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.

Cross Asset Strategy

<ul><li>Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy, suggesting that the oil-price increase may be temporary.</li><li>A US official said the US and China had agreed to extend their trade truce by two months through January 2027, easing near-term trade tensions.</li><li>Fitch Ratings upgraded the outlooks of EXIM, KTB, TTB, SCBT and UOBT to "Stable,” reflecting confidence in Thai financial institutions.</li></ul>

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy, suggesting that the oil-price increase may be temporary.A US official said the US and China had agreed to extend their trade truce by two months through January 2027, easing near-term trade tensions.Fitch Ratings upgraded the outlooks of EXIM, KTB, TTB, SCBT and UOBT to "Stable,” reflecting confidence in Thai financial institutions.

Krungthai XSpring Zoom Eng. September 24, 2026

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others.</li><li>Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in revenue.</li><li>For 2025, total revenue/non-GAAP OP grew 17/11% YoY. While TCOM is facing some sentiment-driven headwinds, we believe its competitive advantages relative to domestic peers — including robust supply chain capabilities, high service quality, comprehensive product offerings, and global coverage — remain intact and supportive of its long-term growth trajectory. unchanged at US$83.0, translating into 20x 2026E PE (non-GAAP). Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others.Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in revenue.For 2025, total revenue/non-GAAP OP grew 17/11% YoY. While TCOM is facing some sentiment-driven headwinds, we believe its competitive advantages relative to domestic peers — including robust supply chain capabilities, high service quality, comprehensive product offerings, and global coverage — remain intact and supportive of its long-term growth trajectory. unchanged at US$83.0, translating into 20x 2026E PE (non-GAAP). Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Results Beat; Travel Demand Remains Resilient

<ul><li>Trip.com Group (TCOM) released (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB6.1bn, 5/6% better than our estimates and consensus, thanks to better-than-expected operating leverage.</li><li>Non-GAAP NP of RMB19.2bn was significantly ahead of consensus at RMB5.6bn, driven by one-off gains from the sale of partial stake in MakeMyTrip. TCOM’s overseas expansion is on track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view.</li><li>To account for more robust-than-expected international business revenue growth and better-than-expected operating efficiency improvement of domestic and outbound business, we lift 25-27E revenue forecasts by 1-5%, and operating profit forecasts by 0-5%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB6.1bn, 5/6% better than our estimates and consensus, thanks to better-than-expected operating leverage.Non-GAAP NP of RMB19.2bn was significantly ahead of consensus at RMB5.6bn, driven by one-off gains from the sale of partial stake in MakeMyTrip. TCOM’s overseas expansion is on track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view.To account for more robust-than-expected international business revenue growth and better-than-expected operating efficiency improvement of domestic and outbound business, we lift 25-27E revenue forecasts by 1-5%, and operating profit forecasts by 0-5%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - 3Q Results Beat; Travel Demand Remains Solid

Thematic (Sector/Industry)

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

<ul><li>We recommend cutting loss on STEG19 with a return of -7.6%, while opening new positions in GOOG80 and POPMART80.</li><li>The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of easing trade tensions between the US and China.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend cutting loss on STEG19 with a return of -7.6%, while opening new positions in GOOG80 and POPMART80.The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of easing trade tensions between the US and China.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 16, 2025 (Eng.)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Krungthai XSpring Zoom Eng. September 24, 2026

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy,...

Krungthai XSpring

Trip.com (TCOM US) - Results Beat; Travel Demand Remains Resilient

Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates...

CMB International

Trip.com (TCOM US) - 3Q Results Beat; Travel Demand Remains Solid

Trip.com Group (TCOM) released (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg...

CMB International

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

KTX Tactical DR Picks - October 16, 2025 (Eng.)

The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of...

Krungthai XSpring

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