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 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

Thematic (Sector/Industry)

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<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

<ul><li>SET Index today is expected to fluctuate with a slight downward bias.</li><li>Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.</li><li>Monitor the Bank of Thailand’s (BOT) October monthly economic report.</li></ul>

SET Index today is expected to fluctuate with a slight downward bias.Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.Monitor the Bank of Thailand’s (BOT) October monthly economic report.

Krungthai XSpring Zoom Eng. November 28, 2025

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 - 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

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

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

Krungthai XSpring Zoom Eng. November 28, 2025

SET Index today is expected to fluctuate with a slight downward bias. Foreign investors switched to net selling Thai stocks yesterday, totaling THB...

Krungthai XSpring

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