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.

Equity Bottom-Up

Regional Container Line / Equity Bottom-Up

<ul><li>We maintain our Neutral rating on RCL, while revising our 12-month forward fair value to Bt33.00 (from Bt24.40).</li><li>The current share price implies 6% upside to our fair value of Bt33.00, based on a required return of 14.53%, reflecting a target PER of 6.9x.</li><li>RCL’s operating outlook is expected to soften from the upward cycle in 2024.</li></ul>

We maintain our Neutral rating on RCL, while revising our 12-month forward fair value to Bt33.00 (from Bt24.40).The current share price implies 6% upside to our fair value of Bt33.00, based on a required return of 14.53%, reflecting a target PER of 6.9x.RCL’s operating outlook is expected to soften from the upward cycle in 2024.

REGIONAL CONTAINER LINES - Upbeat 2Q25 Earnings

<ul><li>We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt24.40 (from Bt24.20 previously).</li><li>The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.</li><li>RCL’s growth trajectory is categorized as steady, compared to the sector, which broadly faces industry normalization.</li></ul>

We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt24.40 (from Bt24.20 previously).The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.RCL’s growth trajectory is categorized as steady, compared to the sector, which broadly faces industry normalization.

Regional Container Lines - Little Impact from Recent Geopolitical Tensions

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 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 97% versus the SET 100 Index’s return of 43%</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 97% versus the SET 100 Index’s return of 43%


The Stocks to Own in Thailand – Vol. 52

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 72% versus the SET 100 Index’s return of 23%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 72% versus the SET 100 Index’s return of 23%


The Stocks to Own in Thailand – Vol. 51

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: 10 stocks remain, four new join the fray</li>
<li>Since inception, it has gained 75% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: 10 stocks remain, four new join the fray
Since inception, it has gained 75% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 50

Thailand

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

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Regional Container Line (RCL TB)

REGIONAL CONTAINER LINES - Upbeat 2Q25 Earnings

The current share price implies 6% upside to our fair value of Bt33.00, based on a required return of 14.53%, reflecting a target PER of 6.9x.

Krungthai XSpring

Regional Container Lines - Little Impact from Recent Geopolitical Tensions

The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 52

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

The Stocks to Own in Thailand – Vol. 51

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

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 50

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: 10 stocks remain, four new join...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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