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>We recommend selling FERRARI80 with a return of -2.8%, while opening new positions in ESTEE80, MUFG19, and SONY80.</li><li>The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government approved chip exports to the Middle East.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling FERRARI80 with a return of -2.8%, while opening new positions in ESTEE80, MUFG19, and SONY80.The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government approved chip exports to the Middle East.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 10, 2025 (Eng.)

<ul><li>We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively.</li><li>We also suggest initiating positions in ASML0 1 , a DR referencing ASML Holding N.V. listed on the Euronext Amsterdam, and MWG1 9 , a DR referencing Mobile World Investment Corporation listed on the Ho Chi Minh Stock Exchange.</li><li>The average return of the KTX DR Tactical Picks portfolio was nearly unchanged from the previous day (–0.08%).</li></ul>

We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively.We also suggest initiating positions in ASML0 1 , a DR referencing ASML Holding N.V. listed on the Euronext Amsterdam, and MWG1 9 , a DR referencing Mobile World Investment Corporation listed on the Ho Chi Minh Stock Exchange.The average return of the KTX DR Tactical Picks portfolio was nearly unchanged from the previous day (–0.08%).

KTX TACTICAL DR PICKS - October 9, 2025 (Eng.)

<ul><li>We recommend taking profit on AMD80, which has delivered a holding-period return of +30.1%, following a 23% rally in the underlying US stock after the company secured a deal to supply AI chips to OpenAI (ChatGPT).</li><li>We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed on the Tokyo Stock Exchange.</li><li>The average return of the KTX DR Tactical Picks portfolio rose +1.19% from the previous day, supported by strong gains in US technology stocks, particularly AMD.</li></ul>

We recommend taking profit on AMD80, which has delivered a holding-period return of +30.1%, following a 23% rally in the underlying US stock after the company secured a deal to supply AI chips to OpenAI (ChatGPT).We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed on the Tokyo Stock Exchange.The average return of the KTX DR Tactical Picks portfolio rose +1.19% from the previous day, supported by strong gains in US technology stocks, particularly AMD.

KTX TACTICAL DR PICKS - OCTOBER 7, 2025 (Eng.)

<ul><li>We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.</li><li>The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%, respectively.</li><li>The average return of the underlying securities in the portfolio slipped –0.23% from the previous day, amid concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%, respectively.The average return of the underlying securities in the portfolio slipped –0.23% from the previous day, amid concerns over the US government shutdown.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 2, 2025 (Eng.)

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

KTX TACTICAL DR PICKS - October 10, 2025 (Eng.)

The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 9, 2025 (Eng.)

We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively. We also suggest initiating positions in...

Krungthai XSpring

KTX TACTICAL DR PICKS - OCTOBER 7, 2025 (Eng.)

We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE)...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 2, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%,...

Krungthai XSpring

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