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>SVI’s 3Q25 core profit was Bt220mn (+11% YoY, +178% QoQ), beating consensus by 26% on strong revenue recovery.</li><li>The share price surged on the Bt7.50 tender offer; further gains present a profit-taking opportunity.</li><li>The company posted 3Q25 net profit of Bt270mn (+64% YoY, +196% QoQ) and core profit of Bt220mn (+11% YoY, +178% QoQ).</li></ul>

SVI’s 3Q25 core profit was Bt220mn (+11% YoY, +178% QoQ), beating consensus by 26% on strong revenue recovery.The share price surged on the Bt7.50 tender offer; further gains present a profit-taking opportunity.The company posted 3Q25 net profit of Bt270mn (+64% YoY, +196% QoQ) and core profit of Bt220mn (+11% YoY, +178% QoQ).

SVI Plc. (SVI): Strong Profit Rebound Driven By Solid Revenue

<ul><li>On Friday, SVI’s Board of Directors passed key resolutions to be proposed at the upcoming Extraordinary General Meeting of Shareholders on January 13, 2026, as follows:</li><li>To consider and approve a tender offer by Mr. Pongsak Lohthongkam, SVI’s major shareholder holding 78.17% of total shares, to purchase the remaining 21.83% of ordinary shares from minority shareholders at Bt7.50 per share.</li><li>We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking opportunity.</li></ul>

On Friday, SVI’s Board of Directors passed key resolutions to be proposed at the upcoming Extraordinary General Meeting of Shareholders on January 13, 2026, as follows:To consider and approve a tender offer by Mr. Pongsak Lohthongkam, SVI’s major shareholder holding 78.17% of total shares, to purchase the remaining 21.83% of ordinary shares from minority shareholders at Bt7.50 per share.We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking opportunity.

SVI Plc. (SVI): Major Shareholder to Launch Tender Offer at Bt7.50 for Delisting

<ul><li>SVI delivered the strongest performance in the sector in 2024, with profit growth of 37% YoY. However, in 2025E we expect profit to decline to Bt638mn (-51% YoY) due to a slowdown in orders in 1H25 as well as significant GPM pressure from the stronger baht.</li><li>Our strategy team views that the baht will continue its appreciation trend, reaching Bt29.7/USD in 2Q26E. This will be a major headwind for SVI’s future outlook.</li><li>We have a Neutral recommendation on SVI with a fair value of Bt6.00, based on a required return of 4.3%, equivalent to a P/E multiple of 17x (mean level).</li></ul>

SVI delivered the strongest performance in the sector in 2024, with profit growth of 37% YoY. However, in 2025E we expect profit to decline to Bt638mn (-51% YoY) due to a slowdown in orders in 1H25 as well as significant GPM pressure from the stronger baht.Our strategy team views that the baht will continue its appreciation trend, reaching Bt29.7/USD in 2Q26E. This will be a major headwind for SVI’s future outlook.We have a Neutral recommendation on SVI with a fair value of Bt6.00, based on a required return of 4.3%, equivalent to a P/E multiple of 17x (mean level).

SVI Plc. (SVI): From An Outperformer Last Year To An Underperformer This Year

<ul><li>SVI reported 1Q25 core profit of Bt110mn (-63% YoY and QoQ), which was 60% below market expectations due to lower-than-expected revenue and a weaker gross profit margin (GPM).</li><li>In the short term, we believe the significantly weaker- than-expected earnings results may put pressure on the share price over the next two weeks.</li><li>We are putting our earnings forecasts, stock rating, and target price for SVI under review.</li></ul>

SVI reported 1Q25 core profit of Bt110mn (-63% YoY and QoQ), which was 60% below market expectations due to lower-than-expected revenue and a weaker gross profit margin (GPM).In the short term, we believe the significantly weaker- than-expected earnings results may put pressure on the share price over the next two weeks.We are putting our earnings forecasts, stock rating, and target price for SVI under review.

SVI - Revenue Shortfall Led to Downbeat Profit

Thematic (Sector/Industry)

<ul><li>SET Index today is expected to continue rising, with resistance at 1,273 / 1,285 points and support at 1,262 / 1,250 points.</li><li>International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which attract fund flows.</li><li>Thai exports in October grew by 5.7% YoY, slightly below the market expectation of 6.1% YoY.</li></ul>

SET Index today is expected to continue rising, with resistance at 1,273 / 1,285 points and support at 1,262 / 1,250 points.International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which attract fund flows.Thai exports in October grew by 5.7% YoY, slightly below the market expectation of 6.1% YoY.

Krungthai XSpring Zoom Eng. November 26, 2025

Thailand

SVI Public Company Limited provides printed circuit board contract manufacturing services.  Most of its customers are original equipment manufacturers of computer peripheral products, telecommunication equipment, and industrial equipment and instruments.

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SVI Pcl (SVI TB)

SVI Plc. (SVI): Strong Profit Rebound Driven By Solid Revenue

SVI’s 3Q25 core profit was Bt220mn (+11% YoY, +178% QoQ), beating consensus by 26% on strong revenue recovery. The share price surged on the Bt7.50...

Krungthai XSpring

SVI Plc. (SVI): Major Shareholder to Launch Tender Offer at Bt7.50 for Delisting

We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking...

Krungthai XSpring

SVI Plc. (SVI): From An Outperformer Last Year To An Underperformer This Year

Our strategy team views that the baht will continue its appreciation trend, reaching Bt29.7/USD in 2Q26E. This will be a major headwind for SVI’s...

Krungthai XSpring

SVI - Revenue Shortfall Led to Downbeat Profit

SVI reported 1Q25 core profit of Bt110mn (-63% YoY and QoQ), which was 60% below market expectations due to lower-than-expected revenue and a...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 26, 2025

International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which...

Krungthai XSpring

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