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

Thornhill Capital Trust / Equity Bottom-Up

<ul><li>We recommend selling KTC after the stock fell out of the ranking criteria, with a holding period return of -0.7%.</li><li>The portfolio's average return increased by 0.07%, outperforming the SET (-0.3%), supported by the rebounds in PR9 (+2.5%) and ADVANC (+0.4%).</li></ul>

We recommend selling KTC after the stock fell out of the ranking criteria, with a holding period return of -0.7%.The portfolio's average return increased by 0.07%, outperforming the SET (-0.3%), supported by the rebounds in PR9 (+2.5%) and ADVANC (+0.4%).

Krungthai Xspring KTX TACTICAL PICKS - April 29, 2025 (Eng.)

<ul><li>We add KTC to the portfolio, expecting the 1Q25E profit to grow both YoY and QoQ.</li><li>TCAP is removed from the portfolio, with a return of -6.7%, exceeding the specified criteria.</li><li>Stocks are selected based on EPS growth and relative changes to their KTX valuations.</li></ul>

We add KTC to the portfolio, expecting the 1Q25E profit to grow both YoY and QoQ.TCAP is removed from the portfolio, with a return of -6.7%, exceeding the specified criteria.Stocks are selected based on EPS growth and relative changes to their KTX valuations.

Krungthai Xspring KTX Tactical Picks - April 11, 2025 (Eng.)

Quantitative Analysis

<ul><li>KTC dropped out of the ranking criteria, with a holding period return of +1.5%.</li><li>The portfolio's average return declined by more than 1.4% this morning, in line with the SET (-2.5%), as investors shifted to the risk-off mode following the US's stronger-than-expected reciprocal tariff measures.</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

KTC dropped out of the ranking criteria, with a holding period return of +1.5%.The portfolio's average return declined by more than 1.4% this morning, in line with the SET (-2.5%), as investors shifted to the risk-off mode following the US's stronger-than-expected reciprocal tariff measures.KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.

<ul><li>We recommend cutting losses on KTC after its return dropped to -5.3%, exceeding the predefined threshold.</li><li>Investors are suggested to switch to PTT, as its ERP has risen close to the average +2 S.D., reflecting an attractive investment opportunity.</li><li>Moreover, the share repurchase program (with a budget of Bt16bn for up to 470mn shares) will serve as a share price cushion until the end of the program in September 2025.</li></ul>

We recommend cutting losses on KTC after its return dropped to -5.3%, exceeding the predefined threshold.Investors are suggested to switch to PTT, as its ERP has risen close to the average +2 S.D., reflecting an attractive investment opportunity.Moreover, the share repurchase program (with a budget of Bt16bn for up to 470mn shares) will serve as a share price cushion until the end of the program in September 2025.

<ul><li>We recommend cutting losses on MTC after the share price plunged 5.4% (compared to yesterday's morning session closing price), exceeding the specified threshold.</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li><li>Stocks are selected based on EPS growth and relative changes to their KTX valuations.</li></ul>

We recommend cutting losses on MTC after the share price plunged 5.4% (compared to yesterday's morning session closing price), exceeding the specified threshold.KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.Stocks are selected based on EPS growth and relative changes to their KTX valuations.

United Kingdom

Thornhill Capital Trust is a unit trust incorporated in the United Kingdom. The Trust aims is to achieve long-term capital growth with due regard for income. The Trust will invest in principally in U.K. equities and bonds.

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Thornhill Capital Trust (KTC LN)

Krungthai Xspring KTX TACTICAL PICKS - April 29, 2025 (Eng.)

We recommend selling KTC after the stock fell out of the ranking criteria, with a holding period return of -0.7%. The portfolio's average return...

Krungthai XSpring

Krungthai Xspring KTX Tactical Picks - April 11, 2025 (Eng.)

We add KTC to the portfolio, expecting the 1Q25E profit to grow both YoY and QoQ. TCAP is removed from the portfolio, with a return of -6.7%,...

Krungthai XSpring

KTX Tactical Picks

KTC dropped out of the ranking criteria, with a holding period return of +1.5%. The portfolio's average return declined by more than 1.4% this...

Krungthai XSpring

KTX Tactical Picks

We recommend cutting losses on KTC after its return dropped to -5.3%, exceeding the predefined threshold. Investors are suggested to switch to...

Krungthai XSpring

KTX Tactical Picks

We recommend cutting losses on MTC after the share price plunged 5.4% (compared to yesterday's morning session closing price), exceeding the...

Krungthai XSpring

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