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>3Q25E core profit is expected to weaken YoY and QoQ due to lower GPM in the IE business.</li><li>We roll forward to a 2026E FV of Bt3.64, based on a 6.9% required return and new assumptions of Rf 1.04% and MRP 5.81% (vs Bt3.78/7.0%/1.45%/5.26% previously).</li><li>We upgrade to Buy (from Outperform) as the 8% MTD share price drop lifts upside to 12%, while downside risk remains limited from a technical perspective.</li></ul>

3Q25E core profit is expected to weaken YoY and QoQ due to lower GPM in the IE business.We roll forward to a 2026E FV of Bt3.64, based on a 6.9% required return and new assumptions of Rf 1.04% and MRP 5.81% (vs Bt3.78/7.0%/1.45%/5.26% previously).We upgrade to Buy (from Outperform) as the 8% MTD share price drop lifts upside to 12%, while downside risk remains limited from a technical perspective.

WHA CORPORATION Plc. (WHA): IE GPM Decline Pressures 3Q25E Profit...

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to face limited pressure today, with support at 1,431/1,418 points and resistance at 1,450/1,467 points.</li><li>We expect the Thai equity market to place greater emphasis on domestic political developments, particularly the progress in the prime minister selection process.</li><li>KTX maintains our view that GULF is the top pick in the power sector, supported by its low-risk power portfolio (94% of capacity sold to EGAT, with fuel cost pass-through).</li></ul>

The SET Index is expected to face limited pressure today, with support at 1,431/1,418 points and resistance at 1,450/1,467 points.We expect the Thai equity market to place greater emphasis on domestic political developments, particularly the progress in the prime minister selection process.KTX maintains our view that GULF is the top pick in the power sector, supported by its low-risk power portfolio (94% of capacity sold to EGAT, with fuel cost pass-through).

Krungthai XSpring Zoom Eng. March 19, 2026

<ul><li>The SET Index is expected to rebound today, though upside may remain limited.</li><li>The Thai stock market fell 4.33 points, or -0.31%, yesterday to close at 1,405.02.</li><li>Ms. Suphajee Suthumpun, Minister of Commerce, said following a meeting on measures to address rising energy prices that the ministry will propose cost-of-living relief measures to support the public.</li></ul>

The SET Index is expected to rebound today, though upside may remain limited.The Thai stock market fell 4.33 points, or -0.31%, yesterday to close at 1,405.02.Ms. Suphajee Suthumpun, Minister of Commerce, said following a meeting on measures to address rising energy prices that the ministry will propose cost-of-living relief measures to support the public.

Krungthai XSpring Zoom Eng. March 17, 2026

<ul><li>Risks from the conflict in Iran remain elevated, but we believe the situation may be approaching its peak and that markets have already priced in much of the negative factors.</li><li>The key turning point will likely be the upcoming FOMC meeting next week.</li><li>We recommend a selective investment strategy, focusing on defensive stocks with relatively low volatility and domestic plays supported mainly by Thailand’s domestic economic growth.</li></ul>

Risks from the conflict in Iran remain elevated, but we believe the situation may be approaching its peak and that markets have already priced in much of the negative factors.The key turning point will likely be the upcoming FOMC meeting next week.We recommend a selective investment strategy, focusing on defensive stocks with relatively low volatility and domestic plays supported mainly by Thailand’s domestic economic growth.

KTX AHEAD: Watch The FOMC Meeting: Will The Fed Prioritize Growth Or Inflation?

<ul><li>Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.</li><li>The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.</li><li>Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.</li></ul>

Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.

Krungthai XSpring Technical Eng. March 12, 2026

Thailand

WHA Corporation is a leading Thai company engaged in logistics, industrial development, utilities and power, digital services, and mobility businesses. It develops and manages industrial estates, ready-built factories and warehouses, and provides comprehensive solutions including water and wastewater management, and power generation. The company was founded in 2003 and is headquartered in Samut Prakan, Thailand.

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WHA Corporation (WHA TB)

WHA CORPORATION Plc. (WHA): IE GPM Decline Pressures 3Q25E Profit...

We roll forward to a 2026E FV of Bt3.64, based on a 6.9% required return and new assumptions of Rf 1.04% and MRP 5.81% (vs Bt3.78/7.0%/1.45%/5.26%...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 19, 2026

The SET Index is expected to face limited pressure today, with support at 1,431/1,418 points and resistance at 1,450/1,467 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 17, 2026

The SET Index is expected to rebound today, though upside may remain limited. The Thai stock market fell 4.33 points, or -0.31%, yesterday to close...

Krungthai XSpring

KTX AHEAD: Watch The FOMC Meeting: Will The Fed Prioritize Growth Or Inflation?

Risks from the conflict in Iran remain elevated, but we believe the situation may be approaching its peak and that markets have already priced in...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 12, 2026

The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop,...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

P/E

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