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>The Ministry of Finance is moving ahead with the establishment of “AMC Ua-Arthorn” as part of the government’s Quick Big Win initiatives to help individual borrowers escape the debt cycle.</li><li>The program focuses on assisting vulnerable, unsecured borrowers with debt not exceeding Bt100,000 through a semi-social AMC framework.</li><li>The scheme will utilize Bt10bn from the Financial Institutions Development Fund (FIDF), remaining from the “You Fight We Help” program—Bt7bn allocated for debt purchases and Bt3bn for management expenses.</li></ul>

The Ministry of Finance is moving ahead with the establishment of “AMC Ua-Arthorn” as part of the government’s Quick Big Win initiatives to help individual borrowers escape the debt cycle.The program focuses on assisting vulnerable, unsecured borrowers with debt not exceeding Bt100,000 through a semi-social AMC framework.The scheme will utilize Bt10bn from the Financial Institutions Development Fund (FIDF), remaining from the “You Fight We Help” program—Bt7bn allocated for debt purchases and Bt3bn for management expenses.

Banking: “AMC Ua-Arthorn”: A Proactive Measure To Ease Household Debt - Neutral

<ul><li>We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.</li><li>Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 2, 2025 (Eng.)

Equity Bottom-Up

<ul><li>BTG announced a share buyback of up to 85mn shares (4.39% of total shares) with a maximum budget of Bt2bn.</li><li>KTX projects that by year-end 2025, BTG will report a net D/E ratio of 0.6x, cash on hand of Bt3.9bn, CFO of Bt12.7bn, and FCF of Bt6.2bn.</li><li>The share buyback is expected to enhance per-share performance (e.g., EPS and DPS) and fair value by around 4% in 2026E.</li></ul>

BTG announced a share buyback of up to 85mn shares (4.39% of total shares) with a maximum budget of Bt2bn.KTX projects that by year-end 2025, BTG will report a net D/E ratio of 0.6x, cash on hand of Bt3.9bn, CFO of Bt12.7bn, and FCF of Bt6.2bn.The share buyback is expected to enhance per-share performance (e.g., EPS and DPS) and fair value by around 4% in 2026E.

BETAGRO (BTG): Share Buyback Program of Up to Bt2bn During Sep 29, 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a>, <a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> IPOs</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - EcoPro Materials (ECO123 KS), Cainiao Smart Logistics (1437124D HK), VNG (VinaGame) (VNG US) IPOs
Event-Driven developments - Eoflow (294090 KS), Azure Minerals (AZS AU), Pact Group Holdings (PGH AU), Symbio Holdings (SYM AU), Haitong International Securities Group (665 HK), Hollysys Automation Technologies (HOLI US). 


Weekly Deals Digest (29 Oct) - Eoflow, Haitong Intl, Hollysys, Azure, Symbio, EcoPro, Cainiao

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>, <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a>, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>.       </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Kokusai Electric (6525 JP), EcoPro Materials (ECO123 KS), Seoul Guarantee Insurance (031210 KS), Cainiao Smart Logistics (1437124D HK), J&amp;T Global Express (1936374D CH) IPOs.
Event-Driven developments - Eoflow (294090 KS), Nws Holdings (659 HK), Origin Energy (ORG AU), Liontown Resources (LTR AU), Estia Health (EHE AU), Pact Group Holdings (PGH AU).       


Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

United States

VNG Limited operates a digital infrastructure and technology platform. The Company offers products mobile games, communications and media, fintech, and cloud-based platforms. VNG serves customers worldwide.

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VNG (VNG US)

Banking: “AMC Ua-Arthorn”: A Proactive Measure To Ease Household Debt - Neutral

The Ministry of Finance is moving ahead with the establishment of “AMC Ua-Arthorn” as part of the government’s Quick Big Win initiatives to help...

Krungthai XSpring

KTX Tactical Picks - October 2, 2025 (Eng.)

Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose...

Krungthai XSpring

Weekly Deals Digest (29 Oct) - Eoflow, Haitong Intl, Hollysys, Azure, Symbio, EcoPro, Cainiao

Last week, notable developments occurred in Event-Driven (Eoflow, Haitong Intl, Azure Minerals, Pact Group, Symbio, Hollysys) and ECM (EcoPro...

Arun George

Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

Last week, notable developments occurred in Event-Driven (Eoflow, NWS, Liontown, Origin, Estia, Pact, Healius, Newcrest) and ECM (Kokusai, J&T,...

Arun George

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