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

<ul><li>Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks.</li><li>The government is expected to launch the "Thai Tiew Thai Plus" domestic tourism stimulus program in December 2026, with a Bt3.5bn budget to subsidize accommodation costs and provide cash coupons.</li><li>We upgrade the electronics sector to Overweight as earnings enter an upcycle while valuations remain reasonable.</li></ul>

Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks.The government is expected to launch the "Thai Tiew Thai Plus" domestic tourism stimulus program in December 2026, with a Bt3.5bn budget to subsidize accommodation costs and provide cash coupons.We upgrade the electronics sector to Overweight as earnings enter an upcycle while valuations remain reasonable.

Krungthai XSpring Zoom Eng. August 28, 2026

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: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 118% 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 118% versus the SET 100 Index’s return of 23%


The Stocks to Own in Thailand – Vol. 44

<ul><li>KTX expects the SET Index to rise, with the resistance at 1,405/1,416 points and the support at 1,352/1,335 points.</li><li>Positive factors include the continued buying of equities by foreign investors given that the SET remains a laggard and a good safe haven after most global equity markets hit all-time highs.</li><li>Meanwhile, the downside risks to the economic slowdown may increase again after the world's major central banks continued to send signals about maintaining policy interest rates at a high level. </li></ul>

KTX expects the SET Index to rise, with the resistance at 1,405/1,416 points and the support at 1,352/1,335 points.Positive factors include the continued buying of equities by foreign investors given that the SET remains a laggard and a good safe haven after most global equity markets hit all-time highs.Meanwhile, the downside risks to the economic slowdown may increase again after the world's major central banks continued to send signals about maintaining policy interest rates at a high level. 

Monthly Report: March 2024 - Recommended Stocks in March

<ul><li>In January 2024, Thai export value demonstrated significant growth, surpassing expectations with a YoY increase of 10%.</li><li>This robust performance contrasts with December 2023's growth of 4.7% YoY and the NESDC’s export growth projection for this year at 2.9%.</li><li>The healthy growth can be attributed to stronger-than-anticipated demand from trading partners, both in the primary markets — such as the US, which experienced a YoY increase of 13.7% compared to 0.3% in December — and secondary markets like Hong Kong and Russia. </li></ul>

In January 2024, Thai export value demonstrated significant growth, surpassing expectations with a YoY increase of 10%.This robust performance contrasts with December 2023's growth of 4.7% YoY and the NESDC’s export growth projection for this year at 2.9%.The healthy growth can be attributed to stronger-than-anticipated demand from trading partners, both in the primary markets — such as the US, which experienced a YoY increase of 13.7% compared to 0.3% in December — and secondary markets like Hong Kong and Russia. 

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 21%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 21%


Thailand

Sappe Public Company Limited is a Thailand-based manufacturer and distributor of healthy food and beverages, offering products across functional beverages, fruit juices, functional powders, healthier snacks, and supplements. Key brands include Sappe Beauti, Mogu Mogu, Sappe Aloe Vera, and Preaw Coffee. The company was founded in 1973 and is headquartered in Bangkok, Thailand.

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Sappe (SAPPE TB)

Krungthai XSpring Zoom Eng. August 28, 2026

Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks. The government is...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 44

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

Monthly Report: March 2024 - Recommended Stocks in March

Positive factors include the continued buying of equities by foreign investors given that the SET remains a laggard and a good safe haven after...

Krungthai XSpring

Economic Update – Exports & Imports

This robust performance contrasts with December 2023's growth of 4.7% YoY and the NESDC’s export growth projection for this year at 2.9%.

Krungthai XSpring

The Stocks to Own in ASEAN – Vol. 45

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

A. Stotz Investment Research

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