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 market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.</li><li>Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.</li><li>We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.</li></ul>

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.

Krungthai XSpring Technical Eng. August 19, 2025

<ul><li>The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.</li><li>The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.</li><li>Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.</li></ul>

The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.

Krungthai XSpring Technical Eng. August 18, 2025

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Sunway Construction Group Bh / Equity Bottom-Up

<ul><li>SunCon’s 1HFY23 performance was slightly disappointing on the back of slow progress of its key data centre project.</li><li>However, delays are temporary and better than feared. CGPP win and track record in LSS4 could position SunCon to benefit from the NETR.</li><li>Contract flows could pick-up given various award decisions due. Precast is on track for strong performance in FY23 and looks set for growth in FY24-25. </li></ul>Maintain BUY with marginally higher TP of RM2.10 postminor tweaks in earnings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SunCon’s 1HFY23 performance was slightly disappointing on the back of slow progress of its key data centre project.However, delays are temporary and better than feared. CGPP win and track record in LSS4 could position SunCon to benefit from the NETR.Contract flows could pick-up given various award decisions due. Precast is on track for strong performance in FY23 and looks set for growth in FY24-25. Maintain BUY with marginally higher TP of RM2.10 postminor tweaks in earnings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunway Construction Group - Pipeline Looking Good

<ul><li>SunCon announced a refurbishment contract for Sunway Carnival Mall in Seberang Perai worth RM253m.</li><li>This takes orderbook to RM6.28bn (2.9x cover) buoyed by YTD wins of RM1.53bn (70% of our forecasts).</li><li>Going forward, further contract catalysts could come from internal projects, MRT3, VN power plant (RM6.0bn) and factories. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SunCon announced a refurbishment contract for Sunway Carnival Mall in Seberang Perai worth RM253m.This takes orderbook to RM6.28bn (2.9x cover) buoyed by YTD wins of RM1.53bn (70% of our forecasts).Going forward, further contract catalysts could come from internal projects, MRT3, VN power plant (RM6.0bn) and factories. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunway Construction Group  - More to Come

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SUNCON has bagged a RM253m contract to refurbish Sunway Carnival Mall in Penang, boosting its YTD job wins to RM1.5b, on track to meet our FY23F assumption of RM2.2b.</li><li>We maintain our forecasts, TP of RM2.13 and OUTPERFORM call. SUNCON has been awarded a refurbishment contract worth RM253m for Sunway Carnival Mall.</li><li>Awarded by SUNREIT (OP; TP: RM1.93), it comprises a 4-storey shopping complex and a 1-storey cultural/commercial centre with 1-storey basement in Seberang Jaya, Penang. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUNCON has bagged a RM253m contract to refurbish Sunway Carnival Mall in Penang, boosting its YTD job wins to RM1.5b, on track to meet our FY23F assumption of RM2.2b.We maintain our forecasts, TP of RM2.13 and OUTPERFORM call. SUNCON has been awarded a refurbishment contract worth RM253m for Sunway Carnival Mall.Awarded by SUNREIT (OP; TP: RM1.93), it comprises a 4-storey shopping complex and a 1-storey cultural/commercial centre with 1-storey basement in Seberang Jaya, Penang. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update - Sunway Construction Group - 3 July 2023

Malaysia

Sunway Construction Group Berhad provided construction and engineering services. The Company offers its services throughout Malaysia.

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Sunway Construction Group Bh (SCGB MK)

Krungthai XSpring Technical Eng. August 19, 2025

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2025

The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300...

Krungthai XSpring

Sunway Construction Group - Pipeline Looking Good

Contract flows could pick-up given various award decisions due. Precast is on track for strong performance in FY23 and looks set for growth in FY24...

Hong Leong Investment Bank Berhad

Sunway Construction Group - More to Come

SunCon announced a refurbishment contract for Sunway Carnival Mall in Seberang Perai worth RM253m. This takes orderbook to RM6.28bn (2.9x cover)...

Hong Leong Investment Bank Berhad

Company Update - Sunway Construction Group - 3 July 2023

SUNCON has bagged a RM253m contract to refurbish Sunway Carnival Mall in Penang, boosting its YTD job wins to RM1.5b, on track to meet our FY23F...

Kenanga Investment Bank Bhd

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