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.

Cross Asset Strategy

<ul><li>(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased.</li><li>(+)The Ministry of Finance and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) are advancing the "Reinvent Thailand" national strategy, targeting investment at 30% of GDP.</li><li>(+) The Cabinet approved the expected two-month extension of the "Thai Chuai Thai Plus" scheme and increased assistance for state welfare cardholders.</li></ul>

(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased.(+)The Ministry of Finance and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) are advancing the "Reinvent Thailand" national strategy, targeting investment at 30% of GDP.(+) The Cabinet approved the expected two-month extension of the "Thai Chuai Thai Plus" scheme and increased assistance for state welfare cardholders.

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international-ltd" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.</li>
</ul>



Hyphens Pharma (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.


Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

<ul><li>For the KTX Tactical DR Picks portfolio today, we recommend selling SINTEL80 with a return of 4.7%, while initiating investment positions in NFLX80 and NVDA80 two large-cap technology stocks listed in the US stock market.</li><li>The average price of the underlying securities in the portfolio rose slightly by 0.33%, driven by continued gains in US-listed stocks, which make up a significant portion of the portfolio.</li><li>According to our study through the KTX USDTHB Carry Trade model, the baht has remained relatively strong.</li></ul>

For the KTX Tactical DR Picks portfolio today, we recommend selling SINTEL80 with a return of 4.7%, while initiating investment positions in NFLX80 and NVDA80 two large-cap technology stocks listed in the US stock market.The average price of the underlying securities in the portfolio rose slightly by 0.33%, driven by continued gains in US-listed stocks, which make up a significant portion of the portfolio.According to our study through the KTX USDTHB Carry Trade model, the baht has remained relatively strong.

KTX Tactical DR Picks - July 18, 2025 (Eng.)

<ul><li>The KTX Tactical DR Picks portfolio remains unchanged, with positions maintained in META80, NIKE80, POPMART80, and SINGTEL80.</li><li>The average price of the underlying securities in the portfolio was flat at 0.00%, amid volatility in the US market.</li><li>According to our study through the KTX USDTHB Carry Trade model, the baht has remained relatively strong.</li></ul>

The KTX Tactical DR Picks portfolio remains unchanged, with positions maintained in META80, NIKE80, POPMART80, and SINGTEL80.The average price of the underlying securities in the portfolio was flat at 0.00%, amid volatility in the US market.According to our study through the KTX USDTHB Carry Trade model, the baht has remained relatively strong.

Equity Derivatives

<ul><li>The DR/DRx investment portfolio took profit on SINGTEL80 with a 2.7% gain to open a position in TSLA80X, which is based on the underlying securities of TESLA INC shares, listed on the US stock market.</li><li>The average price of the securities in the portfolio increased by 1.57%, thanks to the easing of trade war tensions.</li><li>Our study using the KTX USDTHB Carry Trade model indicates that the Thai baht has begun to appreciate from previously undervalued levels.</li></ul>

The DR/DRx investment portfolio took profit on SINGTEL80 with a 2.7% gain to open a position in TSLA80X, which is based on the underlying securities of TESLA INC shares, listed on the US stock market.The average price of the securities in the portfolio increased by 1.57%, thanks to the easing of trade war tensions.Our study using the KTX USDTHB Carry Trade model indicates that the Thai baht has begun to appreciate from previously undervalued levels.

Singapore

Singtel is a Singaporean telecommunications conglomerate offering mobile, broadband, TV, cybersecurity, cloud, and managed services to consumers and businesses. It also provides ICT solutions and digital infrastructure, and holds stakes in regional mobile operators across Asia-Pacific. Singtel was incorporated in 1992 and is headquartered in Singapore, with its origins tracing back to 1879.

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Singtel (SINGTE80 TB)

SET Index Outlook

(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased. (+)The Ministry of Finance and...

Krungthai XSpring

Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.

Evolve Capital Advisory Pte Ltd

KTX Tactical DR Picks - July 18, 2025 (Eng.)

For the KTX Tactical DR Picks portfolio today, we recommend selling SINTEL80 with a return of 4.7%, while initiating investment positions in...

Krungthai XSpring

KTX Tactical DR Picks

The KTX Tactical DR Picks portfolio remains unchanged, with positions maintained in META80, NIKE80, POPMART80, and SINGTEL80. The average price of...

Krungthai XSpring

KTX Tactical DR / DRX Picks

The DR/DRx investment portfolio took profit on SINGTEL80 with a 2.7% gain to open a position in TSLA80X, which is based on the underlying...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

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