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>The SET came under profit-taking pressure and "sell-on-fact" activity after the Fed meeting delivered results in line with expectations.</li><li>In the short term, the index may face further downside as it remains below the 1,300-point level, with selling pressure likely to persist and the baht starting to weaken.</li><li>We expect the index’s downside to remain limited, with the sideways-up trend intact.</li></ul>

The SET came under profit-taking pressure and "sell-on-fact" activity after the Fed meeting delivered results in line with expectations.In the short term, the index may face further downside as it remains below the 1,300-point level, with selling pressure likely to persist and the baht starting to weaken.We expect the index’s downside to remain limited, with the sideways-up trend intact.

Krungthai XSpring Technical Eng. September 19, 2025

<ul><li>Asian bourses rebounded ahead of the Fed meeting, where a rate cut is widely expected. Likewise, the SET gained support from anticipation of the government’s policy statement and stimulus measures.</li><li>The index successfully breached the 1,300-point resistance with rising trading volume and a strengthening baht, signaling further fund inflows that could drive the market higher toward a short-term target of 1,341 points.</li><li>We recommend selective speculation, as the index remains in a sustained uptrend.</li></ul>

Asian bourses rebounded ahead of the Fed meeting, where a rate cut is widely expected. Likewise, the SET gained support from anticipation of the government’s policy statement and stimulus measures.The index successfully breached the 1,300-point resistance with rising trading volume and a strengthening baht, signaling further fund inflows that could drive the market higher toward a short-term target of 1,341 points.We recommend selective speculation, as the index remains in a sustained uptrend.

Krungthai XSpring Technical Eng. September 17, 2025

<ul><li>The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.</li><li>In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.</li><li>Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.</li></ul>

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.

Krungthai XSpring Technical Eng. September 10, 2025

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Siri Hub Investment Digital Tokens / Debt Capital Markets

Siri Hub Investment Digital Tokens (SIRIHUB TB CURNCY)

<ul>
<li>This research report will take readers back to our idea to reduce an income gap in Thailand through tokenization of investments.</li>
<li>We suggest the ideal security tokens and our recommendation for security token usage in Thailand.</li>
<li>SCBX PCL’s acquisition of BitKup Online is a major milestone which will lead to a major acceptance of cryptocurrency as investments in Thailand.</li>
</ul>


This research report will take readers back to our idea to reduce an income gap in Thailand through tokenization of investments.
We suggest the ideal security tokens and our recommendation for security token usage in Thailand.
SCBX PCL’s acquisition of BitKup Online is a major milestone which will lead to a major acceptance of cryptocurrency as investments in Thailand.


Security Token Journal: A Pad Thai Way to Reduce Income Disparity

Credit

Siri Hub Investment Digital Tokens / Credit

This research follows our first report on <a href="https://www.smartkarma.com/entities/siri-hub-investment-digital-tokens" target="_blank" data-smartkarma-citation="entities:33515:1" rel="noopener">Siri Hub Investment Digital Tokens (SIRIHUB TB CURNCY)</a> (SIRIHUB) published on 30-June ( <a href="https://www.smartkarma.com/insights/spv77-siri-hub-investment-digital-token-thailand-s-first-debt-token" target="_blank" data-smartkarma-citation="insights:53833" rel="noopener">SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token</a> ). We advise readers to familiarize themselves with the structure of SIRIHUB first which was laid out in our last report.XSpring Digital received an approval from Thailand’s Securities Exchange Commission (SEC) on 29-July to sell Siri Hub Investment Digital Tokens (SIRIHUB), Thailand’s first investment token. We understand Xspring has not concluded the sale yet and maintain the selling price at THB10 per token for the THB2.4bn sale. SIRIHUB-A was launched at 4.5% as per our expectation. SIRIHUB-B was launched at 8% (lower than the initial guidance of 8.25%). We attribute a lowered yield to demand for high-yielding investment in Thailand which reflects a lack of opportunities to invest outside Thailand and/or outside a traditionally low domestic yield environment. As per our opinion in the last report, we view SIRIHUB-B as a much better investment than SIRIHUB-A.We view SIRIHUB akin to 4-year 2-tier bonds issued by Siripat Four Co. Ltd. (SP4). SIRIHUB-A can be viewed as a 4%-coupon senior bond while SIRIHUB-B can be viewed as an 8%-coupon subordinated bond. Overall, we assign an UNDERWEIGHT recommendation on both SIRIHUB A and B as we believe the valuation is not compelling, compared to Sansiri’s prevalent THB bond yields. We also see the following risk elements on the token:<ul>
<li>The token has no recourse to <a href="https://www.smartkarma.com/entities/sansiri-public-co-ltd" target="_blank" data-smartkarma-citation="entities:12201:1" rel="noopener">Sansiri Public (SIRI TB)</a> (Sansiri) but the ability to pay dividends on a timely manner rests on Sansiri’s liquidity.</li>
<li>The token relies on cashflow of Siri Campus. Even though we like the potential of Siri Campus in terms of location and the up-and-coming area close to the intersection of Sukhumvit Road and Onnut Road (Soi Sukhumvit 77) area, there is no income diversification in terms of other properties where the token can draw cashflow from.</li>
</ul>All in all, we see investors buying into Thailand’s first debt token as a fare to get on the first cog railway to summit, a slow ride which will take a while to the top. It is a sightseeing trip to be the first investors rather than an investment in itself.

