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>Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was quickly dragged down by weak investor confidence amid concerns over an economic slowdown.</li><li>Nevertheless, gains in DELTA, ADVANC, and SCC helped the index close slightly higher, albeit on low trading volume.</li><li>The index continued its attempt to rebound and hold above the support level at 1,173 points, which was successful.</li></ul>

Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was quickly dragged down by weak investor confidence amid concerns over an economic slowdown.Nevertheless, gains in DELTA, ADVANC, and SCC helped the index close slightly higher, albeit on low trading volume.The index continued its attempt to rebound and hold above the support level at 1,173 points, which was successful.

<ul><li>Thailand’s 1Q25 GDP grew by +0.7% QoQ and +3.1% YoY, exceeding the consensus estimate of +0.6% QoQ and +2.9% YoY.</li><li>Despite the stronger- than-expected figure, KTX views the economic outlook for the remainder of the year as still challenging due to trade-related risks and expects the main driver of growth to come from government stimulus.</li><li>We recommend speculating on domestic demand-related stocks, such as CPALL and MTC, while also watching for potential new measures from the government following the afternoon meeting of the Economic Stimulus Committee yesterday. </li></ul>

Thailand’s 1Q25 GDP grew by +0.7% QoQ and +3.1% YoY, exceeding the consensus estimate of +0.6% QoQ and +2.9% YoY.Despite the stronger- than-expected figure, KTX views the economic outlook for the remainder of the year as still challenging due to trade-related risks and expects the main driver of growth to come from government stimulus.We recommend speculating on domestic demand-related stocks, such as CPALL and MTC, while also watching for potential new measures from the government following the afternoon meeting of the Economic Stimulus Committee yesterday. 

Economic Update: 1Q25 GDP Growth - May 21, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.


Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

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.

Equity Bottom-Up

<ul>
<li>Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics</li>
<li>Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x</li>
<li>The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx</li>
</ul>


Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics
Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x
The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx


Thai Banks 1Q25 Screener; Krung Thai (KTB TB), the Scorecard Stand-Out

<ul><li>KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.</li><li>Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.</li><li>On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).</li></ul>

KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

Technical Analysis - MAY 27, 2025

Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was...

Krungthai XSpring

Economic Update: 1Q25 GDP Growth - May 21, 2025

Thailand’s 1Q25 GDP expanded better than expected, with fiscal policy anticipated to play a key role in driving growth going forward.

Krungthai XSpring

Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service,...

Ke Yan, CFA, FRM

Thai Banks 1Q25 Screener; Krung Thai (KTB TB), the Scorecard Stand-Out

Krung Thai ranks top of the Thai bank peer group based on our weighted scorecard; it is driving its solid returns higher, with close to double...

Victor Galliano

Monthly Report: May 2025

Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific...

Krungthai XSpring

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