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>The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).</li><li>External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight's meeting between the US and Ukraine if Ukraine agrees to Russia's proposal, contrary to market expectations.</li><li>Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.</li></ul>

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight's meeting between the US and Ukraine if Ukraine agrees to Russia's proposal, contrary to market expectations.Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

<ul><li>The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA), pressured by sell-on-fact sentiment following the announcement of Thailand's new US reciprocal tariff rate at 19%, which was in line with market expectations and had already been priced in.</li><li>However, we recommend accumulating on weakness, as the downside for the SET Index appears limited due to a declining risk premium outlook, which supports upward revisions to this year's export and economic forecasts – benefiting listed companies' earnings, particularly in the export sector.</li><li>Overall, we view this as slightly negative for the market in the short term, as Thailand's tariff rate is now on par with peers and the recent share price rally has already priced in some optimism.</li></ul>

The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA), pressured by sell-on-fact sentiment following the announcement of Thailand's new US reciprocal tariff rate at 19%, which was in line with market expectations and had already been priced in.However, we recommend accumulating on weakness, as the downside for the SET Index appears limited due to a declining risk premium outlook, which supports upward revisions to this year's export and economic forecasts – benefiting listed companies' earnings, particularly in the export sector.Overall, we view this as slightly negative for the market in the short term, as Thailand's tariff rate is now on par with peers and the recent share price rally has already priced in some optimism.

Market May Experience Short-Term Volatility, But There Is Potential for a Continued Upward Trend in the Near Term

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>UnitedHealth Group's first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.</li><li>The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

UnitedHealth Group's first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>Much of UnitedHealth’s business is just freeriding the US healthcare system.</li><li>To some extent it could even be called parasitic. 40% of its revenues come from government programs.</li><li>The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.</li></ul>

Much of UnitedHealth’s business is just freeriding the US healthcare system.To some extent it could even be called parasitic. 40% of its revenues come from government programs.The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.

<ul><li>UnitedHealth Group's fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.</li><li>Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company's projections.</li><li>Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.</li></ul>

UnitedHealth Group's fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company's projections.Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.

UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!

United States

UnitedHealth Group Incorporated owns and manages organized health systems. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth serves customers worldwide.

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UnitedHealth Group (UNH UN)

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points...

Krungthai XSpring

Market May Experience Short-Term Volatility, But There Is Potential for a Continued Upward Trend in the Near Term

The SET Index is expected to be volatile today, with the support at 1,231/1,221 points and the resistance at 1,245/1,251 points 50-week EMA),...

Krungthai XSpring

UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?

UnitedHealth Group's first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward...

Baptista Research

I'd Stay Far Away from UnitedHealth.

Much of UnitedHealth’s business is just freeriding the US healthcare system. To some extent it could even be called parasitic. 40% of its revenues...

Fallacy Alarm

UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!

UnitedHealth Group's fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite...

Baptista Research

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