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

Thornhill Capital Trust / Equity Bottom-Up

<ul><li>We add KTC to the portfolio, expecting the 1Q25E profit to grow both YoY and QoQ.</li><li>TCAP is removed from the portfolio, with a return of -6.7%, exceeding the specified criteria.</li><li>Stocks are selected based on EPS growth and relative changes to their KTX valuations.</li></ul>

We add KTC to the portfolio, expecting the 1Q25E profit to grow both YoY and QoQ.TCAP is removed from the portfolio, with a return of -6.7%, exceeding the specified criteria.Stocks are selected based on EPS growth and relative changes to their KTX valuations.

Krungthai Xspring KTX Tactical Picks - April 11, 2025 (Eng.)

<ul><li>We re-add KTB to the portfolio, as the market expects its two-year earnings growth to achieve a at 5% CAGR.</li><li>We suggest selling BLA and TCAP due to the number of shares exceeding the specified criteria, with holding period returns of -4.0% and -5.2%, respectively.</li><li>Starting today, the KTX Tactical Port will be released in the afternoon each day, allowing for portfolio adjustments within the same trading day.</li></ul>

We re-add KTB to the portfolio, as the market expects its two-year earnings growth to achieve a at 5% CAGR.We suggest selling BLA and TCAP due to the number of shares exceeding the specified criteria, with holding period returns of -4.0% and -5.2%, respectively.Starting today, the KTX Tactical Port will be released in the afternoon each day, allowing for portfolio adjustments within the same trading day.

Krungthai Xspring KTX TACTICAL PICKS - February 28, 2025 (Eng.)

Ten Cap Alpha Plus Complex ETF / Equity Bottom-Up

<ul><li>KKP has dropped out of the ranking criteria, with a holding period return of -2.9%.</li><li>It has been replaced by TCAP, driven by expectations of a 2H24E dividend yield of around 2.7%, although its YTD share price performance still lags behind (-1% compared to +3.75% for the banking sector).</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

KKP has dropped out of the ranking criteria, with a holding period return of -2.9%.It has been replaced by TCAP, driven by expectations of a 2H24E dividend yield of around 2.7%, although its YTD share price performance still lags behind (-1% compared to +3.75% for the banking sector).KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.

Technical Analysis

Ten Cap Alpha Plus Complex ETF / Technical Analysis

<ul><li>The index struggled to rise further, particularly with blue chip stocks fluctuating within a narrow range.</li><li>Based on the current price pattern, there is potential for the index to rise and close the gap at 1,430 points.</li><li>We recommend buying on weakness, selling on strength, believing that the index will move sideways or head up while volume will recover.</li></ul>

The index struggled to rise further, particularly with blue chip stocks fluctuating within a narrow range.Based on the current price pattern, there is potential for the index to rise and close the gap at 1,430 points.We recommend buying on weakness, selling on strength, believing that the index will move sideways or head up while volume will recover.

Recommendation: Buy on Weakness, Sell on Strength

<ul><li>The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of 3.1% QoQ.</li><li>Overall, provisioning accelerated across the board due to deteriorated asset quality, with the exception of MTC.</li><li>Hence, we have adjusted our investment rating to Neutral for the auto title loan segment while maintaining a Neutral stance on truck hire purchase loan providers.</li></ul>

The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of 3.1% QoQ.Overall, provisioning accelerated across the board due to deteriorated asset quality, with the exception of MTC.Hence, we have adjusted our investment rating to Neutral for the auto title loan segment while maintaining a Neutral stance on truck hire purchase loan providers.

Australia

Ten Cap Alpha Plus Complex ETF is an exchange-traded fund incorporated in Australia. The Fund mainly tracks S&P/ASX 200 Accumulation Index. The Fund aims to achieve positive returns in excess of the Benchmark, before fees and expenses, over the long term by taking both Long Positions and Short Positions in selected Australian shares.

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Ten Cap Alpha Plus Complex ETF (TCAP AU)

Krungthai Xspring KTX Tactical Picks - April 11, 2025 (Eng.)

We add KTC to the portfolio, expecting the 1Q25E profit to grow both YoY and QoQ. TCAP is removed from the portfolio, with a return of -6.7%,...

Krungthai XSpring

Krungthai Xspring KTX TACTICAL PICKS - February 28, 2025 (Eng.)

We re-add KTB to the portfolio, as the market expects its two-year earnings growth to achieve a at 5% CAGR. We suggest selling BLA and TCAP due to...

Krungthai XSpring

KTX Tactical Picks

KKP has dropped out of the ranking criteria, with a holding period return of -2.9%. It has been replaced by TCAP, driven by expectations of a...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

The index struggled to rise further, particularly with blue chip stocks fluctuating within a narrow range. Based on the current price pattern,...

Krungthai XSpring

Recovery Expectations Already Priced In

The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of...

Krungthai XSpring

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