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>Credit costs rose to 3.62% (+90 bps YoY, +141 bps QoQ) following additional management overlay provisions to cushion uncertainties, lifting the coverage ratio to 325% from 284% in the previous quarter.</li><li>The loan portfolio resumed growth, rising 5.4% YoY and 2.1% QoQ, driven mainly by auto title loans.</li><li>Net interest margin expanded both YoY and QoQ, supported by lower funding costs and higher loan yields.</li></ul>

Credit costs rose to 3.62% (+90 bps YoY, +141 bps QoQ) following additional management overlay provisions to cushion uncertainties, lifting the coverage ratio to 325% from 284% in the previous quarter.The loan portfolio resumed growth, rising 5.4% YoY and 2.1% QoQ, driven mainly by auto title loans.Net interest margin expanded both YoY and QoQ, supported by lower funding costs and higher loan yields.

TIDLOR Holdings Plc. (TIDLOR): Core Profit Below Estimate On Higher Management Overlay Provisions

<ul><li>TIDLOR’s 4Q25E net profit is expected at Bt1.27bn, up 21.2% YoY but down 9.9% QoQ, with results due on February 17–18, 2026.</li><li>Net interest income (NII) is expected to grow 8.4% YoY and 2.9% QoQ, supported by a rebound in loan growth (+5.3% YoY, +2.0% QoQ), led by motorcycle and auto title loans.</li><li>Non-interest income is expected to grow modestly (+1.8% YoY, +7.7% QoQ), with QoQ growth driven by seasonality in the insurance brokerage business.</li></ul>

TIDLOR’s 4Q25E net profit is expected at Bt1.27bn, up 21.2% YoY but down 9.9% QoQ, with results due on February 17–18, 2026.Net interest income (NII) is expected to grow 8.4% YoY and 2.9% QoQ, supported by a rebound in loan growth (+5.3% YoY, +2.0% QoQ), led by motorcycle and auto title loans.Non-interest income is expected to grow modestly (+1.8% YoY, +7.7% QoQ), with QoQ growth driven by seasonality in the insurance brokerage business.

TIDLOR Holdings Plc. (TIDLOR): 4Q25E Earnings To Rise YoY But Fall QoQ

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

Technical Analysis

<ul><li>The index has advanced steadily over the past several sessions and is now testing the key resistance at 1,650 points.</li><li>A successful breakout above this level would reinforce the bullish outlook and pave the way toward the next upside target at 1,700 points.</li><li>We therefore maintain our selective buy strategy, as the SET is expected to extend its gains.</li></ul>

The index has advanced steadily over the past several sessions and is now testing the key resistance at 1,650 points.A successful breakout above this level would reinforce the bullish outlook and pave the way toward the next upside target at 1,700 points.We therefore maintain our selective buy strategy, as the SET is expected to extend its gains.

Krungthai XSpring Technical Eng. July 21, 2026

<ul><li>Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.</li><li>China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.</li><li>The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).</li></ul>

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).

Krungthai XSpring Zoom Eng. July 15, 2026

Thailand

TIDLOR Holdings PCL operates as a holding company, with its core business driven by its subsidiary, Ngern Tid Lor Public Company Limited. It primarily provides vehicle title loans for various types of vehicles and offers comprehensive insurance brokerage services, including non-life and life insurance, through brands like Shield Insurance Broker, Areegator, and heygoody.com. The company is headquartered in Bangkok, Thailand, and was incorporated in 2006.

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TIDLOR (TIDLOR TB)

TIDLOR Holdings Plc. (TIDLOR): Core Profit Below Estimate On Higher Management Overlay Provisions

Credit costs rose to 3.62% (+90 bps YoY, +141 bps QoQ) following additional management overlay provisions to cushion uncertainties, lifting the...

Krungthai XSpring

TIDLOR Holdings Plc. (TIDLOR): 4Q25E Earnings To Rise YoY But Fall QoQ

TIDLOR’s 4Q25E net profit is expected at Bt1.27bn, up 21.2% YoY but down 9.9% QoQ, with results due on February 17–18, 2026.

Krungthai XSpring

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

Krungthai XSpring Technical Eng. July 21, 2026

The index has advanced steadily over the past several sessions and is now testing the key resistance at 1,650 points. A successful breakout above...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 15, 2026

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY. China's...

Krungthai XSpring

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