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.)

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with positive momentum over 2Q.</li><li>Considering the price gap between beer and other alcoholic drinks, and also the growing preference of low alcoholic content, in our view, breweries still offer a multi-year story that looks to be sustainable in the next 4-5 years.</li><li>In the contrary, we continue to see near-term drags in baijiu, dairies and condiments that not only led to a lacklustre 2Q but also a possible slow 2H. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with positive momentum over 2Q.Considering the price gap between beer and other alcoholic drinks, and also the growing preference of low alcoholic content, in our view, breweries still offer a multi-year story that looks to be sustainable in the next 4-5 years.In the contrary, we continue to see near-term drags in baijiu, dairies and condiments that not only led to a lacklustre 2Q but also a possible slow 2H. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer Staples – Divergence continues

<ul><li>We had positive takeaways on F&amp;B demand over the New Year holiday break from our chancel check with distributors.</li><li>In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD.</li><li>Dairies (including IMF) had a good recovery despite a relatively high inventory level. Both packaged snacks and instant noodle had good momentum.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We had positive takeaways on F&amp;B demand over the New Year holiday break from our chancel check with distributors.In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD.Dairies (including IMF) had a good recovery despite a relatively high inventory level. Both packaged snacks and instant noodle had good momentum.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer – Positive Takeaway from F&B Distributors

<ul><li>3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below consensus.</li><li>In our view, risks are still skewed to the downside, barring any sporadic lockdowns.</li><li>When policy rhetoric is not turning, we again see grounds on the enforcement of “stay put for the holiday” for the coming CNY holiday.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below consensus.In our view, risks are still skewed to the downside, barring any sporadic lockdowns.When policy rhetoric is not turning, we again see grounds on the enforcement of “stay put for the holiday” for the coming CNY holiday.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer – Lacklustre 4Q22E Outlook Despite Any Short-Lived Rally; Top Buy CRB/ Proya/ CTGDF

China

Nongfu Spring is a leading Chinese company primarily engaged in the production and sale of packaged drinking water and a diverse range of beverages. Its product portfolio includes natural packaged drinking water, ready-to-drink teas, functional beverages, and fruit juices. The company was founded in 1996 and is headquartered in Hangzhou, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nongfu Spring (9633 HK)

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

China Consumer Staples – Divergence continues

We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with...

CMB International

China Consumer – Positive Takeaway from F&B Distributors

In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD

CMB International

China Consumer – Lacklustre 4Q22E Outlook Despite Any Short-Lived Rally; Top Buy CRB/ Proya/ CTGDF

3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)