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>We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).</li><li>The share price offers around 20% upside to the new FV; tactical downside risk is very limited.</li><li>We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.</li></ul>

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical downside risk is very limited.We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.

SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses

Thematic (Sector/Industry)

<ul><li>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.</li><li>The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.</li><li>We therefore continue to expect the index to move sideways to slightly upward.</li></ul>

The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect the index to move sideways to slightly upward.

Krungthai XSpring Technical Eng. December 15, 2025

<ul><li>The US sets a 19% tariff rate on Thailand.</li><li>The US and Thailand issue a joint statement as a framework for the next stage of negotiations.</li><li>The US and Thailand conduct detailed negotiations in line with the joint statement.</li></ul>

The US sets a 19% tariff rate on Thailand.The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in line with the joint statement.

Krungthai XSpring Zoom Eng. December 15, 2025

<ul><li>We maintain Outperform rating with a new fair value of Bt26.80 (from Bt33.00), based on a required return of 11.04% (from 9.4%), following an adjustment to the beta assessment period under revised macro assumptions: Rf at 1.47% and MRP at 5.26% (previously 1.48% and 6.83%).</li><li>The current share price still offers about 18% upside to the new fair value, while the company’s long-term growth remains below the industry average due to a loan portfolio with low growth potential.</li><li>Meanwhile, the tactical upside risk appears limited</li></ul>

We maintain Outperform rating with a new fair value of Bt26.80 (from Bt33.00), based on a required return of 11.04% (from 9.4%), following an adjustment to the beta assessment period under revised macro assumptions: Rf at 1.47% and MRP at 5.26% (previously 1.48% and 6.83%).The current share price still offers about 18% upside to the new fair value, while the company’s long-term growth remains below the industry average due to a loan portfolio with low growth potential.Meanwhile, the tactical upside risk appears limited

SRISAWAD CORPORATION Plc. (SAWAD): Earnings Beat Expectations From Lower Expenses

Thailand

Srisawad Corporation Public Company Limited operates as a consumer finance company. The Company provides personal secured loans, home loans, loans for international labors, and other related financial products. Srisawad offers its products and services to retail clients in Thailand.

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Srisawad Power 1979 (SAWAD TB)

SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical...

Krungthai XSpring

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 15, 2025

The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 15, 2025

The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in...

Krungthai XSpring

SRISAWAD CORPORATION Plc. (SAWAD): Earnings Beat Expectations From Lower Expenses

We maintain Outperform rating with a new fair value of Bt26.80 (from Bt33.00), based on a required return of 11.04% (from 9.4%), following an...

Krungthai XSpring

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