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>Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,193 points.</li><li>The medium-term trend remains in a zig-zag down pattern, seeking the bottom within the 1,130-1,506 point range.</li><li>In the short term, the index continues to form new lows with limited rebounds, having recently hit a new low for the year at 1,173.13 points, the lowest in four years and 11 months, compared to 1,130.54 points on April 3, 2020. </li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,193 points.The medium-term trend remains in a zig-zag down pattern, seeking the bottom within the 1,130-1,506 point range.In the short term, the index continues to form new lows with limited rebounds, having recently hit a new low for the year at 1,173.13 points, the lowest in four years and 11 months, compared to 1,130.54 points on April 3, 2020. 

KTX Zoom - China's NPC Meeting and US ISM Services PMI for February

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,180/1,167 points and the resistance at 1,193/1,200 points.</li><li>The medium-term outlook remains in a downtrend, with the index forming a zig-zag down pattern to find the bottom within the range of 1,130-1,506 points.</li><li>In the short term, the index has resumed its decline, testing the previous new low of 1,186.36 points (recorded on February 28) to determine whether this is the cycle's bottom or if it will continue downward to establish a new low. </li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,180/1,167 points and the resistance at 1,193/1,200 points.The medium-term outlook remains in a downtrend, with the index forming a zig-zag down pattern to find the bottom within the range of 1,130-1,506 points.In the short term, the index has resumed its decline, testing the previous new low of 1,186.36 points (recorded on February 28) to determine whether this is the cycle's bottom or if it will continue downward to establish a new low. 

KTX Zoom - Keep an Eye on Trump's Speech and US Retail Sector Earnings

<ul><li>We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.</li><li>This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.</li><li>For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.</li></ul>

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

<ul><li>The Thai stock market has declined sharply by 14.8% from its 2024 peak, making Thai equities attractive from a valuation perspective.</li><li>This is reflected in the widening market risk premium (MRP), which is now approaching +2 S.D. above the historical average.</li><li>In addition, the potential turnaround of the SET Index should be supported by foreign investment inflows, following a drop in the 10Y bond yield to levels near the policy rate. </li></ul>

The Thai stock market has declined sharply by 14.8% from its 2024 peak, making Thai equities attractive from a valuation perspective.This is reflected in the widening market risk premium (MRP), which is now approaching +2 S.D. above the historical average.In addition, the potential turnaround of the SET Index should be supported by foreign investment inflows, following a drop in the 10Y bond yield to levels near the policy rate. 

Special Report: Pressure Makes Diamonds - February 17, 2025

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international-ltd" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.</li>
</ul>



Hyphens Pharma (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.


Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

Thailand

Mega Lifesciences is a leading international pharmaceutical and nutraceutical company that manufactures, markets, sells, and distributes quality pharmaceutical products, medicinal supplements, and personal health products. The company also operates through its branded products segment, Mega We Care, and a distribution platform, Maxxcare, for third-party products. It is headquartered in Bangkok, Thailand, and was founded in 1982.

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Mega Lifesciences (MEGA TB)

KTX Zoom - China's NPC Meeting and US ISM Services PMI for February

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,193 points.

Krungthai XSpring

KTX Zoom - Keep an Eye on Trump's Speech and US Retail Sector Earnings

Technically, the SET Index is expected to weaken, with the support at 1,180/1,167 points and the resistance at 1,193/1,200 points.

Krungthai XSpring

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of...

Krungthai XSpring

Special Report: Pressure Makes Diamonds - February 17, 2025

The Thai stock market has declined sharply by 14.8% from its 2024 peak, making Thai equities attractive from a valuation perspective.

Krungthai XSpring

Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.

Evolve Capital Advisory Pte Ltd

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