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>We maintain an Outperform rating, with a revised 12-month forward fair value of Bt37.50, based on a 4.8% required return and implying 20.7x PER (previously Bt33.75 at 4.0%).</li><li>Strong 2026E earnings growth reflects the Indonesian business turnaround.</li><li>Its recovery should remove the valuation drag that has persisted through the downcycle since 2022.</li></ul>

We maintain an Outperform rating, with a revised 12-month forward fair value of Bt37.50, based on a 4.8% required return and implying 20.7x PER (previously Bt33.75 at 4.0%).Strong 2026E earnings growth reflects the Indonesian business turnaround.Its recovery should remove the valuation drag that has persisted through the downcycle since 2022.

3Q26E Earnings Softer QoQ but Still Strong

<ul><li>Although the transaction is small relative to SCGP's business, it was priced attractively at around 0.4x P/S, versus SCGP's 1.0x.</li><li>It also offers synergy potential and reflects SCGP's expansion through mergers and partnerships (M&P).</li><li>We maintain an Outperform rating with a 12M forward FV of Bt33.75, based on a 4.0% required return and implying 24.8x PER.</li></ul>

Although the transaction is small relative to SCGP's business, it was priced attractively at around 0.4x P/S, versus SCGP's 1.0x.It also offers synergy potential and reflects SCGP's expansion through mergers and partnerships (M&P).We maintain an Outperform rating with a 12M forward FV of Bt33.75, based on a 4.0% required return and implying 24.8x PER.

SCG PACKAGING Plc. (SCGP): SCGP - TCG Acquires a 90% Stake in Thai Paper Packaging Producer JZF - Outperform (12M FWD Fair Value Bt33.75)

Technical Analysis

<ul><li>We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.</li><li>The absence of a sharp decline suggests that the uptrend remains intact.</li><li>We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.</li></ul>

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.The absence of a sharp decline suggests that the uptrend remains intact.We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.

Krungthai XSpring Technical Eng. August 19, 2026

<ul><li>We remove GPSC from the portfolio after the stock dropped out of our ranking criteria, with a holding-period return of -7.2%.</li><li>We add SCGP to the portfolio as its replacement.</li><li>Broad-based selling across the portfolio, led by financial stocks, dragged the portfolio's average return down 0.75%, underperforming the SET's 0.53% decline.</li></ul>

We remove GPSC from the portfolio after the stock dropped out of our ranking criteria, with a holding-period return of -7.2%.We add SCGP to the portfolio as its replacement.Broad-based selling across the portfolio, led by financial stocks, dragged the portfolio's average return down 0.75%, underperforming the SET's 0.53% decline.

KTX Tactical Picks - August 7, 2026 (Eng.)

<ul>
<li>Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the defined threshold.</li>
<li>The portfolio's average return declined by 2.3%, moving in tandem with the SET Index (-2.4%), driven by profit-taking across the entire portfolio.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the defined threshold.
The portfolio's average return declined by 2.3%, moving in tandem with the SET Index (-2.4%), driven by profit-taking across the entire portfolio.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


KTX Tactical Picks - July 30, 2026 (Eng.)

Thailand

SCG Packaging is a leading multinational provider of integrated packaging solutions, offering a comprehensive portfolio including fiber-based packaging, performance and polymer packaging, foodservice products, pulp, and paper products. The company provides innovative and sustainable products and services for various industries, including food, beverage, consumer goods, and medical supplies. Headquartered in Bangkok, Thailand, the company was founded in 1975.

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SCG Packaging (SCGP TB)

3Q26E Earnings Softer QoQ but Still Strong

We maintain an Outperform rating, with a revised 12-month forward fair value of Bt37.50, based on a 4.8% required return and implying 20.7x PER...

Krungthai XSpring

SCG PACKAGING Plc. (SCGP): SCGP - TCG Acquires a 90% Stake in Thai Paper Packaging Producer JZF - Outperform (12M FWD Fair Value Bt33.75)

Although the transaction is small relative to SCGP's business, it was priced attractively at around 0.4x P/S, versus SCGP's 1.0x. It also offers...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2026

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited. The absence of a sharp decline suggests that...

Krungthai XSpring

KTX Tactical Picks - August 7, 2026 (Eng.)

We remove GPSC from the portfolio after the stock dropped out of our ranking criteria, with a holding-period return of -7.2%. We add SCGP to the...

Krungthai XSpring

KTX Tactical Picks - July 30, 2026 (Eng.)

Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the...

Krungthai XSpring

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