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>Thai exports are likely to continue contracting in 2023E amid the economic slowdowns in key trading partners, namely the US and Europe, which are facing risk of recessions.</li><li>However, we view that China’s reopening may boost Thai exports to the country, which have declined for seven straight months, enabling them to eventually turn positive and thereby pushing up the overall export sector this year.</li><li>As for our investment view, we are bearish on export stocks, as they will not only be negatively impacted by the global economic slowdown but also by the appreciation of the baht, especially with the US economy at risk of a recession, as this would reduce the value of export revenue in baht terms for export-related firms.</li></ul>

Thai exports are likely to continue contracting in 2023E amid the economic slowdowns in key trading partners, namely the US and Europe, which are facing risk of recessions.However, we view that China’s reopening may boost Thai exports to the country, which have declined for seven straight months, enabling them to eventually turn positive and thereby pushing up the overall export sector this year.As for our investment view, we are bearish on export stocks, as they will not only be negatively impacted by the global economic slowdown but also by the appreciation of the baht, especially with the US economy at risk of a recession, as this would reduce the value of export revenue in baht terms for export-related firms.

Exports & Imports - Thai Exports in December Contracted by 14.6% YoY

Thailand

SPVI Public Company Limited distributes electronic products.The Company offers computers, laptops, mobile phones, tablets, software applications, hardware, printing solutions, and accessories.

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