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>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.)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>USCBP data from August shows Y/Y declines in traffic, especially at N. border</li>
<li>Overall, air travel to and from the US has held up well vs other travel modes</li>
<li>Some US regions hit harder than others; US losses could benefit Europe, others</li>
</ul>


USCBP data from August shows Y/Y declines in traffic, especially at N. border
Overall, air travel to and from the US has held up well vs other travel modes
Some US regions hit harder than others; US losses could benefit Europe, others


US Customs & Border Protection August Data | Air Crossings Stable | Europe Could Gain From US Losses

<ul><li>No changes were made to KTX Tactical DR Picks today, with positions maintained in five DRs: MITSU19, NVDA80, PINGAN80, TENCENT80, and TRIPCOM80, most of which are tied to Hong Kong-listed stocks.</li><li>The average return of the underlying securities in the portfolio edged up 0.51% from the previous day, driven by gains in Hong Kong-related DRs, particularly TENCENT80 and TRIPCOM80, after the Chinese government introduced additional economic stimulus measures.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

No changes were made to KTX Tactical DR Picks today, with positions maintained in five DRs: MITSU19, NVDA80, PINGAN80, TENCENT80, and TRIPCOM80, most of which are tied to Hong Kong-listed stocks.The average return of the underlying securities in the portfolio edged up 0.51% from the previous day, driven by gains in Hong Kong-related DRs, particularly TENCENT80 and TRIPCOM80, after the Chinese government introduced additional economic stimulus measures.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX Tactical DR Picks - September 18, 2025 (Eng.)

<ul><li>NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.</li><li>TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.</li><li>The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.</li></ul>

NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.

KTX TACTICAL DR PICKS - September 17, 2025

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)

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

US Customs & Border Protection August Data | Air Crossings Stable | Europe Could Gain From US Losses

August data from the US Customs & Border Protection agency shows a decline in US border crossings. Air crossings have held up relatively well, but...

Tracking Traffic

KTX Tactical DR Picks - September 18, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

KTX TACTICAL DR PICKS - September 17, 2025

The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in...

Krungthai XSpring

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