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 Bottom-Up

Sri Trang Agro Industry / Equity Bottom-Up

<ul><li>We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting the target PER of 15.2x.</li><li>The valuation metrics indicate that the current stock price is attractive with 18% upside to our fair price; the earnings growth is steady at a 18% CAGR in 2024-26E; and the tactical parameters are neutral.</li><li>STA is a global player in the natural rubber and medical glove industry.</li></ul>

We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting the target PER of 15.2x.The valuation metrics indicate that the current stock price is attractive with 18% upside to our fair price; the earnings growth is steady at a 18% CAGR in 2024-26E; and the tactical parameters are neutral.STA is a global player in the natural rubber and medical glove industry.

Sri Trang Agro-Industry - Stands to Benefit from Trump 2.0 Trade Policy

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Bridgestone reshapes carbon black strategy with Tokai Carbon  </li><li>Hanwa invests in Thai tyre pyrolysis venture  </li><li>Sri Trang bets on AI and workforce upskilling</li></ul>

Bridgestone reshapes carbon black strategy with Tokai Carbon  Hanwa invests in Thai tyre pyrolysis venture  Sri Trang bets on AI and workforce upskilling

Deals, Recycling, Research And AI Power Thailand’s Rubber Shift

Thematic (Sector/Industry)

<ul><li>Exports in June grew by 15.5% YoY, supporting a 15.0% YoY expansion in 1H25.</li><li>We believe this momentum was not solely driven by pent-up demand, but also by trade diversion, which suggests the positive trend could continue into 2H25E.</li><li>We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER</li></ul>

Exports in June grew by 15.5% YoY, supporting a 15.0% YoY expansion in 1H25.We believe this momentum was not solely driven by pent-up demand, but also by trade diversion, which suggests the positive trend could continue into 2H25E.We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Economic Update – Exports & Imports -JULY 29, 2025

<ul><li>The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.</li><li>If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.</li><li>However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). </li></ul>

The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). 

Special Report: Reciprocal Tariff - JULY 9, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

Thailand

Sri Trang Agro-Industry Public Company Limited produces and markets smoked sheet rubber.  The Company sells its products to tire manufacturers as primary market, and exports to Japan, China, Korea, and Taiwan as secondary market.

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Sri Trang Agro Industry (STA TB)

Sri Trang Agro-Industry - Stands to Benefit from Trump 2.0 Trade Policy

We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting...

Krungthai XSpring

Deals, Recycling, Research And AI Power Thailand’s Rubber Shift

Thailand’s rubber and tire sectors— the backbone of the world’s largest natural rubber-producing nation—are undergoing a noticeable...

Helixtap

Economic Update – Exports & Imports -JULY 29, 2025

We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Krungthai XSpring

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sri Trang Agro-Industry - Stands to Benefit from Trump 2.0 Trade Policy

We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting...

Krungthai XSpring

Deals, Recycling, Research And AI Power Thailand’s Rubber Shift

​​​​​​​Thailand’s rubber and tire sectors— the backbone of the world’s largest natural rubber-producing nation—are undergoing a noticeable...

Helixtap

Economic Update – Exports & Imports -JULY 29, 2025

We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Krungthai XSpring

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

Thailand’s rubber and tire sectors— the backbone of the world’s largest natural rubber-producing nation—are undergoing a noticeable...