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>The US: US equities rebounded (S&amp;P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.</li><li>Thailand: Thailand’s headline inflation in October contracted –0.76% YoY, close to the market forecast of –0.8%, marking the seventh consecutive month of decline.</li><li>Thailand: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised its 2025 export growth forecast from 2–3% to 9.5–10.5% but maintained its GDP forecast at 1.8–2.2%, citing limited spillover effects from exports to the broader economy.</li></ul>

The US: US equities rebounded (S&amp;P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.Thailand: Thailand’s headline inflation in October contracted –0.76% YoY, close to the market forecast of –0.8%, marking the seventh consecutive month of decline.Thailand: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised its 2025 export growth forecast from 2–3% to 9.5–10.5% but maintained its GDP forecast at 1.8–2.2%, citing limited spillover effects from exports to the broader economy.

Krungthai XSpring Zoom Eng. November 6, 2025

<ul><li>The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.</li><li>Despite the steep decline, trading volume remained light, and the index continued to move sideways.</li><li>Consequently, the downside appears limited, presenting an opportunity for accumulation. We therefore recommend buying on dips.</li></ul>

The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.Despite the steep decline, trading volume remained light, and the index continued to move sideways.Consequently, the downside appears limited, presenting an opportunity for accumulation. We therefore recommend buying on dips.

Krungthai XSpring Technical Eng. October 20, 2025

<ul><li>The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.</li><li>These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.</li><li>As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.</li></ul>

The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.

Krungthai XSpring Technical Eng. October 16, 2025

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook backed </li>
<li>3Q22 earnings grew YoY and QoQ QH reported  3Q22’s net profit of Bt640m (+143%YoY, +24% QoQ), better than our forecast and market expectation.  The YoY increasing of net profit supported </li>
<li>3Q22 presales expanded YoY and QoQ QH reported 3Q22 presales at Bt2.3 bn (+71% YoY, +13% QoQ), representing Bt2.1bn of low-rise presales and Bt289m of condominium presales. 9M22 presales reached </li>
</ul>


Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook backed 
3Q22 earnings grew YoY and QoQ QH reported  3Q22’s net profit of Bt640m (+143%YoY, +24% QoQ), better than our forecast and market expectation.  The YoY increasing of net profit supported 
3Q22 presales expanded YoY and QoQ QH reported 3Q22 presales at Bt2.3 bn (+71% YoY, +13% QoQ), representing Bt2.1bn of low-rise presales and Bt289m of condominium presales. 9M22 presales reached 


<ul>
<li>Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook onward back</li>
<li>Expect YoY and QoQ expansion in  3Q22 presales We expect 3Q22 presales at Bt2.3 bn (+66%YoY, +10%QoQ),representing (1) Low-rise presales value of Bt2 bn  (+54%YoY,+16%QoQ) and (2) Condominium presales value </li>
<li>However, we view QH’s presales in 2022 maybe lower  than management guidance at Bt9.2bn,due to (1) low take-up rate of 2 new high-end project that launched in 3Q22 at 8.3%</li>
</ul>


Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook onward back
Expect YoY and QoQ expansion in  3Q22 presales We expect 3Q22 presales at Bt2.3 bn (+66%YoY, +10%QoQ),representing (1) Low-rise presales value of Bt2 bn  (+54%YoY,+16%QoQ) and (2) Condominium presales value 
However, we view QH’s presales in 2022 maybe lower  than management guidance at Bt9.2bn,due to (1) low take-up rate of 2 new high-end project that launched in 3Q22 at 8.3%


Thailand

Quality Houses Public Company Limited is a property development company. The Company specializes in single-house, apartment, and condominium development projects.

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Quality Houses (QH TB)

Krungthai XSpring Zoom Eng. November 6, 2025

The US: US equities rebounded (S&P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 20, 2025

The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 16, 2025

These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp...

Krungthai XSpring

QH : 3Q22 Results Better than Expected

Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have...

Pi Securities PCL, Thailand

QH : 3Q22 Results Will Grow YoY and QoQ

Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have...

Pi Securities PCL, Thailand

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