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 Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.</li><li>US and Iranian media outlets reported that the US and Iran have electronically signed a peace agreement, resulting in the immediate reopening of the Strait of Hormuz.</li><li>Crude oil prices continued to decline, increasing the likelihood that refining margins could fall to single-digit levels.</li></ul>

The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.US and Iranian media outlets reported that the US and Iran have electronically signed a peace agreement, resulting in the immediate reopening of the Strait of Hormuz.Crude oil prices continued to decline, increasing the likelihood that refining margins could fall to single-digit levels.

Krungthai XSpring Zoom Eng. June 18, 2026

<ul><li>US inflation for April expanded slightly higher than market expectations.</li><li>The Board of Investment (BOI) disclosed to Krungthep Turakij regarding rumors that certain companies in Thailand are suspected of being used as transit points for smuggling Nvidia chips to China.</li><li>MSCI has announced its latest Index Review, which will take effect at the market close on May 29.</li></ul>

US inflation for April expanded slightly higher than market expectations.The Board of Investment (BOI) disclosed to Krungthep Turakij regarding rumors that certain companies in Thailand are suspected of being used as transit points for smuggling Nvidia chips to China.MSCI has announced its latest Index Review, which will take effect at the market close on May 29.

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>MRDIY’s 1HFY23 results met expectations. While its top line moderated, its margins recovered.</li><li>It reiterated its guidance for a net addition of 180 stores in FY23 (YTD, it has added 88) and improved margins as freight charges normalise.</li><li>We maintain our forecasts and TP of RM1.67 but upgrade our call to OUTPERFORM from MARKET PERFORM as value has emerged after the recent weakness in its share price</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MRDIY’s 1HFY23 results met expectations. While its top line moderated, its margins recovered.It reiterated its guidance for a net addition of 180 stores in FY23 (YTD, it has added 88) and improved margins as freight charges normalise.We maintain our forecasts and TP of RM1.67 but upgrade our call to OUTPERFORM from MARKET PERFORM as value has emerged after the recent weakness in its share priceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note - Mr D.I.Y Group Berhad - Margins Recover, Value Emerges

Malaysia

Mr D.I.Y. Group (M) Berhad operates a chain of department stores. The Company offers hardware, electrical, household, jewellery and cosmetics, stationery, toys, car accessories, and household products. Mr D.I.Y. Group (M) serves customers in Asia.

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MR DIY Group M (MRDIY MK)

Krungthai XSpring Zoom Eng. June 18, 2026

The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 13, 2026

The Board of Investment (BOI) disclosed to Krungthep Turakij regarding rumors that certain companies in Thailand are suspected of being used as...

Krungthai XSpring

Results Note - Mr D.I.Y Group Berhad - Margins Recover, Value Emerges

It reiterated its guidance for a net addition of 180 stores in FY23 (YTD, it has added 88) and improved margins as freight charges normalise.

Kenanga Investment Bank Bhd

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