based on a 7.4% required return (previously 9.2%), following a revision to our forecast period under our new macro assumptions.
This implies around 9% upside.
While 2Q26 results may not have been particularly strong, signs of recovery have emerged, with lower provisions and improving cash collection.


JMT NETWORK SERVICES Plc. (JMT): Earnings Remained Weak, but Signs of Recovery Emerged

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Two thirds of the way through the review period, we see one change for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in December with <a href="https://www.smartkarma.com/entities/kce-electronics-pcl" target="_blank" data-smartkarma-citation="entities:1892:1" rel="noopener">KCE Electronics (KCE TB)</a> replacing <a href="https://www.smartkarma.com/entities/ngern-tid-lor-pcl" target="_blank" data-smartkarma-citation="entities:31103:1" rel="noopener">Ngern Tid Lor (TIDLOR TB)</a>. </li>
<li>There is one close change where <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-TAIL (ITC TB)</a> could replace <a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> in the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is unlikely to be deleted while <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> fails liquidity and is unlikely to be added.</li>
</ul>


Two thirds of the way through the review period, we see one change for the SET 50 Index in December with KCE Electronics (KCE TB) replacing Ngern Tid Lor (TIDLOR TB). 
There is one close change where I-TAIL (ITC TB) could replace Srisawad Power 1979 (SAWAD TB) in the index.

Delta Electronics Thailand (DELTA TB) is unlikely to be deleted while Berli Jucker (BJC TB) fails liquidity and is unlikely to be added.


SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

Hana Microelectronics / Technical Analysis

<ul>
<li>The SET Index surged back above 1,600 points, supported by gains in the Tokyo, Taiwan, and South Korean markets despite persistent tensions in the Middle East and concerns over US interest rates.</li>
<li>The recovery above 1,600 points has strengthened bullish momentum.</li>
<li>We recommend buying on dips and selling into strength.</li>
</ul>


The SET Index surged back above 1,600 points, supported by gains in the Tokyo, Taiwan, and South Korean markets despite persistent tensions in the Middle East and concerns over US interest rates.
The recovery above 1,600 points has strengthened bullish momentum.
We recommend buying on dips and selling into strength.


Krungthai XSpring Technical Eng. - September 8, 2026

<ul><li>We maintain our Neutral recommendation with a new 12M FWD fair value of Bt9.10 (from Bt9.00), based on a required return of 10.1% (from 9.5%), reflecting a shift in our valuation methodology to an ERP-based approach (previously beta-based) and a rollover of our forecast period.</li><li>The stock appears fully valued in the near term (–3% to our target price), in line with technical indicators suggesting limited upside. Over the longer term, earnings growth is expected to outpace the industry as ECL provisioning declines.</li><li>4Q25 profit fell YoY and QoQ, but cash collection improved and provisioning eased. The stock trades at 0.5x PBV with an upcoming dividend yield of ~4.6%.</li></ul>

We maintain our Neutral recommendation with a new 12M FWD fair value of Bt9.10 (from Bt9.00), based on a required return of 10.1% (from 9.5%), reflecting a shift in our valuation methodology to an ERP-based approach (previously beta-based) and a rollover of our forecast period.The stock appears fully valued in the near term (–3% to our target price), in line with technical indicators suggesting limited upside. Over the longer term, earnings growth is expected to outpace the industry as ECL provisioning declines.4Q25 profit fell YoY and QoQ, but cash collection improved and provisioning eased. The stock trades at 0.5x PBV with an upcoming dividend yield of ~4.6%.

JMT NETWORK SERVICES Plc. (JMT): Cash Collection Recovered Slightly QoQ

Thailand

JMT Network Services Public Company Limited provides debt collection and distressed debt management services for financial institutions and entrepreneurs in Thailand. The company also offers non-performing accounts receivable management, insurance brokerage, asset management, and appraisal services. JMT Network Services was established in 1994 and is headquartered in Bangkok, Thailand.

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JMT Network Services (JMT TB)

Krungthai XSpring Technical Eng. August 21, 2026

The SET Index rebounded sharply in line with the recovery across Asian equity markets, supported by buying interest in technology stocks and the...

Krungthai XSpring

JMT NETWORK SERVICES Plc. (JMT): Earnings Remained Weak, but Signs of Recovery Emerged

We upgrade our rating to Outperform from Neutral and raise our 12-month forward FV to Bt13.00 from Bt10.00, based on a 7.4% required return...

Krungthai XSpring

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

KCE could replace TIDLOR in the SET50 in Dec. ITC is a close add and could replace SAWAD. The impact on the stocks is big given the index is...

Brian Freitas

Krungthai XSpring Technical Eng. - September 8, 2026

The SET Index surged back above 1,600 points, supported by gains in the Tokyo, Taiwan, and South Korean markets despite persistent tensions in the...

Krungthai XSpring

JMT NETWORK SERVICES Plc. (JMT): Cash Collection Recovered Slightly QoQ

4Q25 profit fell YoY and QoQ, but cash collection improved and provisioning eased. The stock trades at 0.5x PBV with an upcoming dividend yield of...

Krungthai XSpring

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