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>TISCO reported 3Q25 net profit of Bt1.73bn, up 1% YoY and 3% QoQ, beating our and the market’s estimates by around 5%, mainly due to stronger-than-expected non-NII.</li><li>Non-interest income (+32% YoY, +26% QoQ) exceeded expectations, supported by higher-than-expected markto-market gains from investment revaluations across multiple asset classes.</li><li>Provisions in the quarter came in higher than expected, resulting in a credit cost of 1.4% (+81bps YoY, +47bps QoQ), due to additional special provisioning that raised the coverage ratio to 171%.</li></ul>

TISCO reported 3Q25 net profit of Bt1.73bn, up 1% YoY and 3% QoQ, beating our and the market’s estimates by around 5%, mainly due to stronger-than-expected non-NII.Non-interest income (+32% YoY, +26% QoQ) exceeded expectations, supported by higher-than-expected markto-market gains from investment revaluations across multiple asset classes.Provisions in the quarter came in higher than expected, resulting in a credit cost of 1.4% (+81bps YoY, +47bps QoQ), due to additional special provisioning that raised the coverage ratio to 171%.

TISCO FINANCIAL GROUP Plc. (TISCO): 3Q25 Earnings Beat Expectations On Mark-To-Market Gain

<ul><li>Earnings expected to decline YoY and remain flat QoQ.</li><li>TISCO’s 3Q25E net profit is projected at Bt1,654mn (–3.5% YoY, +0.6% QoQ), with results scheduled for release on October 14, 2025.</li><li>Net profit for 9M25E is projected at Bt4.9bn, down 5% YoY and representing 76% of the full-year 2025E forecast.</li></ul>

Earnings expected to decline YoY and remain flat QoQ.TISCO’s 3Q25E net profit is projected at Bt1,654mn (–3.5% YoY, +0.6% QoQ), with results scheduled for release on October 14, 2025.Net profit for 9M25E is projected at Bt4.9bn, down 5% YoY and representing 76% of the full-year 2025E forecast.

TISCO FINANCIAL GROUP Plc. (TISCO): Earnings Expected To Decline YoY And Remain Flat QoQ

<ul><li>We maintain a Neutral rating with a target price of Bt105.00, based on a PBV of 1.94x (derived from a regression model).</li><li>The long-term growth outlook is weaker than peers, with net profit expected to grow at an average of -1.0% CAGR during 2026-27E due to provisions normalizing to typical levels.</li><li>However, from a tactical perspective, the downside risk is limited.</li></ul>

We maintain a Neutral rating with a target price of Bt105.00, based on a PBV of 1.94x (derived from a regression model).The long-term growth outlook is weaker than peers, with net profit expected to grow at an average of -1.0% CAGR during 2026-27E due to provisions normalizing to typical levels.However, from a tactical perspective, the downside risk is limited.

Tisco Financial Group - Slightly Upbeat 2Q25 Earnings; Provision Normalization

<ul><li>We maintain a Neutral rating and the fair value of Bt100.80, based on a PBV of 1.86x (derived from a regression model).</li><li>The long-term growth outlook is weaker than the industry average, with net profit growth at a CAGR of -3.0% during 2025-2027E due to provisions returning to normal levels (following a period of utilizing excess reserves, which had previously lowered provisioning).</li><li>The short-term downside risk is limited, as TISCO is trading at a PBV below its 6-month average.</li></ul>

We maintain a Neutral rating and the fair value of Bt100.80, based on a PBV of 1.86x (derived from a regression model).The long-term growth outlook is weaker than the industry average, with net profit growth at a CAGR of -3.0% during 2025-2027E due to provisions returning to normal levels (following a period of utilizing excess reserves, which had previously lowered provisioning).The short-term downside risk is limited, as TISCO is trading at a PBV below its 6-month average.

Tisco Financial Group - Earnings to Decline Due to Provisioning Normalization

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.


Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

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Tisco Financial Group (TISCO TB)

TISCO FINANCIAL GROUP Plc. (TISCO): 3Q25 Earnings Beat Expectations On Mark-To-Market Gain

TISCO reported 3Q25 net profit of Bt1.73bn, up 1% YoY and 3% QoQ, beating our and the market’s estimates by around 5%, mainly due to stronger-than...

Krungthai XSpring

TISCO FINANCIAL GROUP Plc. (TISCO): Earnings Expected To Decline YoY And Remain Flat QoQ

TISCO’s 3Q25E net profit is projected at Bt1,654mn (–3.5% YoY, +0.6% QoQ), with results scheduled for release on October 14, 2025.

Krungthai XSpring

Tisco Financial Group - Slightly Upbeat 2Q25 Earnings; Provision Normalization

The long-term growth outlook is weaker than peers, with net profit expected to grow at an average of -1.0% CAGR during 2026-27E due to provisions...

Krungthai XSpring

Tisco Financial Group - Earnings to Decline Due to Provisioning Normalization

The long-term growth outlook is weaker than the industry average, with net profit growth at a CAGR of -3.0% during 2025-2027E due to provisions...

Krungthai XSpring

Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Gulf Energy Development...

Ke Yan, CFA, FRM

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