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>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.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>TELUS Corporation delivered a quarter characterized by strong operational execution, continued customer growth, and improving financial discipline, although the broader environment remains competitive and pricing-sensitive.</li><li>The company reported industry-leading customer additions across both wireless and wireline segments, marking another year of surpassing one million total net additions.</li><li>This growth was supported by bundled offerings, network quality, and a continued focus on customer experience, as reflected in consistently low churn rates that remain below one percent for over a decade.</li></ul>

TELUS Corporation delivered a quarter characterized by strong operational execution, continued customer growth, and improving financial discipline, although the broader environment remains competitive and pricing-sensitive.The company reported industry-leading customer additions across both wireless and wireline segments, marking another year of surpassing one million total net additions.This growth was supported by bundled offerings, network quality, and a continued focus on customer experience, as reflected in consistently low churn rates that remain below one percent for over a decade.

TELUS Corporation Is Quietly Winning Millions of Customers—But Can Its Near-Zero Churn Sustain This Momentum?

<ul><li>TELUS Corporation’s fourth-quarter results and the full-year performance for 2025 present a mixed bag of achievements and challenges, reflecting the company’s robust operational strategies and the competitive dynamics of the telecom sector.</li><li>One of the company's notable achievements is its strong customer growth.</li><li>TELUS successfully added 1.1 million mobile and fixed net additions in 2025, marking its fourth consecutive year surpassing over a million new connections.</li></ul>

TELUS Corporation’s fourth-quarter results and the full-year performance for 2025 present a mixed bag of achievements and challenges, reflecting the company’s robust operational strategies and the competitive dynamics of the telecom sector.One of the company's notable achievements is its strong customer growth.TELUS successfully added 1.1 million mobile and fixed net additions in 2025, marking its fourth consecutive year surpassing over a million new connections.

TELUS Corporation: Healthcare Expansion Is Becoming a Real Growth Engine—Not Just Diversification!

<ul><li>TELUS Corporation's third-quarter 2025 financial results highlight noticeable growth in customer acquisition while demonstrating commitment to technological advancements and strategic investments across multiple business segments.</li><li>The quarter was marked by industry-leading customer additions, including 288,000 total mobile and fixed customer gains, underscoring TELUS's strategic emphasis on superior customer experiences and bundled service offerings across its mobile and home solutions.</li><li>In terms of financial performance, TELUS reported a 3% growth in TTech EBITDA.</li></ul>

TELUS Corporation's third-quarter 2025 financial results highlight noticeable growth in customer acquisition while demonstrating commitment to technological advancements and strategic investments across multiple business segments.The quarter was marked by industry-leading customer additions, including 288,000 total mobile and fixed customer gains, underscoring TELUS's strategic emphasis on superior customer experiences and bundled service offerings across its mobile and home solutions.In terms of financial performance, TELUS reported a 3% growth in TTech EBITDA.

Telus: AI Spending Is Surging—Will It Fix the Digital Margin Problem or Deepen the Profitability Squeeze?

<ul><li>TELUS Corporation's Q2 2025 performance demonstrates a blend of strategic investments and operational execution, contributing to both growth and challenges amidst a competitive landscape.</li><li>The company's notable achievements include incremental customer growth in mobile and fixed segments, as it added 198,000 net new customers overall.</li><li>This growth was driven by mobile phone and connected device additions totaling 167,000 and fixed customer additions of 31,000.</li></ul>

TELUS Corporation's Q2 2025 performance demonstrates a blend of strategic investments and operational execution, contributing to both growth and challenges amidst a competitive landscape.The company's notable achievements include incremental customer growth in mobile and fixed segments, as it added 198,000 net new customers overall.This growth was driven by mobile phone and connected device additions totaling 167,000 and fixed customer additions of 31,000.

TELUS Corporation: Initiation of Coverage- Reintroducing 5G To Koodo – Will Flanker Strategy Disrupt the Market?

Canada

TELUS Corporation is a telecommunications company providing a variety of communications products and services. The Company provides voice, data, Internet, and wireless services to businesses and consumers in Canada.

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TELUS (TU US)

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

TELUS Corporation Is Quietly Winning Millions of Customers—But Can Its Near-Zero Churn Sustain This Momentum?

TELUS Corporation delivered a quarter characterized by strong operational execution, continued customer growth, and improving financial...

Baptista Research

TELUS Corporation: Healthcare Expansion Is Becoming a Real Growth Engine—Not Just Diversification!

TELUS Corporation’s fourth-quarter results and the full-year performance for 2025 present a mixed bag of achievements and challenges, reflecting...

Baptista Research

Telus: AI Spending Is Surging—Will It Fix the Digital Margin Problem or Deepen the Profitability Squeeze?

TELUS Corporation's third-quarter 2025 financial results highlight noticeable growth in customer acquisition while demonstrating commitment to...

Baptista Research

TELUS Corporation: Initiation of Coverage- Reintroducing 5G To Koodo – Will Flanker Strategy Disrupt the Market?

TELUS Corporation's Q2 2025 performance demonstrates a blend of strategic investments and operational execution, contributing to both growth and...

Baptista Research

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