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>BAY is added into the portfolio at the bottom of the rank based on technical reason.</li><li>Most holdings in our portfolio improved from the previous day, led by banking stocks-specifically KKP and KBANK-following their better-than-expected 2Q26 earnings results.</li><li>This upward momentum pushed the portfolio's average return up by 1.10%, outperforming the SET Index's +0.89% gain.</li></ul>

BAY is added into the portfolio at the bottom of the rank based on technical reason.Most holdings in our portfolio improved from the previous day, led by banking stocks-specifically KKP and KBANK-following their better-than-expected 2Q26 earnings results.This upward momentum pushed the portfolio's average return up by 1.10%, outperforming the SET Index's +0.89% gain.

KTX Tactical Picks - July 21, 2026 (Eng.)

<ul><li>TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.</li><li>We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.</li><li>The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.</li></ul>

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.

Krungthai XSpring Zoom Eng. July 21, 2026

<ul>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>We recommend taking profit on BAY, with a holding-period return of 23.2%, while adding KCE to the portfolio to increase portfolio's technology exposure.</li>
<li>Gains in KKP (+1.9%) and SCB (+1.1%) lifted the portfolio's average return by 0.5%, outperforming the SET's 0.1% gain.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
We recommend taking profit on BAY, with a holding-period return of 23.2%, while adding KCE to the portfolio to increase portfolio's technology exposure.
Gains in KKP (+1.9%) and SCB (+1.1%) lifted the portfolio's average return by 0.5%, outperforming the SET's 0.1% gain.


KTX Tactical Picks - July 13, 2026 (Eng.)

<ul>
<li>We recommend taking profit on GUNKUL (+22.5%) and KKP (+20.2%), as their holding-period returns have exceeded our threshold.</li>
<li>We have also closed our positions in SCGP (+16.7%) and AMATA (+3.7%) after both stocks fell out of our ranking criteria.</li>
<li>The strong rally in energy stocks continued to drive the portfolio's average return higher (+1.02%), outperforming the SET (+0.1%).</li>
</ul>


We recommend taking profit on GUNKUL (+22.5%) and KKP (+20.2%), as their holding-period returns have exceeded our threshold.
We have also closed our positions in SCGP (+16.7%) and AMATA (+3.7%) after both stocks fell out of our ranking criteria.
The strong rally in energy stocks continued to drive the portfolio's average return higher (+1.02%), outperforming the SET (+0.1%).


Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

Thai banks are leveraged to re-opening the country to tourism. They are also leveraged to a newly proposed NPL warehouse scheme.  Where re-opening and NPL warehouse move in tandem, Thai banks can be golden.

Thai banks are leveraged to re-opening the country to tourism. They are also leveraged to a newly proposed NPL warehouse scheme.  Where re-opening and NPL warehouse move in tandem, Thai banks can be golden.

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)

KTX Tactical Picks - July 21, 2026 (Eng.)

BAY is added into the portfolio at the bottom of the rank based on technical reason. Most holdings in our portfolio improved from the previous...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 21, 2026

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report. We upgrade AMATA to...

Krungthai XSpring

KTX Tactical Picks - July 13, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. We recommend...

Krungthai XSpring

KTX Tactical Picks - July 8, 2026 (Eng.)

We recommend taking profit on GUNKUL (+22.5%) and KKP (+20.2%), as their holding-period returns have exceeded our threshold. We have also closed...

Krungthai XSpring

Thai Banks – Golden

Thai banks are leveraged to a re-opening of the country to tourism and can benefit at the same time from a newly proposed NPL warehouse scheme.

Daniel Tabbush

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