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.

Cross Asset Strategy

<ul>
<li>(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.</li>
<li>(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.</li>
<li>(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.</li>
</ul>


(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.
(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.
(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.


Equity Bottom-Up

<ul>
<li>SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record high.</li>
<li>While revenue growth remained modest, GPM continued to expand to its highest level in six quarters, supported by a favorable product mix.</li>
<li>We expect earnings momentum to remain strong in 2H26 as the company enters the high season, with core profit likely to continue reaching new record highs.</li>
</ul>


SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record high.
While revenue growth remained modest, GPM continued to expand to its highest level in six quarters, supported by a favorable product mix.
We expect earnings momentum to remain strong in 2H26 as the company enters the high season, with core profit likely to continue reaching new record highs.


SYNNEX (THAILAND) Plc.: 2Q26 Core Profit In Line; GPM Expanded Strongly - Outperform

<ul><li>We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by continued revenue growth and a sustained high GPM driven by an improved product mix.</li><li>We maintain our Outperform rating and unchanged fair value of Bt10.70.</li><li>SYNEX is currently trading at just 10x P/E (-1.25 SD), its lowest valuation in nearly seven years based on its historical trading range.</li></ul>

We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by continued revenue growth and a sustained high GPM driven by an improved product mix.We maintain our Outperform rating and unchanged fair value of Bt10.70.SYNEX is currently trading at just 10x P/E (-1.25 SD), its lowest valuation in nearly seven years based on its historical trading range.

SYNNEX (THAILAND) Plc. (SYNEX): 2Q26E Core Earnings to Extend Growth; Outlook Remains Strong - Outperform (12M FWD Fair Value Bt10.70)

<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

<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

Thailand

Synnex (Thailand) Public Company Limited distributes computers, computer peripherals, software, information technology systems, computer consumables, and communication devices. The company also offers retail and online platform services, computer system repair and maintenance, and training. It was incorporated in 1988 and is headquartered in Bangkok, Thailand.

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Synnex (SYNEX TB)

SET Index Outlook

(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected...

Krungthai XSpring

SYNNEX (THAILAND) Plc.: 2Q26 Core Profit In Line; GPM Expanded Strongly - Outperform

SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record...

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 2Q26E Core Earnings to Extend Growth; Outlook Remains Strong - Outperform (12M FWD Fair Value Bt10.70)

We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by...

Krungthai XSpring

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

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

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