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 forecast TRUE's 2Q26E core profit at Bt7.3bn (+58% YoY, +5% QoQ), driven by continued mobile business growth and lower interest expenses.</li>
<li>TRUE has traded between its mean and +1SD EV/EBITDA levels since early 2026. The recent pullback to the mean offers an accumulation opportunity, given limited downside and sustained growth through 2027.</li>
<li>We maintain a Buy rating with an unchanged fair value of Bt16.00.</li>
</ul>


We forecast TRUE's 2Q26E core profit at Bt7.3bn (+58% YoY, +5% QoQ), driven by continued mobile business growth and lower interest expenses.
TRUE has traded between its mean and +1SD EV/EBITDA levels since early 2026. The recent pullback to the mean offers an accumulation opportunity, given limited downside and sustained growth through 2027.
We maintain a Buy rating with an unchanged fair value of Bt16.00.


3Q26E Profit to Rise on Revenue Growth and Cost Savings

Technical Analysis

<ul>
<li>The SET Index remained under pressure from rising oil prices and US bond yields.</li>
<li>The index has fallen below the BB Bottom, while the RSI is near its previous low and the Stochastic is in oversold territory.</li>
<li>Hence, we recommend buying on weakness near the support level, focusing on domestic play stocks.</li>
</ul>


The SET Index remained under pressure from rising oil prices and US bond yields.
The index has fallen below the BB Bottom, while the RSI is near its previous low and the Stochastic is in oversold territory.
Hence, we recommend buying on weakness near the support level, focusing on domestic play stocks.


Krungthai XSpring Technical Eng. - September 17, 2026

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,385/1,392 points (50-day EMA/75-day EMA) and the support at 1,374/1,365 points.</li><li>During the period from March 1 to March 14, 2024, foreigners accumulated a net long position of 98,907 contracts.</li><li>We recommend stocks with positive news: GPSC, TRUE and MINT.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,385/1,392 points (50-day EMA/75-day EMA) and the support at 1,374/1,365 points.During the period from March 1 to March 14, 2024, foreigners accumulated a net long position of 98,907 contracts.We recommend stocks with positive news: GPSC, TRUE and MINT.

Krungthai XSpring Zoom Eng. March 28, 2024

<ul><li>Yesterday, KTX's Big Cap Tactical Picks portfolio generated an average return of -1.0%, underperforming the SET (-0.6%).</li><li>This is chiefly attributed to profit taking on STA (-2.4%), BCP (-2.2%) and MINT (-2.2%).</li><li>TRUE fell by 1.9% following a ruling by the Supreme Administrative Court to accept lawsuits filed by five consumers seeking to overturn the NBTC's decision to approve the merger between TRUEE and DTAC.</li></ul>

Yesterday, KTX's Big Cap Tactical Picks portfolio generated an average return of -1.0%, underperforming the SET (-0.6%).This is chiefly attributed to profit taking on STA (-2.4%), BCP (-2.2%) and MINT (-2.2%).TRUE fell by 1.9% following a ruling by the Supreme Administrative Court to accept lawsuits filed by five consumers seeking to overturn the NBTC's decision to approve the merger between TRUEE and DTAC.

Big Cap Tactical Picks (Eng. / March 26, 2024)

Bangkok Expressway and Metro / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515 points (10-day and 25-day EMA).</li><li>KTX has a negative outlook on the SET this week due to three key domestic factors.</li><li>We recommend contrarian investing; investors may sell to take profit first before waiting to buy back when the SET Index weakens to below 1,482 points (12M MRP at 4.15%).</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515 points (10-day and 25-day EMA).KTX has a negative outlook on the SET this week due to three key domestic factors.We recommend contrarian investing; investors may sell to take profit first before waiting to buy back when the SET Index weakens to below 1,482 points (12M MRP at 4.15%).

Thailand

True Corporation Public Company Limited is a communications conglomerate in Thailand, offering mobile, broadband internet, Wi-Fi, and pay-TV services. It also provides digital platforms and solutions, including digital content and media. The company is headquartered in Bangkok, Thailand, and was founded in 1990.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

True (TRUE TB)

3Q26E Profit to Rise on Revenue Growth and Cost Savings

We forecast TRUE's 2Q26E core profit at Bt7.3bn (+58% YoY, +5% QoQ), driven by continued mobile business growth and lower interest expenses. TRUE...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 17, 2026

The SET Index remained under pressure from rising oil prices and US bond yields. The index has fallen below the BB Bottom, while the RSI is near...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 28, 2024

Technically, the SET Index is expected to rise, with the resistance at 1,385/1,392 points (50-day EMA/75-day EMA) and the support at 1,374/1,365...

Krungthai XSpring

Big Cap Tactical Picks (Eng. / March 26, 2024)

Yesterday, KTX's Big Cap Tactical Picks portfolio generated an average return of -1.0%, underperforming the SET (-0.6%). This is chiefly...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)