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>Israel’s attack on Iran added pressure to global bourses, while AOT saw a sharp decline.</li><li>However, oil prices surged, boosting energy stocks — particularly PTTEP — alongside gains in DELTA and banking stocks, which helped limit the index’s overall drop.</li><li>Despite these supportive factors, the index remained under pressure owing to ongoing domestic political uncertainty and a sluggish economic outlook, ending the week down 1.21% week-on-week.</li></ul>

Israel’s attack on Iran added pressure to global bourses, while AOT saw a sharp decline.However, oil prices surged, boosting energy stocks — particularly PTTEP — alongside gains in DELTA and banking stocks, which helped limit the index’s overall drop.Despite these supportive factors, the index remained under pressure owing to ongoing domestic political uncertainty and a sluggish economic outlook, ending the week down 1.21% week-on-week.

<ul><li>The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.</li><li>The technical signal has shifted from an uptrend to a sideways trend within the 1,114-1,144 range, or possibly a downtrend (a break below 1,114 points would confirm a downtrend toward levels below 1,094 points).</li><li>External factors have turned negative again, reflecting concerns over global stagflation (negative for cyclical and tech sectors), after President Trump signaled the potential announcement of the adjusted reciprocal tariff against trading partners without negotiations within two weeks. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.The technical signal has shifted from an uptrend to a sideways trend within the 1,114-1,144 range, or possibly a downtrend (a break below 1,114 points would confirm a downtrend toward levels below 1,094 points).External factors have turned negative again, reflecting concerns over global stagflation (negative for cyclical and tech sectors), after President Trump signaled the potential announcement of the adjusted reciprocal tariff against trading partners without negotiations within two weeks. 

KTX Zoom: The US Preparing to Increase Tariff on Automobiles and Auto Parts - JUNE 13, 2025

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

SiS Distribution (Thailand) PCL / Equity Bottom-Up

<ul><li>SIS (SECIS)’s 2QFY25 revenue was up 6.3% YoY/4.4% QoQ at INR32.68b, largely in line with our estimate of INR34.51b.</li><li>Growth was led by Security Solutions – International business (up 5.6% QoQ/7.0% YoY).</li><li>EBITDA margin came in at 4.4% (vs.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SIS (SECIS)’s 2QFY25 revenue was up 6.3% YoY/4.4% QoQ at INR32.68b, largely in line with our estimate of INR34.51b.Growth was led by Security Solutions – International business (up 5.6% QoQ/7.0% YoY).EBITDA margin came in at 4.4% (vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sis - International Business Faces Short-Term Hurdles

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>We maintain our BUY rating and roll-over our TP to Bt31.75(-3% from previous TP) based on 12.9xPE’23E (+0.5S.D. of 5-year trading history). 3Q22 earnings was disappointing and below our expectation</li>
<li>3Q22 earnings was impacted by inflation 3Q22 net profit was at Bt186m (-14% YoY, -4% QoQ). Stripping FX gains, core profit stood at Bt 144m (-19%YoY, -17%QoQ) a nine-quarter low.</li>
<li>Revenue in 3Q22 registered at Bt6.7bn (-21% YoY, -11% QoQ). YoY and QoQ decline was caused by lower Phone and Consumer sales. We believe that SIS’s retail-serving clients</li>
</ul>


We maintain our BUY rating and roll-over our TP to Bt31.75(-3% from previous TP) based on 12.9xPE’23E (+0.5S.D. of 5-year trading history). 3Q22 earnings was disappointing and below our expectation
3Q22 earnings was impacted by inflation 3Q22 net profit was at Bt186m (-14% YoY, -4% QoQ). Stripping FX gains, core profit stood at Bt 144m (-19%YoY, -17%QoQ) a nine-quarter low.
Revenue in 3Q22 registered at Bt6.7bn (-21% YoY, -11% QoQ). YoY and QoQ decline was caused by lower Phone and Consumer sales. We believe that SIS’s retail-serving clients


<ul>
<li>We maintain our BUY rating but cut TP by 44% to Bt32.75  based on 11.8xPE’1H23E (down from 19.7xPE’22E previously) to reflect our more conservative valuation on its outlook.Despite weak 1H22</li>
<li>1H22 earnings was flat YoY 2Q22 net profit was at Bt194mn (flat YoY, flat QoQ). Both YoY and QoQ remained flat as revenue decline was offset by gross margin expansion.</li>
<li>Revenue in 2Q22 stood at Bt7.5bn (-5%YoY,-7%QoQ). Phone segment was the largest contributor to the YoY and QoQ drop. Meanwhile, gross margin was at 6.5% (+0.8ppts YoY, +0.6ppts QoQ). </li>
</ul>


We maintain our BUY rating but cut TP by 44% to Bt32.75  based on 11.8xPE’1H23E (down from 19.7xPE’22E previously) to reflect our more conservative valuation on its outlook.Despite weak 1H22
1H22 earnings was flat YoY 2Q22 net profit was at Bt194mn (flat YoY, flat QoQ). Both YoY and QoQ remained flat as revenue decline was offset by gross margin expansion.
Revenue in 2Q22 stood at Bt7.5bn (-5%YoY,-7%QoQ). Phone segment was the largest contributor to the YoY and QoQ drop. Meanwhile, gross margin was at 6.5% (+0.8ppts YoY, +0.6ppts QoQ). 


Thailand

SiS Distribution (Thailand) Public Company Ltd. distributes computers and peripherals.  The Company distributes the products to resellers, retailers, system integrators, software houses, value added resellers, and original equipment manufacturers.

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SiS Distribution (Thailand) PCL (SIS TB)

Technical Analysis - JUNE 16, 2025

Despite these supportive factors, the index remained under pressure owing to ongoing domestic political uncertainty and a sluggish economic...

Krungthai XSpring

KTX Zoom: The US Preparing to Increase Tariff on Automobiles and Auto Parts - JUNE 13, 2025

The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.

Krungthai XSpring

Sis - International Business Faces Short-Term Hurdles

SIS (SECIS)’s 2QFY25 revenue was up 6.3% YoY/4.4% QoQ at INR32.68b, largely in line with our estimate of INR34.51b. Growth was led by Security...

Motilal Oswal

SIS : 2023 Outlook Remains Bright

We maintain our BUY rating and roll-over our TP to Bt31.75 (-3% from previous TP) based on 12.9xPE’23E (+0.5S.D. of 5-year trading history). 3Q22...

Pi Securities PCL, Thailand

SIS : 2H22 Earnings Should Improve HoH

We maintain our BUY rating but cut TP by 44% to Bt32.75 based on 11.8xPE’1H23E (down from 19.7xPE’22E previously) to reflect our more conservative...

Pi Securities PCL, Thailand

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