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 Derivatives

Singapore Technologies Engineering / Equity Derivatives

Singapore Technologies Engineering (STE SP)

<ul><li>For the KTX Tactical DR Picks portfolio, we recommend taking profit on AMAZN80 and MITSU19, with returns of +1.9% and -2.9%, respectively, and initiating a position in STEG19, a DR referencing Singapore Technologies Engineering — a technology and engineering company specializing in aerospace and defense listed on the Singapore Exchange.</li><li>The launch of a cybersecurity service for SMEs serves as a short-term catalyst.</li><li>The average return of the underlying securities in the portfolio turned slightly positive at 0.004%, supported by the rebound in XIAOMI80's performance.</li></ul>

For the KTX Tactical DR Picks portfolio, we recommend taking profit on AMAZN80 and MITSU19, with returns of +1.9% and -2.9%, respectively, and initiating a position in STEG19, a DR referencing Singapore Technologies Engineering — a technology and engineering company specializing in aerospace and defense listed on the Singapore Exchange.The launch of a cybersecurity service for SMEs serves as a short-term catalyst.The average return of the underlying securities in the portfolio turned slightly positive at 0.004%, supported by the rebound in XIAOMI80's performance.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.  </li><li>ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.  </li><li>OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.</li></ul>

In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.  ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.  OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.

Industrial Evolution: Adapting to Policies and Innovation

Singapore Technologies Engineering / Equity Bottom-Up

<ul><li>ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85.</li><li>Net creation of S$36M in units increased combined AUM of two STI tracking ETFs from S$2.3B to S$2.6B.</li><li>STI stocks booked S$1.63 billion net institutional outflow in 1Q25, mainly from STI Banks and S-REIT Sector.</li></ul>

ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85.Net creation of S$36M in units increased combined AUM of two STI tracking ETFs from S$2.3B to S$2.6B.STI stocks booked S$1.63 billion net institutional outflow in 1Q25, mainly from STI Banks and S-REIT Sector.

<ul><li>Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week.</li><li>Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.</li><li>ISDN Holdings' share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.</li></ul>

Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week.Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.ISDN Holdings' share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.

Institutional Investors Book Highest Net Weekly Inflows Since December

<ul><li>Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$365 million.</li><li>The stocks that led the net institutional outflow over these four sessions were DBS, UOB, OCBC, Sembcorp Industries, Singapore Technologies (ST) Engineering, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, Seatrium, CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust.</li></ul>

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$365 million.The stocks that led the net institutional outflow over these four sessions were DBS, UOB, OCBC, Sembcorp Industries, Singapore Technologies (ST) Engineering, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, Seatrium, CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust.

Zheneng Jinjiang Environment Continues Buyback Pace

Singapore

Singapore Technologies Engineering is a Singapore-based multinational technology, defense, and engineering group. It offers a diverse portfolio of solutions across commercial aerospace (maintenance, repair, and overhaul, freighter conversions), urban solutions & satcom (smart mobility, utilities, infrastructure, satellite communication), and defense & public security (public safety, security, critical information infrastructure, land systems, marine, digital systems, and cyber solutions). The company is headquartered in Singapore and was formed in 1997.

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Singapore Technologies Engineering (STE SP)

KTX Tactical DR Picks

For the KTX Tactical DR Picks portfolio, we recommend taking profit on AMAZN80 and MITSU19, with returns of +1.9% and -2.9%, respectively, and...

Krungthai XSpring

Industrial Evolution: Adapting to Policies and Innovation

In 2025, Singapore's Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth. ST Engineering led...

Singapore Exchange Ltd (SGX)

STI Books 5.3% Total Return in 1Q25

ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85. Net creation of S$36M in units increased combined...

Singapore Exchange Ltd (SGX)

Institutional Investors Book Highest Net Weekly Inflows Since December

Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January's last week. Industrials and...

Singapore Exchange Ltd (SGX)

Zheneng Jinjiang Environment Continues Buyback Pace

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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