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>The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.</li><li>Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.</li><li>Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.

Krungthai XSpring Zoom Eng. October 31, 2025

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>Nearly every comment on Japanese equities is focused on the half of the market that trades below book, but last week, Advantest, which trades at 18x book, exploded 30%.</li>
<li>Searches for “AI Bubble” on google are up 90%, but Advantest’s share price exploded because it became clear that investors were underestimating demand for AI related hardware.</li>
<li>Fear and Hype on both sides proved overdone. When I searched for the truth, I found only 1 red flag, 2 green, and 7 yellow.  </li>
</ul>


Nearly every comment on Japanese equities is focused on the half of the market that trades below book, but last week, Advantest, which trades at 18x book, exploded 30%.
Searches for “AI Bubble” on google are up 90%, but Advantest’s share price exploded because it became clear that investors were underestimating demand for AI related hardware.
Fear and Hype on both sides proved overdone. When I searched for the truth, I found only 1 red flag, 2 green, and 7 yellow.  


Advantest (6857) Bubble Watch: 1 Red Flag, 2 Green, 7 Yellow. You Decide.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.</li>
<li>MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.</li>
<li>Altogether it looks like a ~50% Capex increase in 2026.</li>
</ul>


First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
Altogether it looks like a ~50% Capex increase in 2026.


Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

<ul><li>The market lacked short-term momentum as investors awaited the Fed meeting outcome.</li><li>Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.</li><li>External factors are slightly positive, supported by continued gains in the US stock market, though mostly driven by speculation in technology stocks.</li></ul>

The market lacked short-term momentum as investors awaited the Fed meeting outcome.Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.External factors are slightly positive, supported by continued gains in the US stock market, though mostly driven by speculation in technology stocks.

Krungthai XSpring Zoom Eng. October 29, 2025

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand</li>
<li>Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge</li>
<li>China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory</li>
</ul>


Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory


Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Krungthai XSpring Zoom Eng. October 31, 2025

Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign...

Krungthai XSpring

Advantest (6857) Bubble Watch: 1 Red Flag, 2 Green, 7 Yellow. You Decide.

Half of Japan’s stocks trade below book value, while google searches for “AI bubble” have increased 90%, so Advantest, trading at 18x book just...

Michael Allen

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Nicolas Baratte

Krungthai XSpring Zoom Eng. October 29, 2025

Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.

Krungthai XSpring

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

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Krungthai XSpring Zoom Eng. October 31, 2025

Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign...

Krungthai XSpring

Advantest (6857) Bubble Watch: 1 Red Flag, 2 Green, 7 Yellow. You Decide.

Half of Japan’s stocks trade below book value, while google searches for “AI bubble” have increased 90%, so Advantest, trading at 18x book just...

Michael Allen

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

​GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Nicolas Baratte

Krungthai XSpring Zoom Eng. October 29, 2025

Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.

Krungthai XSpring

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

​Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...