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>We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.</li><li>The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 11, 2025 (Eng.)

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.</li>
<li>Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.</li>
<li>Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.</li>
</ul>


The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.
Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.
Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.


EU Consumer Discretionary Sector - Mixed Trends

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Arnault family proposes a cash OPR at 95% of CDI's look-through NAV, based on LVMH's one-month VWAP ahead of the December EGM.</li>
<li>At €425.40, CDI trades at 91.7% of current NAV, versus the proposed 95% exit level, implying 3.6% gross upside at current LVMH prices.</li>
<li>Long CDI / short ~1.11 LVMH hedges most of the initial market exposure, with the short reduced progressively as the December VWAP fixes.</li>
</ul>


Arnault family proposes a cash OPR at 95% of CDI's look-through NAV, based on LVMH's one-month VWAP ahead of the December EGM.
At €425.40, CDI trades at 91.7% of current NAV, versus the proposed 95% exit level, implying 3.6% gross upside at current LVMH prices.
Long CDI / short ~1.11 LVMH hedges most of the initial market exposure, with the short reduced progressively as the December VWAP fixes.


Podcast on In-depth Business Talks, Speedwell Research

The Synopsis

Podcast on In-depth Business Talks

Speedwell Research

Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis and an investors lens. Start listening today to become a better analyst and investor.

Cross Asset Strategy

<ul><li>New newsletter format called "The Briefing" provides quick market synopsis and company information, also available in podcast form on speedwellmemos.com</li><li>Recent market events include S&amp;P 500 reaching all-time high before job report and new tariffs cause market to drop, Fed considering rate cut in response to softening economy</li><li>President Trump criticizes Fed Chair Powell for not lowering rates, Powell cautious on rate cuts to avoid inflation, history of rate mistakes highlighted</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

New newsletter format called "The Briefing" provides quick market synopsis and company information, also available in podcast form on speedwellmemos.comRecent market events include S&amp;P 500 reaching all-time high before job report and new tariffs cause market to drop, Fed considering rate cut in response to softening economyPresident Trump criticizes Fed Chair Powell for not lowering rates, Powell cautious on rate cuts to avoid inflation, history of rate mistakes highlightedThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Act 1 of the US bear market is likely complete, with diverging price signals from stocks, bonds and the dollar.</li>
<li>This will be a rebound bounce to sell into, as we are not going back to previous highs.</li>
<li>Looking at companies servicing high-income consumers is a good hunting ground for shorts.</li>
</ul>


Act 1 of the US bear market is likely complete, with diverging price signals from stocks, bonds and the dollar.
This will be a rebound bounce to sell into, as we are not going back to previous highs.
Looking at companies servicing high-income consumers is a good hunting ground for shorts.


Investors Have that “Oh Sh#t Moment” - Part 2:  Trading Opportunities.

France

LVMH Moet Hennessy Louis Vuitton SE is a diversified luxury goods group. The Company produces and sells wine, cognac, perfumes, cosmetics, luggage, and watches and jewelry.

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

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

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

KTX Tactical DR Picks - November 11, 2025 (Eng.)

he KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US...

Krungthai XSpring

EU Consumer Discretionary Sector - Mixed Trends

EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

GSBR Research

Christian Dior: Tailoring the LVMH Hedge

Dior’s floating-price OPR creates an unusual relative-value setup. We look at what the current price implies and how to hedge the LVMH exposure...

Jesus Rodriguez Aguilar

Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates

The new "The Briefing" newsletter format aims to provide a quick overview of market events, with the latest report highlighting the S&P 500's...

The Synopsis

Investors Have that “Oh Sh#t Moment” - Part 2: Trading Opportunities.

US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Tactical DR Picks - November 11, 2025 (Eng.)

he KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US...

Krungthai XSpring

EU Consumer Discretionary Sector - Mixed Trends

​EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

GSBR Research

Christian Dior: Tailoring the LVMH Hedge

Dior’s floating-price OPR creates an unusual relative-value setup. We look at what the current price implies and how to hedge the LVMH exposure...

Jesus Rodriguez Aguilar

Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates

The new "The Briefing" newsletter format aims to provide a quick overview of market events, with the latest report highlighting the S&P 500's...

The Synopsis

Investors Have that “Oh Sh#t Moment” - Part 2: Trading Opportunities.

​US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...

Rikki Malik

EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...