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>Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.</li><li>We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.</li><li>We therefore downgrade the auto sector to Neutral.</li></ul>

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.We therefore downgrade the auto sector to Neutral.

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul>
<li>Hillhouse has paused its significant $725 million acquisition attempt for IGIS amid market changes.</li>
<li>ESR and Mitsubishi are investing $80 million in Indonesia to improve logistics infrastructure projects.</li>
<li>Redevco has named Neil Slater as CEO after an extensive year-long search for the leadership position.</li>
</ul>


Hillhouse has paused its significant $725 million acquisition attempt for IGIS amid market changes.
ESR and Mitsubishi are investing $80 million in Indonesia to improve logistics infrastructure projects.
Redevco has named Neil Slater as CEO after an extensive year-long search for the leadership position.


Asia Real Estate Tracker (08-Jul-2026): Hillhouse halts $725M bid for Korea's IGIS.

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Seven Eleven is turning to apparel to boost same-store sales growth as it falls behind rivals.  </li>
<li>Hello Kitty aside, its hands-off tie-up with And ST looks poorly suited to the very specific type of compact, impulse-driven conbini merchandising needed here.</li>
<li>FamilyMart got it right and how has a ¥20 billion clothing line aiming for ¥100 billion – but even then, FamilyMart is still struggling to keep footfall positive.</li>
</ul>


Seven Eleven is turning to apparel to boost same-store sales growth as it falls behind rivals.  
Hello Kitty aside, its hands-off tie-up with And ST looks poorly suited to the very specific type of compact, impulse-driven conbini merchandising needed here.
FamilyMart got it right and how has a ¥20 billion clothing line aiming for ¥100 billion – but even then, FamilyMart is still struggling to keep footfall positive.


Conbini Clothing Wars: No Riches from Rags for Seven Eleven

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

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Comex Copper premium to LME widens again as tariff deadline looms</li>
<li>What the massive equity issuance tells us about the state of the markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Comex Copper premium to LME widens again as tariff deadline looms
What the massive equity issuance tells us about the state of the markets


Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul>
<li>DBS and UOBKH keep 'buy' ratings on Digital Core REIT.                                 </li>
<li>OCBC and DBS have positive outlooks on OUE REIT.</li>
<li>Lim and Tan sets $1.35 target price for Olam. Is it a good buy?</li>
</ul>


DBS and UOBKH keep 'buy' ratings on Digital Core REIT.                                 
OCBC and DBS have positive outlooks on OUE REIT.
Lim and Tan sets $1.35 target price for Olam. Is it a good buy?


Singapore Market Roundup (24-Apr-2026): DBS and UOBKH maintain 'buy' on Digital Core REIT.

Japan

Mitsubishi Corporation is a general trading company.  The Company has business groups such as New Business Initiatives, IT & Electronics, Fuels, Metals, Machinery, Chemicals, Living Essentials, and Professional Services.  Mitsubishi diversifies by satellite communications through a joint venture.

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Mitsubishi Corp (8058 JP)

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly...

Krungthai XSpring

Asia Real Estate Tracker (08-Jul-2026): Hillhouse halts $725M bid for Korea's IGIS.

Hillhouse has paused its significant $725 million acquisition attempt for IGIS amid market changes. ESR and Mitsubishi are investing $80 million...

Asia Real Estate Tracker

Conbini Clothing Wars: No Riches from Rags for Seven Eleven

Seven Eleven Japan is playing catch up with its rivals in turning its Japan chain into a variety-conbini format. Its new clothing line is an...

Michael Causton

Overview #63 – Feeding the Ducks

A review of recent events/data impacting our investment themes and outlook. We look at the rise in Comex copper premiums, a closer look at the...

Rikki Malik

Singapore Market Roundup (24-Apr-2026): DBS and UOBKH maintain 'buy' on Digital Core REIT.

DBS and UOBKH maintain 'buy' ratings on Digital Core REIT; OCBC and DBS are optimistic about OUE REIT. Lim and Tan set Olam's target at $1.35.

Singapore Market Roundup

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52-week Range

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