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>No changes were made to KTX Tactical DR Picks today, with positions maintained in five DRs: MITSU19, NVDA80, PINGAN80, TENCENT80, and TRIPCOM80, most of which are tied to Hong Kong-listed stocks.</li><li>The average return of the underlying securities in the portfolio edged up 0.51% from the previous day, driven by gains in Hong Kong-related DRs, particularly TENCENT80 and TRIPCOM80, after the Chinese government introduced additional economic stimulus measures.</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>

No changes were made to KTX Tactical DR Picks today, with positions maintained in five DRs: MITSU19, NVDA80, PINGAN80, TENCENT80, and TRIPCOM80, most of which are tied to Hong Kong-listed stocks.The average return of the underlying securities in the portfolio edged up 0.51% from the previous day, driven by gains in Hong Kong-related DRs, particularly TENCENT80 and TRIPCOM80, after the Chinese government introduced additional economic stimulus measures.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 - September 18, 2025 (Eng.)

<ul><li>NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.</li><li>TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.</li><li>The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.</li></ul>

NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.

KTX TACTICAL DR PICKS - September 17, 2025

<ul><li>For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.</li><li>Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.</li><li>The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.</li></ul>

For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.

KTX Tactical DR Picks - September 11, 2025 (Eng.)

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.

<ul><li>Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.</li><li>Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.</li><li>Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. </li></ul><p><em>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.</em></p>

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. 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.

Internet - Business Model/Competitive Barrier Back in Focus

Cross Asset Strategy

<ul><li>There are no changes to the DR/DRx holdings in the portfolio today.</li><li>The DR/DRx in the portfolio were impacted by the decline in the underlying stock prices, following the US reciprocal tariff measures led by BYD (1211) and Tencent (700).</li><li>According to our analysis, the Thai baht (THB) currently appears too weak with respect to the US dollar, which is at its weakest point in the last two years.</li></ul>

There are no changes to the DR/DRx holdings in the portfolio today.The DR/DRx in the portfolio were impacted by the decline in the underlying stock prices, following the US reciprocal tariff measures led by BYD (1211) and Tencent (700).According to our analysis, the Thai baht (THB) currently appears too weak with respect to the US dollar, which is at its weakest point in the last two years.

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 - September 18, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

KTX TACTICAL DR PICKS - September 17, 2025

The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in...

Krungthai XSpring

KTX Tactical DR Picks - September 11, 2025 (Eng.)

Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.

Krungthai XSpring

Internet - Business Model/Competitive Barrier Back in Focus

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due...

CMB International

Highlights of the Day

There are no changes to the DR/DRx holdings in the portfolio today. The DR/DRx in the portfolio were impacted by the decline in the underlying...

Krungthai XSpring

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52-week Range

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