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>We recommend selling NETO3 at a loss, with a holding-period return of -9.6%. Meanwhile, we recommend opening a position in CRM80, a DR linked to a leading provider of enterprise-management and customer-relationship-management software.</li><li>Our KTX Tactical DR Portfolio's average return was broadly flat at -0.07%, as US equity markets were closed for the Labor Day holiday.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend selling NETO3 at a loss, with a holding-period return of -9.6%. Meanwhile, we recommend opening a position in CRM80, a DR linked to a leading provider of enterprise-management and customer-relationship-management software.Our KTX Tactical DR Portfolio's average return was broadly flat at -0.07%, as US equity markets were closed for the Labor Day holiday.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - September 8, 2026 (Eng.)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a> announced a preconditional tender offer from <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> at JPY2,880, a 35.0% premium to the undisturbed price but below Nikkei’s rumoured JPY250 billion valuation.</li>
<li>The precondition concerns approvals from Japan, China, and the EU. The offer is expected to commence in early November.</li>
<li>While the offer represents a pre-announcement all-time high, it is below the midpoint of the target IFA valuation range. However, activists face a formidable task to force a bump. </li>
</ul>



Dentsu Soken (4812 JP) announced a preconditional tender offer from Itochu Corp (8001 JP) at JPY2,880, a 35.0% premium to the undisturbed price but below Nikkei’s rumoured JPY250 billion valuation.
The precondition concerns approvals from Japan, China, and the EU. The offer is expected to commence in early November.
While the offer represents a pre-announcement all-time high, it is below the midpoint of the target IFA valuation range. However, activists face a formidable task to force a bump. 


Dentsu Soken (4812 JP): Itochu (8001 JP)’s Offer Deflates Expectations

<ul>
<li>Nikkei <a href="https://asia.nikkei.com/business/business-deals/japan-s-itochu-to-take-1.5bn-stake-in-dentsu-group-system-developer-unit" target="_blank" rel="noopener">reported</a> that <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu Inc (4324 JP)</a> and <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> will privatise <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a> at a total cost of around JPY250 billion.</li>
<li>The rumoured JPY250 billion valuation for the 38.12% stake not owned by Dentsu suggests an offer of JPY3,360 per share, a 22.7% premium to the last close.</li>
<li>Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared to precedent transactions and peer multiples.</li>
</ul>


Nikkei reported that Dentsu Inc (4324 JP) and Itochu Corp (8001 JP) will privatise Dentsu Soken (4812 JP) at a total cost of around JPY250 billion.
The rumoured JPY250 billion valuation for the 38.12% stake not owned by Dentsu suggests an offer of JPY3,360 per share, a 22.7% premium to the last close.
Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared to precedent transactions and peer multiples.


Dentsu Soken (4812 JP): Oasis’s Presence Results in Itochu's Rumoured Generous Offer

Equity Derivatives

Advanced Micro Devices / Equity Derivatives

<ul><li>We recommend selling NETO3 for a +0.5% holding-period return.</li><li>Meanwhile, we recommend opening positions in AMD80, a DR linked to shares of a leading US processor chipmaker, and LENOVO13, a DR linked to shares of a leading Chinese computer and data center equipment company.</li><li>Our KTX Tactical DR Port's average total return fell 1.05%, as global equity markets remained in risk-off mode amid concerns over rising US Treasury yields and persistently elevated tensions involving Iran.</li></ul>

We recommend selling NETO3 for a +0.5% holding-period return.Meanwhile, we recommend opening positions in AMD80, a DR linked to shares of a leading US processor chipmaker, and LENOVO13, a DR linked to shares of a leading Chinese computer and data center equipment company.Our KTX Tactical DR Port's average total return fell 1.05%, as global equity markets remained in risk-off mode amid concerns over rising US Treasury yields and persistently elevated tensions involving Iran.

KTX Tactical DR Picks - August 19, 2026 (Eng.)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Stock Exchange Weighted Index / Technical Analysis

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

<ul>
<li>The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.</li>
<li>Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services</li>
</ul>


The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.
Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services


Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Japan

Net One Systems Co., Ltd. designs, installs, maintains and supports computer network systems.  The company also installs computer security related products and integrated audio visual data communication environment system by applying IP (Internet Protocol) technology.  Net One Systems builds virtualized data center environment as well.

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Net One Systems (7518 JP)

KTX Tactical DR Picks - September 8, 2026 (Eng.)

We recommend selling NETO3 at a loss, with a holding-period return of -9.6%. Meanwhile, we recommend opening a position in CRM80, a DR linked to a...

Krungthai XSpring

Dentsu Soken (4812 JP): Itochu (8001 JP)’s Offer Deflates Expectations

While the offer represents a pre-announcement all-time high, it is below the midpoint of the target IFA valuation range. However, activists face a...

Arun George

Dentsu Soken (4812 JP): Oasis’s Presence Results in Itochu's Rumoured Generous Offer

Oasis’s emergence as a substantial shareholder ensured a generous offer. The rumoured offer represents an all-time high and is attractive compared...

Arun George

KTX Tactical DR Picks - August 19, 2026 (Eng.)

We recommend selling NETO3 for a +0.5% holding-period return. Meanwhile, we recommend opening positions in AMD80, a DR linked to shares of a...

Krungthai XSpring

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Bullish reversals: Taiwan $TAIEX, Korea $KOSPI, Netherlands' $AEX reversing YTD downtrends, while Hang Seng $HSI and China's CSI 300 are reversing...

Vermilion Research

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