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>Most Asian bourses rebounded after the US government shutdown was resolved.</li><li>The index has been moving within a narrow sideways range and is approaching the BB Bottom line.</li><li>We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.</li></ul>

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is approaching the BB Bottom line.We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.

Krungthai XSpring Technical Eng. November 14, 2025

<ul><li>The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.</li><li>Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.</li><li>We do not anticipate a deep correction in the index and believe it will eventually rebound.</li></ul>

The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.We do not anticipate a deep correction in the index and believe it will eventually rebound.

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

<ul><li>The SET advanced for a second consecutive day, supported by two straight sessions of foreign investor buying.</li><li>The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.</li><li>We expect the index to continue climbing toward the 1,300-point target.</li></ul>

The SET advanced for a second consecutive day, supported by two straight sessions of foreign investor buying.The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.We expect the index to continue climbing toward the 1,300-point target.

Krungthai XSpring Technical Eng. September 26, 2025

<ul><li>The SET moved within a narrow range throughout the day before closing slightly lower, pressured by short-term profit-taking.</li><li>Although the index weakened, it held above the 1,300-point level, signaling that sentiment and momentum remain positive.</li><li>Hence, we recommend selective speculation, focusing on blue-chip stocks that have recently pulled back.</li></ul>

The SET moved within a narrow range throughout the day before closing slightly lower, pressured by short-term profit-taking.Although the index weakened, it held above the 1,300-point level, signaling that sentiment and momentum remain positive.Hence, we recommend selective speculation, focusing on blue-chip stocks that have recently pulled back.

Krungthai XSpring Technical Eng. September 18, 2025

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>FirstGroup's Board rejected a 118p + up to 45.6p contingent payment. PUSU deadline is 23 June, and can be extended with the consent of the Panel. </li>
<li>Infrastructure funds have put their sight on UK buses due to predictable revenues and a friendlier regulatory framework. The Board of FirstGroup is aware and should seek higher value.</li>
<li>I Square could bid a more palatable 166.8p/share: 144p/share (8.2x EV/Fwd EBIT, average of StageCoach and Go-Ahead transactions), plus 22.8p/share (50% discount to the maximum contingent payout). Long.</li>
</ul>


FirstGroup's Board rejected a 118p + up to 45.6p contingent payment. PUSU deadline is 23 June, and can be extended with the consent of the Panel. 
Infrastructure funds have put their sight on UK buses due to predictable revenues and a friendlier regulatory framework. The Board of FirstGroup is aware and should seek higher value.
I Square could bid a more palatable 166.8p/share: 144p/share (8.2x EV/Fwd EBIT, average of StageCoach and Go-Ahead transactions), plus 22.8p/share (50% discount to the maximum contingent payout). Long.


I Squared/FirstGroup: Looming PUSU Deadline

United Kingdom

Stagecoach Group plc is an international transport group, with operations in the UK, United States and Canada. The Company operates bus, coach, train, and tram services.

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Stagecoach (SGC LN)

Krungthai XSpring Technical Eng. November 14, 2025

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is...

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline. We do not anticipate a deep correction in the index...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 26, 2025

The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 18, 2025

The SET moved within a narrow range throughout the day before closing slightly lower, pressured by short-term profit-taking.

Krungthai XSpring

I Squared/FirstGroup: Looming PUSU Deadline

Three out of four major London-listed bus operators have attracted private equity interest in recent months. Infrastructure funds seek the stable...

Jesus Rodriguez Aguilar

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