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 SET Index is expected to trade sideways up today, with the resistance at 1,334/1,350 and the support at 1,314/1,300.</li><li>Thai exports rose sharply in September, expanding by +19% YoY (vs market expectation of +9% YoY), marking the 15th consecutive month of growth and the strongest increase in three and a half years.</li><li>We maintain our view that Thai exports continue to benefit from trade diversion after the US maintained import tariffs on Thailand, Malaysia, and Vietnam at 19%, 19%, and 20%, respectively—significantly lower than those imposed on China (55%) and India (50%).</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,334/1,350 and the support at 1,314/1,300.Thai exports rose sharply in September, expanding by +19% YoY (vs market expectation of +9% YoY), marking the 15th consecutive month of growth and the strongest increase in three and a half years.We maintain our view that Thai exports continue to benefit from trade diversion after the US maintained import tariffs on Thailand, Malaysia, and Vietnam at 19%, 19%, and 20%, respectively—significantly lower than those imposed on China (55%) and India (50%).

Krungthai XSpring Zoom Eng. October 28, 2025

<ul><li>The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.</li><li>The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.</li><li>We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).</li></ul>

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).

Krungthai XSpring Zoom Eng. October 27, 2025

<ul><li>While September auto production rebounded better than expected, it was still insufficient to lift 3Q25 output, which fell 4% YoY and marked the lowest quarterly level of the year, in line with our estimate.</li><li>Thailand’s automobile production in September 2025 slightly recovered to 130k units (+5% YoY), supported by i) a 24% YoY rise in domestic sales to 48k units, driven by strong EV sales (+100% YoY) amid intensifying price competition, while pickup sales fell 4% YoY; and ii) a rebound in exports, which turned positive YoY for the first time in 14 months to 86k units (+7% YoY), boosted by higher pickup exports and the launch of new models for overseas markets.</li><li>Auto output in 3Q25 was the lowest of the year, as expected, falling 4% YoY—slightly better than our forecast—driven by strong EV output growth.</li></ul>

While September auto production rebounded better than expected, it was still insufficient to lift 3Q25 output, which fell 4% YoY and marked the lowest quarterly level of the year, in line with our estimate.Thailand’s automobile production in September 2025 slightly recovered to 130k units (+5% YoY), supported by i) a 24% YoY rise in domestic sales to 48k units, driven by strong EV sales (+100% YoY) amid intensifying price competition, while pickup sales fell 4% YoY; and ii) a rebound in exports, which turned positive YoY for the first time in 14 months to 86k units (+7% YoY), boosted by higher pickup exports and the launch of new models for overseas markets.Auto output in 3Q25 was the lowest of the year, as expected, falling 4% YoY—slightly better than our forecast—driven by strong EV output growth.

Automotive: 3Q25 Auto Production Hit Year’s Low - Neutral

<ul><li>We still believe that the automotive industry has growth potential supported by the continuous expansion of GPM, despite declining revenue, which should allow companies in the sector to achieve slight profit growth this year.</li><li>Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.</li><li>July auto production raised some concerns for us regarding the revenue of companies in the sector in 3Q25 because i) EV sales, which are not considered particularly beneficial for Thai auto parts manufacturers, have begun to account for a significantly larger share as the market becomes more active with new model launches and price competition.</li></ul>

We still believe that the automotive industry has growth potential supported by the continuous expansion of GPM, despite declining revenue, which should allow companies in the sector to achieve slight profit growth this year.Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.July auto production raised some concerns for us regarding the revenue of companies in the sector in 3Q25 because i) EV sales, which are not considered particularly beneficial for Thai auto parts manufacturers, have begun to account for a significantly larger share as the market becomes more active with new model launches and price competition.

Automotive: Confident In Long-Term Outlook Despite Short-Term Slowdown - Neutral

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SATS (SGX:S58)'s FY23 revenue grew 49.4% y-o-y, which included a full-year contribution from 65.4%-owned HK cargo handler AAT.</li><li>However, operating loss rose 12.7% y-o-y, dragged down by cost escalation (+48.1% y-o-y), S$44mil in M&amp;A expenses, and weak performances from AAT, Malaysia ground handling and Saudi Arabia cargo handling.</li><li>Net loss would be S$77.6mil if government relief were excluded.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SATS (SGX:S58)'s FY23 revenue grew 49.4% y-o-y, which included a full-year contribution from 65.4%-owned HK cargo handler AAT.However, operating loss rose 12.7% y-o-y, dragged down by cost escalation (+48.1% y-o-y), S$44mil in M&amp;A expenses, and weak performances from AAT, Malaysia ground handling and Saudi Arabia cargo handling.Net loss would be S$77.6mil if government relief were excluded.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SATS - Acquisition Costs & Cargo Weakness Overshadow Recovery

Singapore

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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SATS (SATS SP)

Krungthai XSpring Zoom Eng. October 28, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,334/1,350 and the support at 1,314/1,300. Thai exports rose sharply...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 27, 2025

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.

Krungthai XSpring

Automotive: 3Q25 Auto Production Hit Year’s Low - Neutral

While September auto production rebounded better than expected, it was still insufficient to lift 3Q25 output, which fell 4% YoY and marked the...

Krungthai XSpring

Automotive: Confident In Long-Term Outlook Despite Short-Term Slowdown - Neutral

Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.

Krungthai XSpring

SATS - Acquisition Costs & Cargo Weakness Overshadow Recovery

SATS (SGX:S58)'s FY23 revenue grew 49.4% y-o-y, which included a full-year contribution from 65.4%-owned HK cargo handler AAT.

RHB Invest

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