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>The latest debt relief measure, literally translated as 'You Fight, We Help,' is expected to benefit all parties involved.</li><li>Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset quality.</li><li>Ultimately, this measure aims to help alleviate the overall household debt burden. We estimate that small and medium-sized banks are likely to benefit more significantly, although the extent will depend on the number of debtors registering for the program. </li></ul>

The latest debt relief measure, literally translated as 'You Fight, We Help,' is expected to benefit all parties involved.Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset quality.Ultimately, this measure aims to help alleviate the overall household debt burden. We estimate that small and medium-sized banks are likely to benefit more significantly, although the extent will depend on the number of debtors registering for the program. 

Banking DECEMBER 13, 2024 - Small and Medium-Sized Banks to Benefit from New Debt Relief Measure

Equity Bottom-Up

<ul><li>KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%.</li><li>We have added PTTGC to the portfolio as a replacement.</li><li>Strong rebounds in electronic-component stocks (HANA and KCE) helped cushion the decline in the portfolio's average return to -0.62%, broadly in line with the SET's -0.65%.</li></ul>

KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%.We have added PTTGC to the portfolio as a replacement.Strong rebounds in electronic-component stocks (HANA and KCE) helped cushion the decline in the portfolio's average return to -0.62%, broadly in line with the SET's -0.65%.

KTX Tactical Picks - September 11, 2026 (Eng.)

<ul><li>KTX holds a positive view of the new household debt relief measures, as they help reduce principal amounts and long-term debt burdens.</li><li>This is expected to have a favorable impact on asset quality and ease future provisioning pressures.</li><li>These measures are particularly beneficial for small and medium-sized banks with a high proportion of retail loan portfolios. Recommendations include KKP, TTB, and TISCO.</li></ul>

KTX holds a positive view of the new household debt relief measures, as they help reduce principal amounts and long-term debt burdens.This is expected to have a favorable impact on asset quality and ease future provisioning pressures.These measures are particularly beneficial for small and medium-sized banks with a high proportion of retail loan portfolios. Recommendations include KKP, TTB, and TISCO.

Banking - New Household Debt Relief Measure: A Positive Outlook for Small and Medium-Sized Banks

<ul><li>The 3Q24 earnings performance of 686 stocks in the SET Index (accounting for 95% of total market capitalization) totaled Bt207,918mn, declining by 19% QoQ and 24% YoY.</li><li>However, excluding energy and petrochemical stocks, the remaining sectors showed stable performances QoQ and significant YoY growth.</li><li>For the 163 stocks covered by the Bloomberg consensus, net profit came in at Bt176,516mn, down 23% YoY and 22% QoQ, and about 8% below the Bloomberg consensus estimates. </li></ul>

The 3Q24 earnings performance of 686 stocks in the SET Index (accounting for 95% of total market capitalization) totaled Bt207,918mn, declining by 19% QoQ and 24% YoY.However, excluding energy and petrochemical stocks, the remaining sectors showed stable performances QoQ and significant YoY growth.For the 163 stocks covered by the Bloomberg consensus, net profit came in at Bt176,516mn, down 23% YoY and 22% QoQ, and about 8% below the Bloomberg consensus estimates. 

Special Report: 3Q24 Earnings Summary - November 20, 2024

<ul><li>We maintain a neutral view on these measures in the short term, as the target groups are classified as SM loans and NPLs, for which banks have already set aside some provisions.</li><li>However, the long-term outlook is positive, as these measures effectively address household debt burdens and create incentives for debt repayment.</li><li>If borrowers can meet their repayment schedules, it will help alleviate household debt issues.</li></ul>

We maintain a neutral view on these measures in the short term, as the target groups are classified as SM loans and NPLs, for which banks have already set aside some provisions.However, the long-term outlook is positive, as these measures effectively address household debt burdens and create incentives for debt repayment.If borrowers can meet their repayment schedules, it will help alleviate household debt issues.

The Ministry of Finance's New Approach to Resolving Household Debt...Effective or Not?

Thailand

Kiatnakin Phatra Bank Public Company Limited is a full-service commercial bank based in Thailand, offering a wide range of financial products and services to individual, business, corporate, and institutional clients. Its offerings include deposits, various types of loans (auto, personal, home, SME), investment products, and digital banking services. The company is headquartered in Bangkok, Thailand, and was founded in 1971.

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Kiatnakin Phatra Bank (KKP TB)

Banking DECEMBER 13, 2024 - Small and Medium-Sized Banks to Benefit from New Debt Relief Measure

Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset...

Krungthai XSpring

KTX Tactical Picks - September 11, 2026 (Eng.)

KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%. We have added PTTGC to the portfolio as a replacement. Strong...

Krungthai XSpring

Banking - New Household Debt Relief Measure: A Positive Outlook for Small and Medium-Sized Banks

KTX holds a positive view of the new household debt relief measures, as they help reduce principal amounts and long-term debt burdens.

Krungthai XSpring

Special Report: 3Q24 Earnings Summary - November 20, 2024

The 3Q24 earnings performance of 686 stocks in the SET Index (accounting for 95% of total market capitalization) totaled Bt207,918mn, declining by...

Krungthai XSpring

The Ministry of Finance's New Approach to Resolving Household Debt...Effective or Not?

We maintain a neutral view on these measures in the short term, as the target groups are classified as SM loans and NPLs, for which banks have...

Krungthai XSpring

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