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>The SET Index is expected to move sideways, with the resistance at 1,651/1,660 points and the support at 1,635/1,630 points.</li><li>Negative factors include the better-than-forecast US services PMI in November, suggesting that inflation may not fall as rapidly as the market expects.</li><li>Positive factors include Thai inflation in November, which may continue to slow down.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,651/1,660 points and the support at 1,635/1,630 points.Negative factors include the better-than-forecast US services PMI in November, suggesting that inflation may not fall as rapidly as the market expects.Positive factors include Thai inflation in November, which may continue to slow down.

<ul><li>The SET Index is expected to move up, with the resistance at 1,640/1,649 points and the support at 1,630/1,623 points.</li><li>We recommend trading buy on EA, MAKRO, and PTTEP.</li><li>Today's momentum is positive after the Fed chairman hinted at a less aggressive rate hike in the FOMC meeting on December 4.</li></ul>

The SET Index is expected to move up, with the resistance at 1,640/1,649 points and the support at 1,630/1,623 points.We recommend trading buy on EA, MAKRO, and PTTEP.Today's momentum is positive after the Fed chairman hinted at a less aggressive rate hike in the FOMC meeting on December 4.

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that DataSnipper hit $45M in annual recurring revenue (ARR) in 2023, up 150% YoY from $18M in 2022, as they expanded into the United States and landed contracts with the Big 4 accounting firms in the United States—EY, PwC, KPMG, and Deloitte.</li><li>DataSnipper reached a $1B valuation following its Series B funding round in 2024, led by Index Ventures with a $100 million investment.</li><li>In March 2025, DataSnipper launched DocuMine, a generative AI tool that delivers precise answers from imported documents directly within Excel.</li></ul>

Sacra estimates that DataSnipper hit $45M in annual recurring revenue (ARR) in 2023, up 150% YoY from $18M in 2022, as they expanded into the United States and landed contracts with the Big 4 accounting firms in the United States—EY, PwC, KPMG, and Deloitte.DataSnipper reached a $1B valuation following its Series B funding round in 2024, led by Index Ventures with a $100 million investment.In March 2025, DataSnipper launched DocuMine, a generative AI tool that delivers precise answers from imported documents directly within Excel.

<ul><li>Sacra estimates Vena hit $116M in annual recurring revenue in 2024, up 25% year-over-year.</li><li>Vena has raised over $450 million in total funding, including a significant $300 million Series C round in 2021 led by Vista Equity Partners.</li><li>Vena&#39;s focus on the Microsoft 365 ecosystem, with deep integrations into PowerPoint, Power BI and Dynamics 365 Business Central, positions it well to capture share among the 400M paid Microsoft users who rely heavily on Excel for financial planning and analysis.</li></ul>

Sacra estimates Vena hit $116M in annual recurring revenue in 2024, up 25% year-over-year.Vena has raised over $450 million in total funding, including a significant $300 million Series C round in 2021 led by Vista Equity Partners.Vena&#39;s focus on the Microsoft 365 ecosystem, with deep integrations into PowerPoint, Power BI and Dynamics 365 Business Central, positions it well to capture share among the 400M paid Microsoft users who rely heavily on Excel for financial planning and analysis.

<ul><li>Vena will hit $116M in annual recurring revenue at the end of 2024, up 25% YoY.</li><li>Instead of going upmarket, Vena is betting on horizontal expansion beyond core FP&A into sales forecasts, headcount planning, and operational planning.</li><li>Against the modern trend of FP&A platforms like Runway, Vena positions as enhancing Excel for its 1.5B MAUs who rely on and love the spreadsheet.</li></ul>

Vena will hit $116M in annual recurring revenue at the end of 2024, up 25% YoY.Instead of going upmarket, Vena is betting on horizontal expansion beyond core FP&A into sales forecasts, headcount planning, and operational planning.Against the modern trend of FP&A platforms like Runway, Vena positions as enhancing Excel for its 1.5B MAUs who rely on and love the spreadsheet.

United States

Tool for financial planning, budgeting, and bookkeeping for early-stage startup finance teams

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Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,651/1,660 points and the support at 1,635/1,630 points. Negative factors...

Krungthai XSpring

Market Outlook

The SET Index is expected to move up, with the resistance at 1,640/1,649 points and the support at 1,630/1,623 points. We recommend trading buy on...

Krungthai XSpring

Primer: DataSnipper - 14 Dec 2024

Excel add-in for auditors to extract and validate data from documents

Sacra

Primer: Vena - 12 Dec 2024

Excel-based FP&A software for midmarket finance teams using Microsoft 365 tools

Sacra

Vena At $116M ARR

TL;DR: Sacra estimates that Vena will hit $116M in annual recurring revenue at the end of 2024, up 25% YoY. Going against the modern trend of FP&A...

Sacra

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