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>For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on the Hong Kong Stock Exchange.</li><li>The average return of the underlying securities in the portfolio edged up +0.18% from the previous day.</li><li>Global markets, particularly the US, continued to climb, despite a government shutdown after the US Senate rejected the spending bill last night.</li></ul>

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on the Hong Kong Stock Exchange.The average return of the underlying securities in the portfolio edged up +0.18% from the previous day.Global markets, particularly the US, continued to climb, despite a government shutdown after the US Senate rejected the spending bill last night.

KTX Tactical DR Picks - October 1, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese stock exchange.</li><li>The average return of the underlying securities in the portfolio rose 0.56% from the previous day, supported by global equity markets increase after US PCE data came in line with expectations, reinforcing the Fed’s rate-cutting path.</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>

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese stock exchange.The average return of the underlying securities in the portfolio rose 0.56% from the previous day, supported by global equity markets increase after US PCE data came in line with expectations, reinforcing the Fed’s rate-cutting path.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 30, 2025 (Eng.)

<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.)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.</li>
<li>WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have &gt;30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.</li>
<li>MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more 'safety margins' on valuation due to concerns on outlook</li>
</ul>


The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.
WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have &gt;30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.
MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more 'safety margins' on valuation due to concerns on outlook


China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

China

Nongfu Spring Co. Ltd. supplies soft drinks. The Company develops, produces, and sells bottled mineral water, fruit juice, sports drinks, and tea drinks. Nongfu Spring also offers barreled mineral water door-to-door services.

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Nongfu Spring (9633 HK)

KTX Tactical DR Picks - October 1, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on...

Krungthai XSpring

KTX TACTICAL DR PICKS - September 30, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese...

Krungthai XSpring

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 Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

The inflection point of medical device will appear this year. WuXi XDC launched Placement, but shareholders' reduction of holdings is a discordant...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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