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

Thai Airways International / Equity Bottom-Up

<ul><li>We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management.</li><li>We maintain our Outperform rating and 12M FV of Bt7.10, based on an EV/EBITDA multiple of 3.4x.</li><li>We expect 3Q26E performance to improve QoQ, driven by a wider RASK-CASK spread, as the benefit from lower jet fuel prices should more than offset a slight decline in passenger yield.</li></ul>

We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management.We maintain our Outperform rating and 12M FV of Bt7.10, based on an EV/EBITDA multiple of 3.4x.We expect 3Q26E performance to improve QoQ, driven by a wider RASK-CASK spread, as the benefit from lower jet fuel prices should more than offset a slight decline in passenger yield.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Passenger Yield to Remain Strong Despite Limited Fare Reductions - Outperform (12M FWD Fair Value Bt7.10)

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Dhoot Transmission Limited / Equity Capital Markets

<ul>
<li>DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.</li>
<li>Bain Capital's backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.</li>
<li>Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?</li>
</ul>


DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.
Bain Capital's backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.
Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?


Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

ICICI Prudential Asset Management Company / Equity Bottom-Up

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>In 2025, Indian mainboard IPOs raised approximately INR 1.83 trillion of capital.</li>
<li>In this Insight, we review our hits and misses in the Indian Primary Market with focus on companies where post issue market cap was above USD 1 billion.</li>
<li>We review the initial rationale for each company before the IPO and how it played out immediately on the listing day.</li>
</ul>


In 2025, Indian mainboard IPOs raised approximately INR 1.83 trillion of capital.
In this Insight, we review our hits and misses in the Indian Primary Market with focus on companies where post issue market cap was above USD 1 billion.
We review the initial rationale for each company before the IPO and how it played out immediately on the listing day.


2025: A Review of Our Hits and Misses in the Indian Primary Market

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all markets were in full throttle mode going into the year end.</li>
<li>On the placements front, there were a number of deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all markets were in full throttle mode going into the year end.
On the placements front, there were a number of deals across the region.


ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

India

Tenneco Clean Air India Ltd (1880671D IN)

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Tenneco Clean Air India Ltd (1880671D IN)

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Passenger Yield to Remain Strong Despite Limited Fare Reductions - Outperform (12M FWD Fair Value Bt7.10)

We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management. We...

Krungthai XSpring

Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

Himanshu Dugar

2025: A Review of Our Hits and Misses in the Indian Primary Market

In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Sreemant Dudhoria

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Passenger Yield to Remain Strong Despite Limited Fare Reductions - Outperform (12M FWD Fair Value Bt7.10)

We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management. We...

Krungthai XSpring

Dhoot Transmission - IPO Review - Can It Be the Next Motherson Sumi?

​DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

Himanshu Dugar

2025: A Review of Our Hits and Misses in the Indian Primary Market

​In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Sreemant Dudhoria

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

DTL is a Tier-1 Auto ancillary supplying wiring harness to OEMs. It is a leader in e2W space and is expanding into higher-margin products with...

In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...