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.

Technical Analysis

<ul><li>The SET Index advanced despite weakness in DELTA and ADVANC, outperforming markets in Tokyo, Taiwan, Hong Kong, and South Korea, which declined amid rising oil prices.</li><li>The index continued to edge higher, reinforcing the improving price pattern despite the formation of a doji candlestick.</li><li>We recommend buying on dips and selling into strength, as the index is likely to remain volatile while the market awaits fresh catalysts.</li></ul>

The SET Index advanced despite weakness in DELTA and ADVANC, outperforming markets in Tokyo, Taiwan, Hong Kong, and South Korea, which declined amid rising oil prices.The index continued to edge higher, reinforcing the improving price pattern despite the formation of a doji candlestick.We recommend buying on dips and selling into strength, as the index is likely to remain volatile while the market awaits fresh catalysts.

Krungthai XSpring Technical Eng. - September 9, 2026

Equity Bottom-Up

PTT Exploration & Production / Equity Bottom-Up

<ul><li>We raise our crude oil price assumptions for 2026–28E to USD80/70/70, reflecting a higher geopolitical risk premium.</li><li>Near-term pressure remains from weak 1Q26E earnings, with net profit expected at around Bt9.0bn (-45% YoY, -48% QoQ) due to large oil hedging losses.</li><li>We raise PTTEP’s 2026–28E core profit forecasts by 8% / 4% / 6%, reflecting i) higher ASP assumptions of +10% / +4% / +4% following our upward revision to crude oil prices and gas prices with a 3–6 month lag.</li></ul>

We raise our crude oil price assumptions for 2026–28E to USD80/70/70, reflecting a higher geopolitical risk premium.Near-term pressure remains from weak 1Q26E earnings, with net profit expected at around Bt9.0bn (-45% YoY, -48% QoQ) due to large oil hedging losses.We raise PTTEP’s 2026–28E core profit forecasts by 8% / 4% / 6%, reflecting i) higher ASP assumptions of +10% / +4% / +4% following our upward revision to crude oil prices and gas prices with a 3–6 month lag.

PTT Exploration And Production Plc. (PTTEP): Hedging Loss To Hit 1Q26E NP...

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Four stocks remain, 10 new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 332% versus the MSCI Asia ex Japan of 216%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stocks remain, 10 new join the fray
Since its inception, it has generated a before-fee total return of 332% versus the MSCI Asia ex Japan of 216%


Macroeconomics

<ul><li>The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.</li><li>Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.</li><li>The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.</li></ul>

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.

Krungthai XSpring Zoom Eng. September 1, 2026

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 141% versus the SET 100 Index’s return of 67%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 141% versus the SET 100 Index’s return of 67%


The Stocks to Own in Thailand – Vol. 54

Thailand

PTT Exploration & Production is a national petroleum exploration and production company engaged in the exploration, development, and production of oil and gas both domestically and internationally. The company also invests in renewable energy and related activities, aiming for sustainable growth and a low-carbon future. It is headquartered in Bangkok, Thailand, and was founded on June 20, 1985.

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PTT Exploration & Production (PTTEP TB)

Krungthai XSpring Technical Eng. - September 9, 2026

The SET Index advanced despite weakness in DELTA and ADVANC, outperforming markets in Tokyo, Taiwan, Hong Kong, and South Korea, which declined...

Krungthai XSpring

PTT Exploration And Production Plc. (PTTEP): Hedging Loss To Hit 1Q26E NP...

Near-term pressure remains from weak 1Q26E earnings, with net profit expected at around Bt9.0bn (-45% YoY, -48% QoQ) due to large oil hedging losses.

Krungthai XSpring

The Stocks to Own in Asia – Vol. 54

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Four stocks remain, 10 new join the fray.

A. Stotz Investment Research

Krungthai XSpring Zoom Eng. September 1, 2026

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%. Thailand's...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 54

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: five stocks remain, nine new join...

A. Stotz Investment Research

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