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 SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.</li><li>Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.</li><li>The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

Cross Asset Strategy

<ul><li>KTX's strategy team has a positive outlook on the Thai stock market in 1Q25.</li><li>The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de-ratings for high-growth stocks.</li><li>In contrast, the Bank of Japan’s (BoJ) potential shift toward tighter monetary policy creates an opportunity for capital to flow back into the Asian region. </li></ul>

KTX's strategy team has a positive outlook on the Thai stock market in 1Q25.The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de-ratings for high-growth stocks.In contrast, the Bank of Japan’s (BoJ) potential shift toward tighter monetary policy creates an opportunity for capital to flow back into the Asian region. 

Special Report: Stock Valuation - January 2, 2025

Equity Bottom-Up

<ul><li>We maintain our Neutral rating on TVO with a new 12-month fair value (FV) of Bt25.00 (up from Bt22.90), based on a required return of 7.27% (vs. a required return of 7.45% previously).</li><li>Our valuation metrics indicate that the current price provides just 5% upside to our fair value.</li><li>In addition, its earnings trajectory is steady, with a strong recovery in 2024E before a contraction in 2025E.</li></ul>

We maintain our Neutral rating on TVO with a new 12-month fair value (FV) of Bt25.00 (up from Bt22.90), based on a required return of 7.27% (vs. a required return of 7.45% previously).Our valuation metrics indicate that the current price provides just 5% upside to our fair value.In addition, its earnings trajectory is steady, with a strong recovery in 2024E before a contraction in 2025E.

Thai Vegetable Oil - Raw Material Still Cheap While Soybean Oil Prices Are Rising

<ul><li>KTX maintains a Neutral rating and the 12-month fair value (FV) of Bt22.90, based on a required return of 7.45%.</li><li>Our valuation metrics suggest that the current valuation is neutral.</li><li>The growth looks good compared to 2023’s low base; but tactically, the quarterly earnings should have peaked.</li></ul>

KTX maintains a Neutral rating and the 12-month fair value (FV) of Bt22.90, based on a required return of 7.45%.Our valuation metrics suggest that the current valuation is neutral.The growth looks good compared to 2023’s low base; but tactically, the quarterly earnings should have peaked.

Thai Vegetable Oil - 3Q24 Earnings in Line; Grew YoY but Down QoQ

<ul><li>We initiate our coverage on TVO with a Neutral rating and a 12- month FV of Bt22.90, based on a required return of 7.45%.</li><li>Our valuation metrics indicate that the current valuation is neutral, and the earnings growth is strong, while the tactical parameters show limited upside.</li><li>TVO should offer attractive dividend yields of 6.6% and 4.3% in 2024-25E, respectively, higher than peers’ averages of 3.4% and 4.2%, respectively.</li></ul>

We initiate our coverage on TVO with a Neutral rating and a 12- month FV of Bt22.90, based on a required return of 7.45%.Our valuation metrics indicate that the current valuation is neutral, and the earnings growth is strong, while the tactical parameters show limited upside.TVO should offer attractive dividend yields of 6.6% and 4.3% in 2024-25E, respectively, higher than peers’ averages of 3.4% and 4.2%, respectively.

Thai Vegetable Oil - Short Term Positive but Challenge in Long Term

Thailand

Thai Vegetable Oil Public Company Limited produces and markets soybean cooking oil under its A-ngoon brand name.  Additionally, the Company produced other soybean products including soymeal, full-fat soy, cooked and un-extracted soybeanseed, and lecithin.  Its products are also used in industrial applications such as the production of paint or canned food.

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Thai Vegetable Oil (TVO TB)

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than...

Krungthai XSpring

Special Report: Stock Valuation - January 2, 2025

The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de...

Krungthai XSpring

Thai Vegetable Oil - Raw Material Still Cheap While Soybean Oil Prices Are Rising

We maintain our Neutral rating on TVO with a new 12-month fair value (FV) of Bt25.00 (up from Bt22.90), based on a required return of 7.27% (vs. a...

Krungthai XSpring

Thai Vegetable Oil - 3Q24 Earnings in Line; Grew YoY but Down QoQ

KTX maintains a Neutral rating and the 12-month fair value (FV) of Bt22.90, based on a required return of 7.45%. Our valuation metrics suggest that...

Krungthai XSpring

Thai Vegetable Oil - Short Term Positive but Challenge in Long Term

We initiate our coverage on TVO with a Neutral rating and a 12- month FV of Bt22.90, based on a required return of 7.45%.

Krungthai XSpring

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