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.

Equity Bottom-Up

<ul><li>MTC posted 3Q25 net profit of Bt1.73bn (+16% YoY, +5% QoQ), in line with expectations.</li><li>PPOP rose solidly (+8% YoY, +7% QoQ), supported by strong loan portfolio expansion.</li><li>Asset quality remained manageable with stable Stage 2 and Stage 3 (NPL) ratios.</li></ul>

MTC posted 3Q25 net profit of Bt1.73bn (+16% YoY, +5% QoQ), in line with expectations.PPOP rose solidly (+8% YoY, +7% QoQ), supported by strong loan portfolio expansion.Asset quality remained manageable with stable Stage 2 and Stage 3 (NPL) ratios.

MUANGTHAI CAPITAL Plc. (MTC): 3Q25 Profit In Line; Up YoY and QoQ

<ul><li>Valuation metrics maintain “Outperform,” with the current share price offering about 33% upside to our new FV.</li><li>LT growth is average, with expected EPS growth of 13% CAGR (2025–27E) and neutral technical risks.</li><li>We raise our 12M FV to Bt55.50 (from Bt52.00), based on a required return of 6.5% (previously 6.7%), reflecting updated macro assumptions with Rf at 1.04% and MRP at 5.74% (previously 1.48% and 5.26%).</li></ul>

Valuation metrics maintain “Outperform,” with the current share price offering about 33% upside to our new FV.LT growth is average, with expected EPS growth of 13% CAGR (2025–27E) and neutral technical risks.We raise our 12M FV to Bt55.50 (from Bt52.00), based on a required return of 6.5% (previously 6.7%), reflecting updated macro assumptions with Rf at 1.04% and MRP at 5.74% (previously 1.48% and 5.26%).

MUANGTHAI CAPITAL Plc. (MTC): 3Q25E Profit Expected to Rise Further YoY and QoQ

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Thematic (Sector/Industry)

<ul><li>The US and Iran have signaled readiness to negotiate an end to the conflict.</li><li>Hopes of easing Middle East tensions support large-cap stocks (DELTA, ADVANC, AOT) and tourism/airline sectors, but weigh on energy and refinery stocks.</li><li>The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance stocks.</li></ul>

The US and Iran have signaled readiness to negotiate an end to the conflict.Hopes of easing Middle East tensions support large-cap stocks (DELTA, ADVANC, AOT) and tourism/airline sectors, but weigh on energy and refinery stocks.The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance stocks.

Krungthai XSpring Zoom Eng. April 1, 2026

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

Thailand

Muangthai Capital Public Company Limited is a leading non-bank financial institution in Thailand, primarily offering vehicle title loans, land title loans, personal loans, and nano-finance to retail customers. The company also provides motorcycle hire purchase and insurance brokerage services. It was founded on May 22, 1992, and is headquartered in Bangkok, Thailand.

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Muangthai Capital (MTC TB)

MUANGTHAI CAPITAL Plc. (MTC): 3Q25 Profit In Line; Up YoY and QoQ

MTC posted 3Q25 net profit of Bt1.73bn (+16% YoY, +5% QoQ), in line with expectations. PPOP rose solidly (+8% YoY, +7% QoQ), supported by strong...

Krungthai XSpring

MUANGTHAI CAPITAL Plc. (MTC): 3Q25E Profit Expected to Rise Further YoY and QoQ

Valuation metrics maintain “Outperform,” with the current share price offering about 33% upside to our new FV. LT growth is average, with expected...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. April 1, 2026

The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

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52-week Range

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P/E

Dividend (Yield)