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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,366/1,354 points and the resistance at 1,380/1,388 points, as it has persistently hit new lows, influenced by the rounding-top downtrend pattern.</li><li>The Bank of Japan (BoJ) is anticipated to maintain the policy interest rate at -0.1% and keep the 10Y bond yield at 0.25% in its meeting today.</li><li>GFC aims for revenue growth of 30-40% in 2024, capitalizing on its listing on the SET.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,366/1,354 points and the resistance at 1,380/1,388 points, as it has persistently hit new lows, influenced by the rounding-top downtrend pattern.The Bank of Japan (BoJ) is anticipated to maintain the policy interest rate at -0.1% and keep the 10Y bond yield at 0.25% in its meeting today.GFC aims for revenue growth of 30-40% in 2024, capitalizing on its listing on the SET.

Thematic (Sector/Industry)

<ul><li>According to the consensus estimates, nine banking stocks are anticipated to generate a cumulative net profit of Bt59.8bn in 3Q23E, equating to 10.9% YoY growth.</li><li>If the operational results of the banking sector align with the consensus expectations, the projected net profit for 9M23E will constitute 76.5% of the full-year estimate, suggesting a probable slowdown in 4Q23E profits QoQ.</li><li>Ahead of the 3Q23 operating results announcements, KTX suggests considering stocks whose prices have yet to fully reflect the anticipated growth in operational performances.</li></ul>

According to the consensus estimates, nine banking stocks are anticipated to generate a cumulative net profit of Bt59.8bn in 3Q23E, equating to 10.9% YoY growth.If the operational results of the banking sector align with the consensus expectations, the projected net profit for 9M23E will constitute 76.5% of the full-year estimate, suggesting a probable slowdown in 4Q23E profits QoQ.Ahead of the 3Q23 operating results announcements, KTX suggests considering stocks whose prices have yet to fully reflect the anticipated growth in operational performances.

Banking Sector Profit in 3Q23E to Be Lifted by Interest Rate Uptrend

Equity Bottom-Up

<ul><li>We recommend selling SCGP, with a holding-period return of -7.4%, after its negative return breached our predetermined threshold.</li><li>We also recommend selling PRM (holding-period return: -3.5%) after its earnings growth forecast is revised to +4.9% versus the required >+5.0%.</li><li>We add banking stocks KBANK and KKP to the portfolio as replacements.</li></ul>

We recommend selling SCGP, with a holding-period return of -7.4%, after its negative return breached our predetermined threshold.We also recommend selling PRM (holding-period return: -3.5%) after its earnings growth forecast is revised to +4.9% versus the required >+5.0%.We add banking stocks KBANK and KKP to the portfolio as replacements.

KTX TACTICAL PICKS - August 20, 2026 (Eng.)

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

TMBThanachart Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ing-groep-nv" target="_blank" data-smartkarma-citation="entities:21120:1" rel="noopener">ING Groep NV (INGA NA)</a> is looking to sell a stake of around 5.6% in <a href="https://www.smartkarma.com/entities/tmbthanachart-bank-public-company-limited" target="_blank" data-smartkarma-citation="entities:8090:1" rel="noopener">TMBThanachart Bank (TTB TB)</a> to raise up to US$500m via a secondary selldown.</li>
<li>TMBThanachart Bank (TTB) is one of Thailand’s largest commercial banks, formed through the 2019 merger of TMB Bank and Thanachart Bank, with a focus on retail, SME and corporate banking.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



ING Groep NV (INGA NA) is looking to sell a stake of around 5.6% in TMBThanachart Bank (TTB TB) to raise up to US$500m via a secondary selldown.
TMBThanachart Bank (TTB) is one of Thailand’s largest commercial banks, formed through the 2019 merger of TMB Bank and Thanachart Bank, with a focus on retail, SME and corporate banking.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: TMBThanachart Bank Placement - Healthy Fundamentals, But Supply Overhang Remains

Technical Analysis

<ul><li>The SET initially attempted to surge but was thwarted by profit taking as the market awaited the Fed meeting results and the Ombudsman in the afternoon asked the Constitutional Court to rule on the vote for the prime minister.</li><li>The index climbed up without hitting a new high and was unable to surpass the downtrend line resistance at 1,532 points, putting it at risk of a correction after the RSI and stochastic headed down, although the MACD kept rising after having a golden cross signal.</li><li>Investment should therefore focus on buying on weakness, selling on strength, with the buying point at the support level.</li></ul>

The SET initially attempted to surge but was thwarted by profit taking as the market awaited the Fed meeting results and the Ombudsman in the afternoon asked the Constitutional Court to rule on the vote for the prime minister.The index climbed up without hitting a new high and was unable to surpass the downtrend line resistance at 1,532 points, putting it at risk of a correction after the RSI and stochastic headed down, although the MACD kept rising after having a golden cross signal.Investment should therefore focus on buying on weakness, selling on strength, with the buying point at the support level.

Recommendation: Buy On Weakness, Sell On Strength

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)

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,366/1,354 points and the resistance at 1,380/1,388 points, as it has...

Krungthai XSpring

Banking Sector Profit in 3Q23E to Be Lifted by Interest Rate Uptrend

According to the consensus estimates, nine banking stocks are anticipated to generate a cumulative net profit of Bt59.8bn in 3Q23E, equating to...

Krungthai XSpring

KTX TACTICAL PICKS - August 20, 2026 (Eng.)

We recommend selling SCGP, with a holding-period return of -7.4%, after its negative return breached our predetermined threshold. We also...

Krungthai XSpring

Aequitas: TMBThanachart Bank Placement - Healthy Fundamentals, But Supply Overhang Remains

ING is looking to sell a stake of around 5.6% in TMBThanachart Bank (TTB TB) to raise up to US$500m. In this note we talk about the deal dynamics...

Akshat Shah

Recommendation: Buy On Weakness, Sell On Strength

The SET initially attempted to surge but was thwarted by profit taking as the market awaited the Fed meeting results and the Ombudsman in the...

Krungthai XSpring

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