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>No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.</li><li>The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.</li><li>Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.</li><li>The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.</li></ul>

For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.

KTX Tactical DR Picks - September 11, 2025 (Eng.)

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Sky Network Television / Equity Bottom-Up

<ul>
<li>Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.</li>
<li>We modestly reduce our earnings estimates but retain OUTPERFORM.</li>
<li>We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.</li>
</ul>


Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.
We modestly reduce our earnings estimates but retain OUTPERFORM.
We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.


<ul><li>The December 2025 quarter saw five of the six tech names under our coverage report results.</li><li>During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.</li><li>Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.</li></ul>

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

<ul><li>Netflix’s acquisition of Warner Bros. (WB) has potential implications for Sky TV (SKT) and, in particular, Neon.</li><li>Given SKT’s existing deal and acquisition timing, the impact to FY26 for SKT is likely to be minimal, but FY27 and beyond have become slightly more uncertain.</li><li>We leave our forecasts unchanged for now and retain OUTPERFORM, with its 13% 12-month forward gross yield attractive and free cashflow set to grow from its sports and ad platforms.</li></ul>

Netflix’s acquisition of Warner Bros. (WB) has potential implications for Sky TV (SKT) and, in particular, Neon.Given SKT’s existing deal and acquisition timing, the impact to FY26 for SKT is likely to be minimal, but FY27 and beyond have become slightly more uncertain.We leave our forecasts unchanged for now and retain OUTPERFORM, with its 13% 12-month forward gross yield attractive and free cashflow set to grow from its sports and ad platforms.

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

KTX Tactical DR Picks - September 11, 2025 (Eng.)

Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.

Krungthai XSpring

Sky TV Playing Defense

Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees. We modestly reduce our...

Forsyth Barr

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to...

Forsyth Barr

Sky TV A New Cast For Next Season?

Given SKT’s existing deal and acquisition timing, the impact to FY26 for SKT is likely to be minimal, but FY27 and beyond have become slightly more...

Forsyth Barr

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