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

<ul><li>We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).</li><li>Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.</li><li>TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.</li></ul>

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.

THAI VEGETABLE OIL Plc. (TVO): Earnings Likely Peaked In 2Q25

Thematic (Sector/Industry)

<ul><li>As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.</li><li>Their combined net profit for 1Q26 stood at Bt352,956mn, an increase of +50.1% QoQ and +24.0% YoY.</li><li>Excluding Energy, Petrochemicals, and Commercial Banking, their net profit was valued at Bt126,744mn, expanding +21.5% QoQ and +15.7% YoY, which also beat the Bloomberg Consensus estimate by 8.5%.</li></ul>

As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.Their combined net profit for 1Q26 stood at Bt352,956mn, an increase of +50.1% QoQ and +24.0% YoY.Excluding Energy, Petrochemicals, and Commercial Banking, their net profit was valued at Bt126,744mn, expanding +21.5% QoQ and +15.7% YoY, which also beat the Bloomberg Consensus estimate by 8.5%.

Special Report: 1Q26 Performance Was Relatively Strong And Better Than Expected

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 97% versus the SET 100 Index’s return of 43%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 97% versus the SET 100 Index’s return of 43%


The Stocks to Own in Thailand – Vol. 52

<ul>
<li>We recommend selling BCP, RBF and SCGP at a loss, with holding-period returns of -8.3%, -7.3% and -4.3%, respectively, and adding PLANB and TVO to replace them.</li>
<li>Nearly all portfolio stocks declined in line with the SET (-2.10%), dragging the portfolio return down 1.95%.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


We recommend selling BCP, RBF and SCGP at a loss, with holding-period returns of -8.3%, -7.3% and -4.3%, respectively, and adding PLANB and TVO to replace them.
Nearly all portfolio stocks declined in line with the SET (-2.10%), dragging the portfolio return down 1.95%.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 295% versus the MSCI ASEAN's  59%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since its inception, it has generated a before-fee total return of 295% versus the MSCI ASEAN's  59%


Thailand

Thai Vegetable Oil manufactures and distributes soy meal and various vegetable oils, including soybean, corn, sunflower, and canola oils, primarily under the A-Ngoon, Healthy Chef, and Queen brands. The company also produces animal feed ingredients like soybean meal. Thai Vegetable Oil Public Company Limited was established in 1967 and is headquartered in Bangkok, Thailand.

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Thai Vegetable Oil (TVO TB)

THAI VEGETABLE OIL Plc. (TVO): Earnings Likely Peaked In 2Q25

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).

Krungthai XSpring

Special Report: 1Q26 Performance Was Relatively Strong And Better Than Expected

As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 52

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: five stocks remain, nine new join...

A. Stotz Investment Research

KTX Tactical Picks

We recommend selling BCP, RBF and SCGP at a loss, with holding-period returns of -8.3%, -7.3% and -4.3%, respectively, and adding PLANB and TVO to...

Krungthai XSpring

The Stocks to Own in ASEAN – Vol. 53

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

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