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 index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.</li><li>In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.</li><li>We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.</li></ul>

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.

Krungthai XSpring Technical Eng. July 27, 2026

Equity Bottom-Up

<ul><li>We downgrade our rating to Neutral from Outperform following the recent share price appreciation, leaving only 3% upside to our 12-month fair value of Bt160.00 (based on 1.07x PBV).</li><li>2Q26 earnings were in line with our forecast, supported by strong growth in wealth management fees within non-interest income, while overall asset quality remained manageable.</li><li>SCB reported 2Q26 net profit of Bt11.0bn, down 13.1% YoY but up 9.0% QoQ, broadly in line with our forecast.</li></ul>

We downgrade our rating to Neutral from Outperform following the recent share price appreciation, leaving only 3% upside to our 12-month fair value of Bt160.00 (based on 1.07x PBV).2Q26 earnings were in line with our forecast, supported by strong growth in wealth management fees within non-interest income, while overall asset quality remained manageable.SCB reported 2Q26 net profit of Bt11.0bn, down 13.1% YoY but up 9.0% QoQ, broadly in line with our forecast.

SCB X Plc. (SCB): 2Q26 Earnings Down YoY But Up QoQ, In Line With Our Forecast - Neutral (12M FWD Fair Value Bt160.00)

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx</li>
<li>On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers</li>
<li>Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling</li>
</ul>


The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx
On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers
Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling


Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

<ul><li>We maintain our Outperform rating and raise our 12month forward fair value to Bt160.00 (from Bt157.00), based on a PBV of 1.07x (from 1.05x).</li><li>We expect SCB to report 2Q26E net profit of Bt11.0bn (-13.7% YoY, +8.2% QoQ).</li><li>If 2Q26E earnings come in as expected, 1H26E earnings would account for 50% of our full-year forecast.</li></ul>

We maintain our Outperform rating and raise our 12month forward fair value to Bt160.00 (from Bt157.00), based on a PBV of 1.07x (from 1.05x).We expect SCB to report 2Q26E net profit of Bt11.0bn (-13.7% YoY, +8.2% QoQ).If 2Q26E earnings come in as expected, 1H26E earnings would account for 50% of our full-year forecast.

SCB X Plc. (SCB): 2Q26E Earnings Expected To Increase QoQ But Decline YoY

Thailand

SCB X is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology. The company was officially established on September 15, 2021, and is headquartered in Bangkok, Thailand.

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SCB X (SCB TB)

Krungthai XSpring Technical Eng. July 27, 2026

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock. In addition, both the MACD and RSI...

Krungthai XSpring

SCB X Plc. (SCB): 2Q26 Earnings Down YoY But Up QoQ, In Line With Our Forecast - Neutral (12M FWD Fair Value Bt160.00)

We downgrade our rating to Neutral from Outperform following the recent share price appreciation, leaving only 3% upside to our 12-month fair...

Krungthai XSpring

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Victor Galliano

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

SCB X Plc. (SCB): 2Q26E Earnings Expected To Increase QoQ But Decline YoY

We maintain our Outperform rating and raise our 12month forward fair value to Bt160.00 (from Bt157.00), based on a PBV of 1.07x (from 1.05x).

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Technical Eng. July 27, 2026

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock. In addition, both the MACD and RSI...

Krungthai XSpring

SCB X Plc. (SCB): 2Q26 Earnings Down YoY But Up QoQ, In Line With Our Forecast - Neutral (12M FWD Fair Value Bt160.00)

We downgrade our rating to Neutral from Outperform following the recent share price appreciation, leaving only 3% upside to our 12-month fair...

Krungthai XSpring

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

​Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Victor Galliano

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

SCB X Plc. (SCB): 2Q26E Earnings Expected To Increase QoQ But Decline YoY

We maintain our Outperform rating and raise our 12month forward fair value to Bt160.00 (from Bt157.00), based on a PBV of 1.07x (from 1.05x).

Krungthai XSpring

Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...