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>SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ).</li><li>9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).</li><li>SYNEX posted 3Q25 core profit of Bt174mn (+26% YoY, +8% QoQ), a three-year high—inline with our estimate but 10% below the market.</li></ul>

SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ).9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).SYNEX posted 3Q25 core profit of Bt174mn (+26% YoY, +8% QoQ), a three-year high—inline with our estimate but 10% below the market.

SYNNEX (THAILAND) Plc. (SYNEX): Profit In Line With Our Estimate But 10% Below Concensus

<ul><li>SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.</li><li>9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.</li><li>We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.</li></ul>

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

<ul><li>The launch of the iPhone 17 will spur consumer interest in upgrading, driven by improved features such as the increase in base storage from 128GB to 256GB.</li><li>As of 2Q25, SYNEX reported that iPhone 15 (N-1) sales accounted for as high as 56% of total iPhone sales, reflecting consumers’ continued price sensitivity in their purchasing decisions.</li><li>In Thailand, the iPhone 17 will be available from September 19, one day earlier than the iPhone 16 launch last year. This should enable SYNEX to capture slightly more iPhone sales revenue in 3Q25.</li></ul>

The launch of the iPhone 17 will spur consumer interest in upgrading, driven by improved features such as the increase in base storage from 128GB to 256GB.As of 2Q25, SYNEX reported that iPhone 15 (N-1) sales accounted for as high as 56% of total iPhone sales, reflecting consumers’ continued price sensitivity in their purchasing decisions.In Thailand, the iPhone 17 will be available from September 19, one day earlier than the iPhone 16 launch last year. This should enable SYNEX to capture slightly more iPhone sales revenue in 3Q25.

SYNNEX Plc. (SYNEX): The Launch Of The IPhone 17 Will Support 3Q25 Performance

<ul><li>SYNEX reported a core profit of Bt165mn in 2Q25 (+27% YoY, +9% QoQ), the highest in two years, 8% above our estimate and in line with the consensus.</li><li>Overall operations were as expected, but the company posted higher-than-expected other income and equity income.</li><li>We upgrade our raring to Buy from Outperform on the back of a higher fair value of Bt14.00 (from Bt12.00), reflecting a revised house view with Rf = 1.45% and MRP = 5.26% (previously 1.48% and 6.83%). Our fair value implies a P/E of 20x.</li></ul>

SYNEX reported a core profit of Bt165mn in 2Q25 (+27% YoY, +9% QoQ), the highest in two years, 8% above our estimate and in line with the consensus.Overall operations were as expected, but the company posted higher-than-expected other income and equity income.We upgrade our raring to Buy from Outperform on the back of a higher fair value of Bt14.00 (from Bt12.00), reflecting a revised house view with Rf = 1.45% and MRP = 5.26% (previously 1.48% and 6.83%). Our fair value implies a P/E of 20x.

<ul><li>SYNEX’s 2Q25E core profit is expected to have remained stable at Bt152mn (+17% YoY, +1% QoQ), supported by continued revenue growth reaching an all-time high, propelled by the strong sales of the NSW2.</li><li>We believe the company’s performance remains strong relative to the retail sector, as the 2Q25E and 2H25E earnings are expected to continue growing, supported by the launch of the new iPhone and the steady stream of new games for NSW2.</li><li>We maintain our Outperform stock rating with an unchanged fair value of Bt12, while adjusting the valuation rating from buy to undervalued.</li></ul>

SYNEX’s 2Q25E core profit is expected to have remained stable at Bt152mn (+17% YoY, +1% QoQ), supported by continued revenue growth reaching an all-time high, propelled by the strong sales of the NSW2.We believe the company’s performance remains strong relative to the retail sector, as the 2Q25E and 2H25E earnings are expected to continue growing, supported by the launch of the new iPhone and the steady stream of new games for NSW2.We maintain our Outperform stock rating with an unchanged fair value of Bt12, while adjusting the valuation rating from buy to undervalued.

Synnex (Thailand) - 2Q25E Earnings Expected to Remain Stable, Which Is a Positive Sign

Thailand

Synnex Thailand PCL distributes computer products.  The Company distributes computer components and peripherals, servers and storage devices, security products, computer software, and consumables.

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Synnex Thailand (SYNEX TB)

SYNNEX (THAILAND) Plc. (SYNEX): Profit In Line With Our Estimate But 10% Below Concensus

SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ). 9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.

Krungthai XSpring

SYNNEX Plc. (SYNEX): The Launch Of The IPhone 17 Will Support 3Q25 Performance

The launch of the iPhone 17 will spur consumer interest in upgrading, driven by improved features such as the increase in base storage from 128GB...

Krungthai XSpring

Synnex - 2Q25 Profit Hit a 2-Year High

SYNEX reported a core profit of Bt165mn in 2Q25 (+27% YoY, +9% QoQ), the highest in two years, 8% above our estimate and in line with the consensus.

Krungthai XSpring

Synnex (Thailand) - 2Q25E Earnings Expected to Remain Stable, Which Is a Positive Sign

We maintain our Outperform stock rating with an unchanged fair value of Bt12, while adjusting the valuation rating from buy to undervalued.

Krungthai XSpring

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