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 taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.</li><li>Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.</li><li>At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.</li></ul>

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul><li>We recommend closing the investment position in JD80, as the DR has fallen out of the ranking criteria.</li><li>At the same time, MITSU19, a DR linked to Mitsubishi Heavy Industries listed on the Tokyo Stock Exchange, is being re-added to the portfolio.</li><li>The company expects its operating profit for fiscal year 2026 to grow by 9.6%, driven by strength in the aerospace and defense sectors.</li></ul>

We recommend closing the investment position in JD80, as the DR has fallen out of the ranking criteria.At the same time, MITSU19, a DR linked to Mitsubishi Heavy Industries listed on the Tokyo Stock Exchange, is being re-added to the portfolio.The company expects its operating profit for fiscal year 2026 to grow by 9.6%, driven by strength in the aerospace and defense sectors.

<ul><li>The DR/DRx investment portfolio opened a position in MITSU19, which is the underlying security of Mitsubishi Heavy Industries listed on the Japanese stock market.</li><li>The average price of the underlying securities in the portfolio was relatively flat at around -0.01%, amid a market in a wait-and-see mode awaiting new developments.</li><li>According to our analysis using the KTX USD/THB Carry Trade model, the Thai baht has recently appreciated from previously undervalued levels.</li></ul>

The DR/DRx investment portfolio opened a position in MITSU19, which is the underlying security of Mitsubishi Heavy Industries listed on the Japanese stock market.The average price of the underlying securities in the portfolio was relatively flat at around -0.01%, amid a market in a wait-and-see mode awaiting new developments.According to our analysis using the KTX USD/THB Carry Trade model, the Thai baht has recently appreciated from previously undervalued levels.

KTX Tactical DR / DRX Picks - 29 April 2025 (Eng.)

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.

Krungthai XSpring

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

KTX Tactical DR Picks

We recommend closing the investment position in JD80, as the DR has fallen out of the ranking criteria. At the same time, MITSU19, a DR linked to...

Krungthai XSpring

KTX Tactical DR / DRX Picks - 29 April 2025 (Eng.)

The DR/DRx investment portfolio opened a position in MITSU19, which is the underlying security of Mitsubishi Heavy Industries listed on the...

Krungthai XSpring

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