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>SNPS reported a 1Q26 net profit of Bt27mn, up 34% YoY (-22% QoQ seasonally), driven by margin expansion.</li><li>The stock offers 19% upside to our revised fair value of Bt5.35 (from Bt6.20), implying a PER of 15.8x.</li><li>SNPS is transitioning into a commercialization phase, coverting its R&amp;D pipeline into higher-margin products that should enhance earnings quality.</li></ul>

SNPS reported a 1Q26 net profit of Bt27mn, up 34% YoY (-22% QoQ seasonally), driven by margin expansion.The stock offers 19% upside to our revised fair value of Bt5.35 (from Bt6.20), implying a PER of 15.8x.SNPS is transitioning into a commercialization phase, coverting its R&amp;D pipeline into higher-margin products that should enhance earnings quality.

Specialty Natural Products Plc. (SNPS): 1Q26 Earnings Remain On Track With Targets

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,367/1,362 points and the resistance at 1,384/1,390 points.</li><li>Investment strategy: i) Long-term investors: Recommended to pursue selective buying; ii) Short-term investors: Advised to wait for a new technical buy signal before entering the market.</li><li>Newly listed stock NKT [Nakornthon Hospital Public Company Limited] begins trading today in the healthcare sector.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,367/1,362 points and the resistance at 1,384/1,390 points.Investment strategy: i) Long-term investors: Recommended to pursue selective buying; ii) Short-term investors: Advised to wait for a new technical buy signal before entering the market.Newly listed stock NKT [Nakornthon Hospital Public Company Limited] begins trading today in the healthcare sector.

Krungthai XSpring Zoom Eng. December 20, 2024

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Per Bloomberg Synopsys, one of the big three Electronic Design Automation (EDA) names, is in advanced talks to acquire Ansys for around US$35bn or ~US$400 per share in a stock-and-cash deal.</li><li>The transaction could be announced as soon as this week.</li><li>Ansys is currently trading at US$348.63 per share (as of market close on 8 Jan), representing ~15% premium if the deal gets closed at US$400 per share. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Per Bloomberg Synopsys, one of the big three Electronic Design Automation (EDA) names, is in advanced talks to acquire Ansys for around US$35bn or ~US$400 per share in a stock-and-cash deal.The transaction could be announced as soon as this week.Ansys is currently trading at US$348.63 per share (as of market close on 8 Jan), representing ~15% premium if the deal gets closed at US$400 per share. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductor – Synopsys Eyes on Ansys: A Potential Software Giant in the Making

<ul><li>On 28 May, the Trump administration issued a new directive prohibiting leading EDA (Electronic Design Automation) software companies, including Synopsys (SNPS US, NR), Cadence (CDNS US, NR), and Siemens EDA (Mentor Graphics, SIEGY US, NR), from selling their products to Chinese entities.</li><li>This action represents yet another significant escalation between US-China technological decoupling.</li><li>EDA is instrumental in semi design, in which overseas vendors currently command 70% of the market share in China, per Reuters. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On 28 May, the Trump administration issued a new directive prohibiting leading EDA (Electronic Design Automation) software companies, including Synopsys (SNPS US, NR), Cadence (CDNS US, NR), and Siemens EDA (Mentor Graphics, SIEGY US, NR), from selling their products to Chinese entities.This action represents yet another significant escalation between US-China technological decoupling.EDA is instrumental in semi design, in which overseas vendors currently command 70% of the market share in China, per Reuters. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BaTeLab (2149 HK) - Potential EDA Restrictions Not to Impede Growth

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,404/1,410 points (200-day EMA) and the support at 1,395/1,388 points.</li><li>We recommend gradually taking profit at the resistance levels to reduce risks associated with the closure of December derivatives contracts, which will expire this Friday (foreign investors retain a short position).</li><li>Recommended stocks with positive momentum: GPSC, AAV, and CPF.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,404/1,410 points (200-day EMA) and the support at 1,395/1,388 points.We recommend gradually taking profit at the resistance levels to reduce risks associated with the closure of December derivatives contracts, which will expire this Friday (foreign investors retain a short position).Recommended stocks with positive momentum: GPSC, AAV, and CPF.

Krungthai XSpring Zoom Eng. December 26, 2024

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Specialty Natural Products Plc. (SNPS): 1Q26 Earnings Remain On Track With Targets

SNPS is transitioning into a commercialization phase, coverting its R&D pipeline into higher-margin products that should enhance earnings quality.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 20, 2024

Technically, the SET Index is expected to weaken, with the support at 1,367/1,362 points and the resistance at 1,384/1,390 points. Investment...

Krungthai XSpring

Semiconductor – Synopsys Eyes on Ansys: A Potential Software Giant in the Making

Per Bloomberg Synopsys, one of the big three Electronic Design Automation (EDA) names, is in advanced talks to acquire Ansys for around US$35bn or...

CMB International

BaTeLab (2149 HK) - Potential EDA Restrictions Not to Impede Growth

EDA is instrumental in semi design, in which overseas vendors currently command 70% of the market share in China, per Reuters.

CMB International

Krungthai XSpring Zoom Eng. December 26, 2024

Technically, the SET Index is expected to move sideways, with the resistance at 1,404/1,410 points (200-day EMA) and the support at 1,395/1,388...

Krungthai XSpring

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