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>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>GLOBAL has been removed from the ranking after no longer meeting the selection criteria, delivering a +2.7% holding-period return, and has been replaced by CCET and TRUE.</li>
<li>A strong rebound in key energy stocks lifted the portfolio's return by 0.67%, outperforming the SET (-0.29%), which came under selling pressure from the banking and electronic components sectors.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
GLOBAL has been removed from the ranking after no longer meeting the selection criteria, delivering a +2.7% holding-period return, and has been replaced by CCET and TRUE.
A strong rebound in key energy stocks lifted the portfolio's return by 0.67%, outperforming the SET (-0.29%), which came under selling pressure from the banking and electronic components sectors.


<ul><li>1Q26 earnings grew 29% YoY and 87% QoQ, beating expectations due to a stronger-than-expected GPM, supported by housebrand products.</li><li>Operating expenses and interest expenses also came in below expectations, reflecting effective cost control.</li><li>We raise our 2026–28E earnings forecasts by an average of 20% per year to reflect better-than-expected GPM and operating expense control.</li></ul>

1Q26 earnings grew 29% YoY and 87% QoQ, beating expectations due to a stronger-than-expected GPM, supported by housebrand products.Operating expenses and interest expenses also came in below expectations, reflecting effective cost control.We raise our 2026–28E earnings forecasts by an average of 20% per year to reflect better-than-expected GPM and operating expense control.

SIAM GLOBAL HOUSE Plc. (GLOBAL): 1Q26 Earnings Beat / Raising 2026–28E Forecasts

<ul><li>Despite improving SSSG momentum in 1Q26E, higher operating costs from new store openings should lead to 1Q26E profit declining 33% YoY but rising 25% QoQ on seasonality and a recovery in cooling appliance sales.</li><li>KTX derives a fair value of Bt5.75 (from Bt4.60), based on a 6.8% required return (from 8%), with assumptions of Rf at 1.83% and MRP at 4.67% (from 1.45%/5.26%).</li><li>We upgrade to Neutral. Our tactical view is now limited downside (from limited upside); 2-year earnings CAGR is expected at 8%, slightly above peers (+7%).</li></ul>

Despite improving SSSG momentum in 1Q26E, higher operating costs from new store openings should lead to 1Q26E profit declining 33% YoY but rising 25% QoQ on seasonality and a recovery in cooling appliance sales.KTX derives a fair value of Bt5.75 (from Bt4.60), based on a 6.8% required return (from 8%), with assumptions of Rf at 1.83% and MRP at 4.67% (from 1.45%/5.26%).We upgrade to Neutral. Our tactical view is now limited downside (from limited upside); 2-year earnings CAGR is expected at 8%, slightly above peers (+7%).

SIAM GLOBAL HOUSE Plc. (GLOBAL): 1Q26E Profit Down YoY, Up QoQ; SSSG Improving

<ul><li>4Q25 and FY2025 profit declined YoY due to negative SSSG (-4.88% and -6.24%) and higher SG&amp;A-to-sales.</li><li>KTX maintains a 2-year profit growth outlook of a 9% CAGR, assuming SSSG of 0% and +1–2% in 2026–28E.</li><li>Jan–Feb 2026 SSSG has been pressured by the absence of the E-receipt scheme, with January at -3%.</li></ul>

4Q25 and FY2025 profit declined YoY due to negative SSSG (-4.88% and -6.24%) and higher SG&amp;A-to-sales.KTX maintains a 2-year profit growth outlook of a 9% CAGR, assuming SSSG of 0% and +1–2% in 2026–28E.Jan–Feb 2026 SSSG has been pressured by the absence of the E-receipt scheme, with January at -3%.

SIAM GLOBAL HOUSE Plc. (GLOBAL): 4Q25 Profit Down YoY But Up QoQ...

Macroeconomics

<ul><li>SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%</li><li>Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.</li><li>The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.</li></ul>

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.

Krungthai XSpring Zoom Eng. August 26, 2026

Thailand

Siam Global House Public Company Limited is a Thailand-based retailer specializing in construction materials, home decorative products, tools, and equipment for construction, home improvement, and gardening. It operates large warehouse stores under the "Global House" trade name, offering a wide array of products including electrical appliances, furniture, and plumbing equipment. The company was founded in 1995 and is headquartered in Mueang Roi Et, Thailand.

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Siam Global House (GLOBAL TB)

KTX Tactical Picks - July 6, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. GLOBAL has been...

Krungthai XSpring

SIAM GLOBAL HOUSE Plc. (GLOBAL): 1Q26 Earnings Beat / Raising 2026–28E Forecasts

1Q26 earnings grew 29% YoY and 87% QoQ, beating expectations due to a stronger-than-expected GPM, supported by housebrand products.

Krungthai XSpring

SIAM GLOBAL HOUSE Plc. (GLOBAL): 1Q26E Profit Down YoY, Up QoQ; SSSG Improving

We upgrade to Neutral. Our tactical view is now limited downside (from limited upside); 2-year earnings CAGR is expected at 8%, slightly above...

Krungthai XSpring

SIAM GLOBAL HOUSE Plc. (GLOBAL): 4Q25 Profit Down YoY But Up QoQ...

4Q25 and FY2025 profit declined YoY due to negative SSSG (-4.88% and -6.24%) and higher SG&A-to-sales. KTX maintains a 2-year profit growth outlook...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 26, 2026

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3% Thailand Focus 2026 will highlight the new engines driving...

Krungthai XSpring

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