This research follows our first report on Siri Hub Investment Digital Tokens (SIRIHUB TB CURNCY) (SIRIHUB) published on 30-June ( SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token ). We advise readers to familiarize themselves with the structure of SIRIHUB first which was laid out in our last report.XSpring Digital received an approval from Thailand’s Securities Exchange Commission (SEC) on 29-July to sell Siri Hub Investment Digital Tokens (SIRIHUB), Thailand’s first investment token. We understand Xspring has not concluded the sale yet and maintain the selling price at THB10 per token for the THB2.4bn sale. SIRIHUB-A was launched at 4.5% as per our expectation. SIRIHUB-B was launched at 8% (lower than the initial guidance of 8.25%). We attribute a lowered yield to demand for high-yielding investment in Thailand which reflects a lack of opportunities to invest outside Thailand and/or outside a traditionally low domestic yield environment. As per our opinion in the last report, we view SIRIHUB-B as a much better investment than SIRIHUB-A.We view SIRIHUB akin to 4-year 2-tier bonds issued by Siripat Four Co. Ltd. (SP4). SIRIHUB-A can be viewed as a 4%-coupon senior bond while SIRIHUB-B can be viewed as an 8%-coupon subordinated bond. Overall, we assign an UNDERWEIGHT recommendation on both SIRIHUB A and B as we believe the valuation is not compelling, compared to Sansiri’s prevalent THB bond yields. We also see the following risk elements on the token:
The token has no recourse to Sansiri Public (SIRI TB) (Sansiri) but the ability to pay dividends on a timely manner rests on Sansiri’s liquidity.
The token relies on cashflow of Siri Campus. Even though we like the potential of Siri Campus in terms of location and the up-and-coming area close to the intersection of Sukhumvit Road and Onnut Road (Soi Sukhumvit 77) area, there is no income diversification in terms of other properties where the token can draw cashflow from.
All in all, we see investors buying into Thailand’s first debt token as a fare to get on the first cog railway to summit, a slow ride which will take a while to the top. It is a sightseeing trip to be the first investors rather than an investment in itself.  

Siri Hub Investment Digital Token: The Cog Railway

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Siri Hub Investment Digital Tokens (SIRIHUB TB CURNCY)

Krungthai XSpring Technical Eng. September 19, 2025

In the short term, the index may face further downside as it remains below the 1,300-point level, with selling pressure likely to persist and the...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 17, 2025

Asian bourses rebounded ahead of the Fed meeting, where a rate cut is widely expected. Likewise, the SET gained support from anticipation of the...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 10, 2025

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.

Krungthai XSpring

Security Token Journal: A Pad Thai Way to Reduce Income Disparity

Here is our academic research on tokenization and the trend in Thailand. Watch this space as we will continue to update with recent debt token...

Bondcritic

Siri Hub Investment Digital Token: The Cog Railway

Our final thought on SIRIHUB is that the token valuation is unattractive. Hence, the exposure is merely a claim to be on the first debt token in...

Bondcritic

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