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>Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.</li><li>We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.</li><li>We therefore downgrade the auto sector to Neutral.</li></ul>

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.We therefore downgrade the auto sector to Neutral.

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

<ul><li>Auto production in February 2026 continued to recover, rising 3.4% YoY, while domestic car sales declined 2.2% YoY following strong sales in January.</li><li>Exports were broadly stable (-0.2% YoY) and have not yet been impacted by Middle East tensions.</li><li>We also continue to monitor developments in the EV segment, following a wave of new launches at the Thailand Motor Show.</li></ul>

Auto production in February 2026 continued to recover, rising 3.4% YoY, while domestic car sales declined 2.2% YoY following strong sales in January.Exports were broadly stable (-0.2% YoY) and have not yet been impacted by Middle East tensions.We also continue to monitor developments in the EV segment, following a wave of new launches at the Thailand Motor Show.

Automotive: Auto Output Stable; Await March Data - Overweight

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Indus Motor Company (INDU) held its 37th Annual General Meeting today, following the release of its FY26 results.</li><li>To recall, the company reported gross margins of 10.3% in 4QFY26, down from 13.3% in 4QFY25 and 15.5% in 3QFY26.</li><li>We maintain our BUY stance on INDU, with the company trading at an FY27E PE of 4.8x and dividend yield of 13%.</li></ul>

Indus Motor Company (INDU) held its 37th Annual General Meeting today, following the release of its FY26 results.To recall, the company reported gross margins of 10.3% in 4QFY26, down from 13.3% in 4QFY25 and 15.5% in 3QFY26.We maintain our BUY stance on INDU, with the company trading at an FY27E PE of 4.8x and dividend yield of 13%.

Topline Flash Note: Indus Motor (INDU) - AGM Key Takeaways

<ul><li>Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts.</li><li>Amid the increasing concern over the impact of droughts, operators in some sectors will reap the benefits, namely broiler exporters (TFG; FV Bt7.90), starch producers (TWPC; FV Bt6.60) on the back of greater export opportunities, and coal producers due to the extension of coal burning (BANPU; FV Bt16.8);</li><li>China's reduced agricultural and food output will constrain the country's food export capability and global food supplies while at the same time increasing the need for imports.</li></ul>

Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts.Amid the increasing concern over the impact of droughts, operators in some sectors will reap the benefits, namely broiler exporters (TFG; FV Bt7.90), starch producers (TWPC; FV Bt6.60) on the back of greater export opportunities, and coal producers due to the extension of coal burning (BANPU; FV Bt16.8);China's reduced agricultural and food output will constrain the country's food export capability and global food supplies while at the same time increasing the need for imports.

Theme Report: Droughts Growing in Number and Intensity

Equity Derivatives

<ul><li>The KTX Tactical DR Picks portfolio opens a position in NVDA80, which is a DR of US-listed Nvidia Corporation, while maintaining the positions in BIDU80, HONDA19, and TOYOTA80.</li><li>The average DR price in the portfolio decreased by -0.22%, while global stock markets performed well; two of our three recommended stocks are in the Japanese stock market, which moved within a narrow range.</li><li>Our study through the KTX USDTHB Carry Trade model indicates that the baht has continued to appreciate and is now in an overvalued zone.</li></ul>

The KTX Tactical DR Picks portfolio opens a position in NVDA80, which is a DR of US-listed Nvidia Corporation, while maintaining the positions in BIDU80, HONDA19, and TOYOTA80.The average DR price in the portfolio decreased by -0.22%, while global stock markets performed well; two of our three recommended stocks are in the Japanese stock market, which moved within a narrow range.Our study through the KTX USDTHB Carry Trade model indicates that the baht has continued to appreciate and is now in an overvalued zone.

Japan

TOYOTA BOSHOKU CORPORATION manufactures automobile parts and textile products. The Company provides automobile interior components such as seats, door trims, headliners, carpets, and other interior products as well as exterior components such as bumpers and fender liners. TOYOTA BOSHOKU also manufactures air filters, oil filters as well as seat fabrics and high-performance uniforms.

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Toyota Boshoku (3116 JP)

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly...

Krungthai XSpring

Automotive: Auto Output Stable; Await March Data - Overweight

Auto production in February 2026 continued to recover, rising 3.4% YoY, while domestic car sales declined 2.2% YoY following strong sales in January.

Krungthai XSpring

Topline Flash Note: Indus Motor (INDU) - AGM Key Takeaways

Indus Motor Company (INDU) held its 37th Annual General Meeting today, following the release of its FY26 results. To recall, the company reported...

Topline Securities

Theme Report: Droughts Growing in Number and Intensity

Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts. Amid the increasing concern...

Krungthai XSpring

KTX Tactical DR Picks

The KTX Tactical DR Picks portfolio opens a position in NVDA80, which is a DR of US-listed Nvidia Corporation, while maintaining the positions in...

Krungthai XSpring

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