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

<ul>
<li>The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP.</li>
<li>Broad-based selling across all sectors except energy dragged the portfolio's average return down 0.26%, versus a 0.43% decline in the SET.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP.
Broad-based selling across all sectors except energy dragged the portfolio's average return down 0.26%, versus a 0.43% decline in the SET.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


KTX Tactical Picks - September 24, 2026 (Eng.)

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

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 73% versus the SET 100 Index’s return of 10%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 73% versus the SET 100 Index’s return of 10%


The Stocks to Own in Thailand – Vol. 49

Thailand

Sri Trang Agro-Industry Public Company Limited is an integrated producer and distributor of natural rubber and natural rubber products, including ribbed smoked sheets, concentrated latex, and block rubber, as well as natural gloves. The company also engages in rubber plantations and provides engineering, logistics, and IT services. Headquartered in Songkhla, Thailand, the company was founded in 1987.

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Sri Trang Agro-Industry (STA SP)

KTX Tactical Picks - September 24, 2026 (Eng.)

The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP. Broad-based selling across all sectors except energy dragged the...

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

The Stocks to Own in Thailand – Vol. 49

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Tactical Picks - September 24, 2026 (Eng.)

The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP. Broad-based selling across all sectors except energy dragged the...

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

The Stocks to Own in Thailand – Vol. 49

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

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