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 downgrade to a Neutral rating (from Outperform) after the stock price increased by 5.0% over the past month (compared to the SET’s -0.8%).</li><li>As a result, the tactical outlook has been adjusted to limited upside risk from the previous neutral.</li><li>Our new 12-month fair value (12M FV) is Bt2.37 (previously Bt2.25), based on the earnings yield method with a required return of 9.8% (previously 10.2%).</li></ul>

We downgrade to a Neutral rating (from Outperform) after the stock price increased by 5.0% over the past month (compared to the SET’s -0.8%).As a result, the tactical outlook has been adjusted to limited upside risk from the previous neutral.Our new 12-month fair value (12M FV) is Bt2.37 (previously Bt2.25), based on the earnings yield method with a required return of 9.8% (previously 10.2%).

Tmbthanachart Bank - Provisions to Decline; Cautious Growth Approach Maintained

<ul><li>We maintain an Outperform rating with a 12-month fair value (12M FV) of Bt2.25, based on the earnings yield method with a required return of 10.1%.</li><li>The 4Q24 earnings were in line with our and the market expectations.</li><li>Net profit in 2025-26E is expected to grow at an average of 3.4%, below the industry average, as the tax credits are anticipated to be fully utilized by late 2026E amid a projected decline in provisioning.</li></ul>

We maintain an Outperform rating with a 12-month fair value (12M FV) of Bt2.25, based on the earnings yield method with a required return of 10.1%.The 4Q24 earnings were in line with our and the market expectations.Net profit in 2025-26E is expected to grow at an average of 3.4%, below the industry average, as the tax credits are anticipated to be fully utilized by late 2026E amid a projected decline in provisioning.

Tmbthanachart Bank - In-Line 4Q24 Earnings; Better Asset Quality

Thematic (Sector/Industry)

<ul><li>The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.</li><li>The index pulled back toward the support at 1,260 and 1,250 points.</li><li>We expect the 1,260–1,250 support zone to continue providing a base for rebounds.</li></ul>

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.The index pulled back toward the support at 1,260 and 1,250 points.We expect the 1,260–1,250 support zone to continue providing a base for rebounds.

Krungthai XSpring Technical Eng. December 9, 2025

<ul><li>The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.</li><li>The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.</li><li>Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.</li></ul>

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.

Krungthai XSpring Zoom Eng. December 8, 2025

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

Thailand

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

Tmbthanachart Bank - Provisions to Decline; Cautious Growth Approach Maintained

We downgrade to a Neutral rating (from Outperform) after the stock price increased by 5.0% over the past month (compared to the SET’s -0.8%).

Krungthai XSpring

Tmbthanachart Bank - In-Line 4Q24 Earnings; Better Asset Quality

We maintain an Outperform rating with a 12-month fair value (12M FV) of Bt2.25, based on the earnings yield method with a required return of 10.1%.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 9, 2025

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 8, 2025

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

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