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>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

Equity Bottom-Up

<ul><li>We are in the process of reviewing our rating and revisiting the earnings forecasts following weaker- than-expected 1Q25 profit, which accounted for only 20% of our full-year 2025E estimate.</li><li>The decline was pressured by a shrinking loan portfolio and a narrowing interest spread.</li><li>SAWAD reported a 1Q25 net profit of Bt1.1bn (-12.8% YoY, -10.2% QoQ), which was 8% below market expectations.</li></ul>

We are in the process of reviewing our rating and revisiting the earnings forecasts following weaker- than-expected 1Q25 profit, which accounted for only 20% of our full-year 2025E estimate.The decline was pressured by a shrinking loan portfolio and a narrowing interest spread.SAWAD reported a 1Q25 net profit of Bt1.1bn (-12.8% YoY, -10.2% QoQ), which was 8% below market expectations.

Srisawad Corporation - Weak Earnings Both YoY and QoQ

<ul><li>We maintain a Neutral rating with a new 12-month fair value (12M FV) of Bt42.25 (previously Bt42.75) after revising the profit estimates, based on the earnings yield method with a required return of 8.8%.</li><li>SAWAD remains fundamentally attractive, with its share price implying 22% upside potential to the fair value of Bt42.20..</li><li>The long-term growth is weaker compared to the industry, with profit expected to recover at a 10% CAGR in 2025-27E, driven by lower provisioning. </li></ul>

We maintain a Neutral rating with a new 12-month fair value (12M FV) of Bt42.25 (previously Bt42.75) after revising the profit estimates, based on the earnings yield method with a required return of 8.8%.SAWAD remains fundamentally attractive, with its share price implying 22% upside potential to the fair value of Bt42.20..The long-term growth is weaker compared to the industry, with profit expected to recover at a 10% CAGR in 2025-27E, driven by lower provisioning. 

Srisawad Corporation - To Resume Loan Growth in 2025E

<ul><li>We maintain an Neutral rating and the 12M fair value at Bt42.75, based on the earnings yield with a required return of 8.8%.</li><li>4Q24 profit retreated (-3.3% YoY, -5.9% QoQ) due to a shrinking loan portfolio and narrowing interest margin, while asset quality continued to improve.</li><li>As the loan portfolio contracted more than expected, there is downside risk to our 2025-26E profit forecasts.</li></ul>

We maintain an Neutral rating and the 12M fair value at Bt42.75, based on the earnings yield with a required return of 8.8%.4Q24 profit retreated (-3.3% YoY, -5.9% QoQ) due to a shrinking loan portfolio and narrowing interest margin, while asset quality continued to improve.As the loan portfolio contracted more than expected, there is downside risk to our 2025-26E profit forecasts.

Srisawad Corporation - Reserves and Repossession Losses Decreased, but Loans Contracted

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). </li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). 
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.


Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

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)

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

Srisawad Corporation - Weak Earnings Both YoY and QoQ

We are in the process of reviewing our rating and revisiting the earnings forecasts following weaker- than-expected 1Q25 profit, which accounted...

Krungthai XSpring

Srisawad Corporation - To Resume Loan Growth in 2025E

The long-term growth is weaker compared to the industry, with profit expected to recover at a 10% CAGR in 2025-27E, driven by lower provisioning....

Krungthai XSpring

Srisawad Corporation - Reserves and Repossession Losses Decreased, but Loans Contracted

We maintain an Neutral rating and the 12M fair value at Bt42.75, based on the earnings yield with a required return of 8.8%. 4Q24 profit retreated...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Ngern Tid Lor, I-TAIL, and Bangkok Chain Hospital could be added and Com7, Srisawad Corp , and KCE Electronics could be deleted according to the...

Janaghan Jeyakumar, CFA

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