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 cut loss on TTB (holding-period return: -7.4%) and add CCET, KCE, and TVO to the portfolio as replacements.</li>
<li>Most stocks in the portfolio declined, resulting in an average return of -1.11%, underperforming the SET (-0.86%).</li>
<li>TTB (-4.8%) and CRC (-4.3%) were particularly weak, despite a strong gain in STA (+6.4%).</li>
</ul>


We cut loss on TTB (holding-period return: -7.4%) and add CCET, KCE, and TVO to the portfolio as replacements.
Most stocks in the portfolio declined, resulting in an average return of -1.11%, underperforming the SET (-0.86%).
TTB (-4.8%) and CRC (-4.3%) were particularly weak, despite a strong gain in STA (+6.4%).


KTX TACTICAL PICKS - August 19, 2026 (Eng.)

<ul><li>We recommend cutting losses on TCAP (a holding-period return of -5.2%) and selling COM7 (+0.7%) after both stocks fell out of our ranking criteria.</li><li>We add GUNKUL, HANA, PLANB, RBF, SPRC, and STA to the portfolio as replacements.</li><li>Most stocks in the portfolio gained, lifting the average return by 0.74% and outperforming the SET (+0.04%).</li></ul>

We recommend cutting losses on TCAP (a holding-period return of -5.2%) and selling COM7 (+0.7%) after both stocks fell out of our ranking criteria.We add GUNKUL, HANA, PLANB, RBF, SPRC, and STA to the portfolio as replacements.Most stocks in the portfolio gained, lifting the average return by 0.74% and outperforming the SET (+0.04%).

KTX TACTICAL PICKS - August 18, 2026 (Eng.)

Thai Airways International / Equity Bottom-Up

<ul><li>Asian markets opened higher, led by buying in technology stocks as inflation concerns eased.</li><li>HANA and GUNKUL will be added to the MSCI Global Small Cap Index in the August review.</li><li>THAI (Outperform, TP: Bt7.10) turned profitable at the core level in 2Q26, beating market expectations for a loss.</li></ul>

Asian markets opened higher, led by buying in technology stocks as inflation concerns eased.HANA and GUNKUL will be added to the MSCI Global Small Cap Index in the August review.THAI (Outperform, TP: Bt7.10) turned profitable at the core level in 2Q26, beating market expectations for a loss.

Krungthai XSpring Zoom Eng. August 13, 2026

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,569/1,580 points and the support at 1,556/1,550 points.</li><li>We recommend trading buy on JMART, CPF and SCGP.</li><li>Negative momentum is being generated by investors slowing down their investment in order to reduce risk amid the uncertainty in the Thai equity, bond and FX markets ahead of the long weekend starting Thursday.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,569/1,580 points and the support at 1,556/1,550 points.We recommend trading buy on JMART, CPF and SCGP.Negative momentum is being generated by investors slowing down their investment in order to reduce risk amid the uncertainty in the Thai equity, bond and FX markets ahead of the long weekend starting Thursday.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> renews leases with Temasek subsidiaries</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> , <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders approved merger to create third largest SREIT</li><li>Suburban condos have outperformed prime ones the last decade and may continue given regulations in place</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) renews leases with Temasek subsidiariesMapletree Commercial Trust (MCT SP) , Mapletree North Asia Commercial Trust (MAGIC SP) unitholders approved merger to create third largest SREITSuburban condos have outperformed prime ones the last decade and may continue given regulations in place

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

Philippines

Sta. Lucia Land, Inc. is a leading real estate developer in the Philippines, specializing in residential communities, including subdivision lots, townhouses, condominiums, and condotels. The company also develops and leases commercial properties such as malls and business centers. It was incorporated in 1966 and is headquartered in Cainta, Rizal, Philippines.

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Sta. Lucia Land (SLI PM)

KTX TACTICAL PICKS - August 19, 2026 (Eng.)

We cut loss on TTB (holding-period return: -7.4%) and add CCET, KCE, and TVO to the portfolio as replacements. Most stocks in the portfolio...

Krungthai XSpring

KTX TACTICAL PICKS - August 18, 2026 (Eng.)

We recommend cutting losses on TCAP (a holding-period return of -5.2%) and selling COM7 (+0.7%) after both stocks fell out of our ranking...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 13, 2026

Asian markets opened higher, led by buying in technology stocks as inflation concerns eased. HANA and GUNKUL will be added to the MSCI Global...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,569/1,580 points and the support at 1,556/1,550 points. We recommend...

Krungthai XSpring

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

MCT-MAGIC merger gets nod from unitholders; Suburban condos outperforming prime; APAC driving global RE flows; House inquiry of BIG, MEG closure...

SCCM Asia Research

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