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>(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil supply disruptions.</li><li>(+) The National Energy Policy Council maintained the Ft rate for the final four months of 2026, raised the household solar target to 10GW and removed the MW cap on Direct PPAs.</li><li>Fitch Ratings upgraded Thailand's credit outlook to Stable from Negative, as the economy has weathered the global energy price crisis better than expected and Al-related investment is accelerating.</li></ul>

(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil supply disruptions.(+) The National Energy Policy Council maintained the Ft rate for the final four months of 2026, raised the household solar target to 10GW and removed the MW cap on Direct PPAs.Fitch Ratings upgraded Thailand's credit outlook to Stable from Negative, as the economy has weathered the global energy price crisis better than expected and Al-related investment is accelerating.

Krungthai XSpring Zoom Eng. September 21, 2026

Thematic (Sector/Industry)

<ul><li>Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.</li><li>We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.</li><li>We therefore downgrade the auto sector to Neutral.</li></ul>

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.We therefore downgrade the auto sector to Neutral.

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Technical Analysis

<ul><li>Asian stock markets followed suit with US markets' decline, including the SET, as the Thai baht continued to depreciate, leading to greater concern about fund outflows.</li><li>The index easily fell below the support, pulled down by strong selling volume.</li><li>The index thus risks falling below the support at 1,500 points and entering a downtrend.</li></ul>

Asian stock markets followed suit with US markets' decline, including the SET, as the Thai baht continued to depreciate, leading to greater concern about fund outflows.The index easily fell below the support, pulled down by strong selling volume.The index thus risks falling below the support at 1,500 points and entering a downtrend.

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

<ul><li>ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.</li><li>The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.</li><li>For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.</li></ul>

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.

<ul><li>NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity.</li><li>Management expects annualised operating savings of <em>c.</em>NZ$7.0m once installed, subject to print volumes, against total project investment of up to NZ$15.0m over two years.</li><li>Our spot valuation lifts +3% to NZ$1.20, reflecting higher peer multiples, model roll-forward, and lower long-term Publishing costs.</li></ul>

NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity.Management expects annualised operating savings of c.NZ$7.0m once installed, subject to print volumes, against total project investment of up to NZ$15.0m over two years.Our spot valuation lifts +3% to NZ$1.20, reflecting higher peer multiples, model roll-forward, and lower long-term Publishing costs.

United States

The New York Times Company operates media businesses.  The Company publishes daily newspapers and operates Internet websites.  The newspapers and websites distribute news and entertainment.

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Krungthai XSpring Zoom Eng. September 21, 2026

(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil...

Krungthai XSpring

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly...

Krungthai XSpring

Technical Eng. September 21, 2023

Asian stock markets followed suit with US markets' decline, including the SET, as the Thai baht continued to depreciate, leading to greater...

Krungthai XSpring

NZME Limited A Sound Benchmark For NZME

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio...

Forsyth Barr

NZME Limited: Pressing More Out of Stuff

NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity. Management expects annualised...

Forsyth Barr

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