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 reported 1Q26 core profit of Bt177mn (+17% YoY, +10% QoQ), in line with both our and market expectations.</li><li>Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved GPM, supporting our expectation for 2026 earnings growth of 16% to Bt760mn.</li><li>We maintain our Outperform rating with an unchanged fair value of Bt10.70, based on a required return of 6.82%.</li></ul>

SYNEX reported 1Q26 core profit of Bt177mn (+17% YoY, +10% QoQ), in line with both our and market expectations.Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved GPM, supporting our expectation for 2026 earnings growth of 16% to Bt760mn.We maintain our Outperform rating with an unchanged fair value of Bt10.70, based on a required return of 6.82%.

SYNNEX (THAILAND) Plc. (SYNEX): 1Q26 Core Profit Came in As Expected

Thematic (Sector/Industry)

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

<ul><li>We expect SYNEX to report 1Q26E net profit of Bt173mn (+14% YoY, +7% QoQ).</li><li>Near-term outlook remains challenging, particularly for Apple, phone, and consumer segments (accounting for over 70% of total revenue), due to soft purchasing power, higher IT product prices, and the loss of HONOR-related revenue since 4Q25.</li><li>We still expect SYNEX to deliver earnings growth in 2026, but its catalysts may be less compelling than peers as the company remains in a transition phase toward more sustainable long-term growth.</li></ul>

We expect SYNEX to report 1Q26E net profit of Bt173mn (+14% YoY, +7% QoQ).Near-term outlook remains challenging, particularly for Apple, phone, and consumer segments (accounting for over 70% of total revenue), due to soft purchasing power, higher IT product prices, and the loss of HONOR-related revenue since 4Q25.We still expect SYNEX to deliver earnings growth in 2026, but its catalysts may be less compelling than peers as the company remains in a transition phase toward more sustainable long-term growth.

SYNNEX (THAILAND) Plc. (SYNEX): Earnings Growing, But Still Modest Amid Transition

<ul><li>SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.</li><li>We maintain our 2026E profit forecast at Bt760mn (+16% YoY). Near term, earnings should remain solid, supported by strong iPhone 17 sales, though caution is warranted over margin pressure.</li><li>We reiterate Outperform with an unchanged fair value of Bt14, based on a 6.82% required return.</li></ul>

SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.We maintain our 2026E profit forecast at Bt760mn (+16% YoY). Near term, earnings should remain solid, supported by strong iPhone 17 sales, though caution is warranted over margin pressure.We reiterate Outperform with an unchanged fair value of Bt14, based on a 6.82% required return.

SYNEX (THAILAND) Plc. (SYNEX): Earnings Miss On Six-Year Low GPM

<ul><li>We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.</li><li>We have increased our 2026 profit forecast by 10% to Bt760mn (+10% YoY), on expectations of sustained strength in iPhone 17 sales.</li><li>We maintain our FV at Bt14.00 but downgrade our rating from BUY to Outperform, as long-term growth has been revised down from Above average to Average following strong growth in 2025, with a required return of 6.82%.</li></ul>

We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.We have increased our 2026 profit forecast by 10% to Bt760mn (+10% YoY), on expectations of sustained strength in iPhone 17 sales.We maintain our FV at Bt14.00 but downgrade our rating from BUY to Outperform, as long-term growth has been revised down from Above average to Average following strong growth in 2025, with a required return of 6.82%.

SYNNEX (THAILAND) Plc. (SYNEX): 4Q25E Profit To Reach An All-Time High

Thailand

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Synnex Thailand (SYNEX TB)

SYNNEX (THAILAND) Plc. (SYNEX): 1Q26 Core Profit Came in As Expected

Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): Earnings Growing, But Still Modest Amid Transition

We expect GPM to improve to 3.91% (vs. 3.55% in 4Q25 and 3.81% in 1Q25), driven by a lower contribution from low-margin Apple products and a higher...

Krungthai XSpring

SYNEX (THAILAND) Plc. (SYNEX): Earnings Miss On Six-Year Low GPM

SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 4Q25E Profit To Reach An All-Time High

We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)