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>The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA, pushing the index to 1,298.72 points.</li><li>However, it quickly retreated in the afternoon as the market lacked new supportive factors and uncertainty lingered over the 4Q24 performances.</li><li>The index initially bounced up but then quickly swung back down, reflecting an unstable price pattern, with buying momentum concentrated in a few stocks. </li></ul>

The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA, pushing the index to 1,298.72 points.However, it quickly retreated in the afternoon as the market lacked new supportive factors and uncertainty lingered over the 4Q24 performances.The index initially bounced up but then quickly swung back down, reflecting an unstable price pattern, with buying momentum concentrated in a few stocks. 

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

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.

Equity Bottom-Up

<ul>
<li>KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures</li>
<li>With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.</li>
<li>ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24</li>
</ul>


KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures
With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.
ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24


KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

Thematic (Sector/Industry)

<ul><li>The latest Global Fund Manager Survey by Bank of America polled 179 global fund managers with a total NAV of USD503bn.</li><li>The survey, which took place between November 1-7, includes 22% of responses gathered after the US election results were announced — reflecting partial recognition of the outcome, with Trump being elected US president and the Republican Party likely to have control of both the House of Representatives and the Senate.</li><li>The survey reveals significant shifts in asset allocations in response to these developments. The shift is driven by the US economy showing stronger signs of a "no landing" scenario, while the global downward interest rate cycle appears less pronounced than previously expected. </li></ul>

The latest Global Fund Manager Survey by Bank of America polled 179 global fund managers with a total NAV of USD503bn.The survey, which took place between November 1-7, includes 22% of responses gathered after the US election results were announced — reflecting partial recognition of the outcome, with Trump being elected US president and the Republican Party likely to have control of both the House of Representatives and the Senate.The survey reveals significant shifts in asset allocations in response to these developments. The shift is driven by the US economy showing stronger signs of a "no landing" scenario, while the global downward interest rate cycle appears less pronounced than previously expected. 

FMS Outlook Following Trump's Victory as US President - November 19, 2024

Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Krung Thai Bank Pub (KTB TB)

Technical Analysis FEBRUARY 14, 2025

The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA,...

Krungthai XSpring

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC reveals granular detail for many Bank of Thailand relief measures on consumer debt, suggesting that credit metrics are very weak, and this is...

Daniel Tabbush

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

FMS Outlook Following Trump's Victory as US President - November 19, 2024

The survey, which took place between November 1-7, includes 22% of responses gathered after the US election results were announced — reflecting...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)