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.

Cross Asset Strategy

<ul><li>A "double liquidity squeeze," driven by the Fed's balance-sheet tightening and the US Treasury's use of short-term borrowing to fund buybacks of longer-dated Treasuries, is expected to keep the US dollar under pressure.</li><li>This could accelerate foreign fund flows back into Asian equity markets, including Thailand, as investors seek a "double gain" from both share-price appreciation and FX gains as the baht strengthens.</li><li>The Thai equity market stands out as an attractive and relatively defensive source of value stocks in the region.</li></ul>

A "double liquidity squeeze," driven by the Fed's balance-sheet tightening and the US Treasury's use of short-term borrowing to fund buybacks of longer-dated Treasuries, is expected to keep the US dollar under pressure.This could accelerate foreign fund flows back into Asian equity markets, including Thailand, as investors seek a "double gain" from both share-price appreciation and FX gains as the baht strengthens.The Thai equity market stands out as an attractive and relatively defensive source of value stocks in the region.

KTX AHEAD: Jackson Hole 2026: Fed May Fight Inflation Through Its Balance Sheet Rather Than Interest Rates (“Monetary Barbell”)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>MSCI reported solid results for the third quarter of 2025, showcasing robust growth in several key metrics despite facing some challenges.</li><li>The company achieved an organic revenue growth of 9%, driven by significant gains in its Index and Analytics segments.</li><li>Adjusted EBITDA grew by 10%, and adjusted earnings per share increased by over 15%, demonstrating strong operational efficiency and profitability.</li></ul>

MSCI reported solid results for the third quarter of 2025, showcasing robust growth in several key metrics despite facing some challenges.The company achieved an organic revenue growth of 9%, driven by significant gains in its Index and Analytics segments.Adjusted EBITDA grew by 10%, and adjusted earnings per share increased by over 15%, demonstrating strong operational efficiency and profitability.

MSCI Inside: How a $30 Billion ETF Boom Is Supercharging Its Future!

<ul><li>If upcoming US employment data remain weak, the Fed could face a more difficult policy trade-off when considering further rate hikes.</li><li>Meanwhile, Thailand is likely to keep policy rates unchanged for longer, supported by a self-sustaining economic recovery.</li><li>This would significantly narrow the interest rate differential, which has historically been wide, and could become a key catalyst for sustained foreign fund inflows into the Thai equity market.</li></ul>

If upcoming US employment data remain weak, the Fed could face a more difficult policy trade-off when considering further rate hikes.Meanwhile, Thailand is likely to keep policy rates unchanged for longer, supported by a self-sustaining economic recovery.This would significantly narrow the interest rate differential, which has historically been wide, and could become a key catalyst for sustained foreign fund inflows into the Thai equity market.

KTX AHEAD: US Payrolls in Focus: A Turning Point for Fed Repricing?

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS sees M. deal as key to SGX's growth and potential earnings boost.</li>
<li>RHB maintains 'buy' on CSE Global after US$8 million SEI acquisition.</li>
<li>World Cup impacts high-value gaming patrons; DBS retains ‘hold’ on Genting Singapore.</li>
</ul>


DBS sees M. deal as key to SGX's growth and potential earnings boost.
RHB maintains 'buy' on CSE Global after US$8 million SEI acquisition.
World Cup impacts high-value gaming patrons; DBS retains ‘hold’ on Genting Singapore.


Singapore Market Roundup (24-Jul-2026): DBS Views M. Deal as Vital for SGX Growth and Earnings.

<ul><li>The SET plans to introduce a 10% capped-weight limit for individual constituents in its major indices to reduce index volatility.</li><li>The government is accelerating FY2026 budget disbursement to support domestic economic activity, with 35.91% of the annual budget already disbursed in 1Q26.</li><li>MSCI revised Indonesia's market accessibility assessment to Negative, citing concerns over the effectiveness of price discovery mechanisms, limited transparency in shareholder information, and trading activity.</li></ul>

The SET plans to introduce a 10% capped-weight limit for individual constituents in its major indices to reduce index volatility.The government is accelerating FY2026 budget disbursement to support domestic economic activity, with 35.91% of the annual budget already disbursed in 1Q26.MSCI revised Indonesia's market accessibility assessment to Negative, citing concerns over the effectiveness of price discovery mechanisms, limited transparency in shareholder information, and trading activity.

Krungthai XSpring Zoom Eng. June 22, 2026

United States

MSCI Inc. provides investment decision support tools to investment institutions worldwide. The Company produces indices and risk and return portfolio analytics for use in managing investment portfolios.

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MSCI Inc (MSCI US)

KTX AHEAD: Jackson Hole 2026: Fed May Fight Inflation Through Its Balance Sheet Rather Than Interest Rates (“Monetary Barbell”)

A "double liquidity squeeze," driven by the Fed's balance-sheet tightening and the US Treasury's use of short-term borrowing to fund buybacks of...

Krungthai XSpring

MSCI Inside: How a $30 Billion ETF Boom Is Supercharging Its Future!

MSCI reported solid results for the third quarter of 2025, showcasing robust growth in several key metrics despite facing some challenges. The...

Baptista Research

KTX AHEAD: US Payrolls in Focus: A Turning Point for Fed Repricing?

If upcoming US employment data remain weak, the Fed could face a more difficult policy trade-off when considering further rate hikes. Meanwhile,...

Krungthai XSpring

Singapore Market Roundup (24-Jul-2026): DBS Views M. Deal as Vital for SGX Growth and Earnings.

DBS views the M. deal as crucial for SGX's growth. RHB keeps 'buy' on CSE Global after its $8M SEI acquisition. Worlds Cup impacts high-value...

Singapore Market Roundup

Krungthai XSpring Zoom Eng. June 22, 2026

The government is accelerating FY2026 budget disbursement to support domestic economic activity, with 35.91% of the annual budget already disbursed...

Krungthai XSpring

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