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>We recommend removing KCE from the portfolio after it fell out of our ranking criteria, with a holding-period return of +8.1%. KBANK has been added to the portfolio as its replacement.</li>
<li>All holdings in the portfolio posted gains from the previous day, lifting the portfolio's average return by 1.53%, outperforming the SET's +1.39% gain.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


We recommend removing KCE from the portfolio after it fell out of our ranking criteria, with a holding-period return of +8.1%. KBANK has been added to the portfolio as its replacement.
All holdings in the portfolio posted gains from the previous day, lifting the portfolio's average return by 1.53%, outperforming the SET's +1.39% gain.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


Thematic (Sector/Industry)

<ul><li>We maintain our cautious view on the banking sector given the uncertainty surrounding the impact of the COVID-19 outbreak and fears of a global recession.</li><li>We also cut our earnings estimates for banks in 2020-21E by 22-25% to factor in the possible impact from COVID-19.</li><li>BBL still looks to be in the best position to withstand the headwinds.</li></ul>

We maintain our cautious view on the banking sector given the uncertainty surrounding the impact of the COVID-19 outbreak and fears of a global recession.We also cut our earnings estimates for banks in 2020-21E by 22-25% to factor in the possible impact from COVID-19.BBL still looks to be in the best position to withstand the headwinds.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is set to hog the limelight this week with pricing set to be announced on the 4th of June</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) is set to hog the limelight this week with pricing set to be announced on the 4th of June
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

<ul><li>Core profit grew strongly in 4Q25/2025, driven by higher contributions from ADVANC and the power portfolio.</li><li>We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong customer data platform linking energy–digital–virtual banking, and data center expansion.</li><li>In 2025, core profit rose to Bt28.8bn (+33% YoY), driven by 1) a 40% YoY increase in associate contributions (ADVANC, HKP, Jackson); 2) c.Bt1.19bn dividend income from KBANK; 3) full-year earnings from GPD Units 3–4 and added contributions from solar/solar BESS (COD: late 2024–25); and 4) LNG import gains.</li></ul>

Core profit grew strongly in 4Q25/2025, driven by higher contributions from ADVANC and the power portfolio.We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong customer data platform linking energy–digital–virtual banking, and data center expansion.In 2025, core profit rose to Bt28.8bn (+33% YoY), driven by 1) a 40% YoY increase in associate contributions (ADVANC, HKP, Jackson); 2) c.Bt1.19bn dividend income from KBANK; 3) full-year earnings from GPD Units 3–4 and added contributions from solar/solar BESS (COD: late 2024–25); and 4) LNG import gains.

GULF DEVELOPMENT Plc. (GULF): 4Q25 NP Beat; Core In Line — Strong Portfolio...

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of ~US$1bn deals could launch this week.</li>
<li>On the placement front, flow continues to slowdown going into year end earnings season.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of ~US$1bn deals could launch this week.
On the placement front, flow continues to slowdown going into year end earnings season.


Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

South Korea

K Bank Co. Ltd. operates banking businesses. The Company provides deposits, withdrawals, loans, and other services. K Bank conducts businesses in South Korea.

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K Bank (279570 KS)

KTX TACTICAL PICKS - July 3, 2026 (Eng.)

We recommend removing KCE from the portfolio after it fell out of our ranking criteria, with a holding-period return of +8.1%. KBANK has been...

Krungthai XSpring

Cloudy Outlook Ahead

We maintain our cautious view on the banking sector given the uncertainty surrounding the impact of the COVID-19 outbreak and fears of a global...

Krungthai XSpring

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

GULF DEVELOPMENT Plc. (GULF): 4Q25 NP Beat; Core In Line — Strong Portfolio...

We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong...

Krungthai XSpring

Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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52-week Range

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