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>Iran’s attacks on the United Arab Emirates (UAE) and vessels in the Strait of Hormuz have disrupted shipping through the strait, keeping transportation constrained.</li><li>DELTA benefits from exiting Cash Balance, supported by a bright business outlook and strong demand for liquid cooling orders, with production set to begin in 2H26.</li><li>The US has launched “Project Freedom,” an operation to begin escorting select vessels not involved in the Iran conflict out of the Strait of Hormuz, starting from Monday.</li></ul>

Iran’s attacks on the United Arab Emirates (UAE) and vessels in the Strait of Hormuz have disrupted shipping through the strait, keeping transportation constrained.DELTA benefits from exiting Cash Balance, supported by a bright business outlook and strong demand for liquid cooling orders, with production set to begin in 2H26.The US has launched “Project Freedom,” an operation to begin escorting select vessels not involved in the Iran conflict out of the Strait of Hormuz, starting from Monday.

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>The SET Index is expected to consolidate or trade slightly sideways up today, with the support at 1,270/1,260 and the resistance at 1,284/1,300.</li><li>Thailand’s S&amp;P Global Manufacturing PMI rose to 57.4 in December, the highest in two years and seven months (since May 2023) and above the consensus of 56.2, driven mainly by stronger production and new orders.</li><li>We recommend trading DELTA and gradually accumulating GULF and AMATA.</li></ul>

The SET Index is expected to consolidate or trade slightly sideways up today, with the support at 1,270/1,260 and the resistance at 1,284/1,300.Thailand’s S&amp;P Global Manufacturing PMI rose to 57.4 in December, the highest in two years and seven months (since May 2023) and above the consensus of 56.2, driven mainly by stronger production and new orders.We recommend trading DELTA and gradually accumulating GULF and AMATA.

Krungthai XSpring Zoom Eng. January 6, 2026

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)

Krungthai XSpring Zoom Eng. May 5, 2026

Iran’s attacks on the United Arab Emirates (UAE) and vessels in the Strait of Hormuz have disrupted shipping through the strait, keeping...

Krungthai XSpring

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

Krungthai XSpring Zoom Eng. January 6, 2026

The SET Index is expected to consolidate or trade slightly sideways up today, with the support at 1,270/1,260 and the resistance at 1,284/1,300.

Krungthai XSpring

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