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.

Thematic (Sector/Industry)

<ul><li>The 1Q25 earnings of 613 SET Index-listed companies (accounting for 98% of total market capitalization) totaled Bt263,097mn, up 56% QoQ but flat YoY.</li><li>Excluding the energy, petrochemical, and banking sectors, net profit stood at Bt130,359bn, rising 55% QoQ and 16% YoY.</li><li>Among the 142 stocks with Bloomberg consensus estimates, total net profit came in at Bt231,279mn, up 48% QoQ and 1% YoY, about 5% above the consensus expectations. </li></ul>

The 1Q25 earnings of 613 SET Index-listed companies (accounting for 98% of total market capitalization) totaled Bt263,097mn, up 56% QoQ but flat YoY.Excluding the energy, petrochemical, and banking sectors, net profit stood at Bt130,359bn, rising 55% QoQ and 16% YoY.Among the 142 stocks with Bloomberg consensus estimates, total net profit came in at Bt231,279mn, up 48% QoQ and 1% YoY, about 5% above the consensus expectations. 

Special Report: 1Q25 Performance Summary - MAY 16, 2025

<ul><li>Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.</li><li>Overall, the index has been moving in the downchannel range of 1,320-1,410 points. In the short term, the index is rebounding after a sharp four-day decline of over 80 points last week.</li><li>A sell signal could emerge if the index fails to break through the resistance at 1,366/1,374 points. </li></ul>

Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.Overall, the index has been moving in the downchannel range of 1,320-1,410 points. In the short term, the index is rebounding after a sharp four-day decline of over 80 points last week.A sell signal could emerge if the index fails to break through the resistance at 1,366/1,374 points. 

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.</li><li>Overall, the index is expected to move in a downtrend in the range of 1,300-1,410 points.</li><li>Any rebound in the index is seen as a technical bounce back, likely due to the oversold condition as demonstrated by the oscillator indicator, with the short-term resistance at 1,356/1,365 points.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.Overall, the index is expected to move in a downtrend in the range of 1,300-1,410 points.Any rebound in the index is seen as a technical bounce back, likely due to the oversold condition as demonstrated by the oscillator indicator, with the short-term resistance at 1,356/1,365 points.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to rise, anticipating window dressing ahead of the fiscal year-end.</li><li>For the weekly strategy, we recommend buying, as the market's return on investment remains attractive, particularly in the banking and insurance sectors.</li><li>These factors lead us to believe that stocks in the commercial banking sector have the greatest potential to outperform in 1Q25; as such, we recommend a Buy rating.</li></ul>

Technically, the SET Index is expected to rise, anticipating window dressing ahead of the fiscal year-end.For the weekly strategy, we recommend buying, as the market's return on investment remains attractive, particularly in the banking and insurance sectors.These factors lead us to believe that stocks in the commercial banking sector have the greatest potential to outperform in 1Q25; as such, we recommend a Buy rating.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>We downgrade to HOLD from BUY, with a target price of Bt35.00. While, our neutral rating is merited on the limited upside, we still adore the stock</li>
<li>Positive tone from the analyst meeting Management guided for a positive performance outlook, with a sales growth target of 10% in 2023 (vs our 8% revenue growth). Meanwhile</li>
<li>TOA earmarked a CAPEX of Bt500m and Bt700m in 2022-23E, as part of the ramping-up capacity. </li>
</ul>


We downgrade to HOLD from BUY, with a target price of Bt35.00. While, our neutral rating is merited on the limited upside, we still adore the stock
Positive tone from the analyst meeting Management guided for a positive performance outlook, with a sales growth target of 10% in 2023 (vs our 8% revenue growth). Meanwhile
TOA earmarked a CAPEX of Bt500m and Bt700m in 2022-23E, as part of the ramping-up capacity. 


TOA : Promising 4Q22 Outlook but Limited Upside

Thailand

TOA Paint (Thailand) Public Company Limited manufactures and distributes a wide range of paints, coatings, and construction chemicals. Its product portfolio includes decorative coatings, wood coatings, heavy-duty coatings, special paints, hardware, power tools, gypsum, and tile products. The company was founded in 1964 and is headquartered in Bang Sao Thong, Thailand.

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TOA Paint (TOA TB)

Special Report: 1Q25 Performance Summary - MAY 16, 2025

The 1Q25 earnings of 613 SET Index-listed companies (accounting for 98% of total market capitalization) totaled Bt263,097mn, up 56% QoQ but flat YoY.

Krungthai XSpring

KTX Zoom - APRIL 24, 2024

Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.

Krungthai XSpring

KTX Zoom - APRIL 23, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.

Krungthai XSpring

Window Dressing (Santa Claus Rally)

Technically, the SET Index is expected to rise, anticipating window dressing ahead of the fiscal year-end. For the weekly strategy, we recommend...

Krungthai XSpring

TOA : Promising 4Q22 Outlook but Limited Upside

We downgrade to HOLD from BUY, with a target price of Bt35.00. While, our neutral rating is merited on the limited upside, we still adore the stock...

Pi Securities PCL, Thailand

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