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.

Equity Bottom-Up

<ul><li>The company is excellent at generating consistently positive operating cash flow</li><li>Earnings quality is very high based on our analysis of net income relative to operating cash flow</li><li>The stock trades at an attractive valuation</li></ul>

The company is excellent at generating consistently positive operating cash flowEarnings quality is very high based on our analysis of net income relative to operating cash flowThe stock trades at an attractive valuation

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.

Cross Asset Strategy

<ul><li>We expect the SET Index to trade with downward volatility (Support: 1,620 pts).</li><li>Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.</li><li>However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.</li></ul>

We expect the SET Index to trade with downward volatility (Support: 1,620 pts).Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.

Krungthai XSpring Zoom Eng. July 30, 2026

Macroeconomics

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,330/1,320 points and the resistance at 1,345/1,350 points.</li><li>We continue to expect the Chinese authorities to implement more stimulus packages in order to push growth to the target of 5%.</li><li>Better growth will help increase confidence in the EU economy's growth prospects for the rest of the year, in addition to the ECB's potential interest rate cut to stimulate the economy.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,330/1,320 points and the resistance at 1,345/1,350 points.We continue to expect the Chinese authorities to implement more stimulus packages in order to push growth to the target of 5%.Better growth will help increase confidence in the EU economy's growth prospects for the rest of the year, in addition to the ECB's potential interest rate cut to stimulate the economy.

Services PMIs in May for the US, EU, China and Japan, and Thai Inflation

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605 points.</li><li>Global equity markets are being pressured by concerns that the Fed will expedite rate hikes to tackle inflation; US bond yields have continued to increase, which is negative to growth stocks.</li><li>Investors expect the Fed to hike the fed funds rate by 0.75% in the upcoming FOMC meeting in September.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605 points.Global equity markets are being pressured by concerns that the Fed will expedite rate hikes to tackle inflation; US bond yields have continued to increase, which is negative to growth stocks.Investors expect the Fed to hike the fed funds rate by 0.75% in the upcoming FOMC meeting in September.

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

Thailand

Thai Wah Public Company Limited is a Thailand-based company that manufactures and distributes tapioca starch, vermicelli, and other food and agricultural products. Its core businesses are divided into tapioca starch and starch-related products, food products (vermicelli and noodles), and biodegradable products. The company also engages in landholding activities and the generation and sale of electricity. Headquartered in Bangkok, Thailand, the company was incorporated in 1947.

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Thai Wah (TWPC TB)

Uncovered Thai Stocks: TWPC (3Q25)

The company is excellent at generating consistently positive operating cash flow Earnings quality is very high based on our analysis of net...

A. Stotz Investment Research

Krungthai XSpring Zoom Eng. July 30, 2026

We expect the SET Index to trade with downward volatility (Support: 1,620 pts). Primary pressure will stem from the electronics sector (DELTA,...

Krungthai XSpring

Services PMIs in May for the US, EU, China and Japan, and Thai Inflation

Technically, the SET Index is expected to move sideways down, with the support at 1,330/1,320 points and the resistance at 1,345/1,350 points. We...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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