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>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>No changes were made to the KTX Tactical Portfolio.</li><li>The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

No changes were made to the KTX Tactical Portfolio.The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 22, 2025 (Eng.)

<ul><li>No changes were made to the KTX Tactical Picks today.</li><li>All stocks in the portfolio, except M, declined in line with the market as it continued to absorb concerns over renewed US–China trade tensions, causing the portfolio’s average return to fall 0.52%, compared with the SET’s –0.88%.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents. Stocks are selected based on EPS growth and relative changes to their KTX valuations.</li></ul>

No changes were made to the KTX Tactical Picks today.All stocks in the portfolio, except M, declined in line with the market as it continued to absorb concerns over renewed US–China trade tensions, causing the portfolio’s average return to fall 0.52%, compared with the SET’s –0.88%.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents. Stocks are selected based on EPS growth and relative changes to their KTX valuations.

KTX TACTICAL PICKS - October 14, 2025 (Eng.)

<ul><li>The Ministry of Finance is moving ahead with the establishment of “AMC Ua-Arthorn” as part of the government’s Quick Big Win initiatives to help individual borrowers escape the debt cycle.</li><li>The program focuses on assisting vulnerable, unsecured borrowers with debt not exceeding Bt100,000 through a semi-social AMC framework.</li><li>The scheme will utilize Bt10bn from the Financial Institutions Development Fund (FIDF), remaining from the “You Fight We Help” program—Bt7bn allocated for debt purchases and Bt3bn for management expenses.</li></ul>

The Ministry of Finance is moving ahead with the establishment of “AMC Ua-Arthorn” as part of the government’s Quick Big Win initiatives to help individual borrowers escape the debt cycle.The program focuses on assisting vulnerable, unsecured borrowers with debt not exceeding Bt100,000 through a semi-social AMC framework.The scheme will utilize Bt10bn from the Financial Institutions Development Fund (FIDF), remaining from the “You Fight We Help” program—Bt7bn allocated for debt purchases and Bt3bn for management expenses.

Banking: “AMC Ua-Arthorn”: A Proactive Measure To Ease Household Debt - Neutral

<ul><li>We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.</li><li>Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 2, 2025 (Eng.)

Thailand

Major Cineplex Group Public Company Limited is Thailand's largest operator of movie theaters, providing cinema operations and a wide range of entertainment services. Beyond movie showings, the company offers bowling alleys, karaoke rooms, ice skating rinks, advertising services, and rental spaces. Major Cineplex Group was founded in 1995 and is headquartered in Bangkok, Thailand.

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Major Cineplex Group (MAJOR TB)

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

KTX Tactical Picks - October 22, 2025 (Eng.)

The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by...

Krungthai XSpring

KTX TACTICAL PICKS - October 14, 2025 (Eng.)

KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents. Stocks are selected based on EPS growth and relative changes to...

Krungthai XSpring

Banking: “AMC Ua-Arthorn”: A Proactive Measure To Ease Household Debt - Neutral

The Ministry of Finance is moving ahead with the establishment of “AMC Ua-Arthorn” as part of the government’s Quick Big Win initiatives to help...

Krungthai XSpring

KTX Tactical Picks - October 2, 2025 (Eng.)

Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose...

Krungthai XSpring

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