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>Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.</li><li>The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.</li><li>We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.</li></ul>

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.

Krungthai XSpring Zoom Eng. July 23, 2026

<ul><li>TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.</li><li>We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.</li><li>The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.</li></ul>

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.

Krungthai XSpring Zoom Eng. July 21, 2026

<ul><li>Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.</li><li>Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.</li><li>We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.</li></ul>

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">
<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-macro-watch-august-the-new-tech-wars-chinese-flood" target="_blank" data-smartkarma-citation="insights:42012" rel="noopener">Thai Macro Watch (August): The New Tech Wars, Chinese Flood</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> five global events and their impact on Thai equities.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ace-hardware-indonesia-aces-ij-building-a-road-to-recovery" target="_blank" data-smartkarma-citation="insights:42520" rel="noopener">Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's leading retailers after a call with management.</p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-the-landed-logistics-player" target="_blank" data-smartkarma-citation="insights:42569" rel="noopener">AKR Corporindo (AKRA IJ) - The Landed Logistics Player,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. </p><p>In <a href="https://www.smartkarma.com/insights/sats-from-serving-22-5m-pax-in-1q20-to-serving-200k-pax-in-1q21-houston-we-have-a-problem" target="_blank" data-smartkarma-citation="insights:42488" rel="noopener">SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem.</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits Singapore airport maintenance leader post its recent numbers. </p><p>In <a href="https://www.smartkarma.com/insights/permata-bank-mandatory-takeover-launched-finally" target="_blank" data-smartkarma-citation="insights:42577" rel="noopener">Permata Bank Mandatory Takeover Launched. Finally.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits the <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata (BNLI IJ)</a> deal as it enters its final stage.</p><p>In <a href="https://www.smartkarma.com/insights/sprime-good-point-of-entry-singha-connection-could-add-further-upside" target="_blank" data-smartkarma-citation="insights:42589" rel="noopener">SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/aimirt-good-growth-outlook-but-already-priced-in" target="_blank" data-smartkarma-citation="insights:42639" rel="noopener">AIMIRT: Good Growth Outlook, but Already Priced In</a> initiates coverage on <a href="https://www.smartkarma.com/entities/aim-industrial-growth-freehold-and-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:29180:1" rel="noopener">AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB)</a> with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-cost-savings-and-government-stimulus-to-drive-profit" target="_blank" data-smartkarma-citation="insights:42628" rel="noopener">TEAMG: Cost-Savings and Government Stimulus to Drive Profit,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/team-consulting-engineering-and-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering and Management (TEAMG TB)</a> and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/sisb-good-entry-point-for-investment-in-private-schools" target="_blank" data-smartkarma-citation="insights:42632" rel="noopener">SISB: Good Entry Point for Investment in Private Schools,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.</p><p>In <a href="https://www.smartkarma.com/insights/sflex-staying-behind-key-players-in-the-market" target="_blank" data-smartkarma-citation="insights:42679" rel="noopener">SFLEX: Staying Behind Key Players in the Market,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/starflex-pcl" target="_blank" data-smartkarma-citation="entities:29172:1" rel="noopener">Starflex PCL (SFLEX TB)</a> with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/boffice-asset-expansion-motivates-the-upside" target="_blank" data-smartkarma-citation="insights:42678" rel="noopener">BOFFICE: Asset Expansion Motivates the Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/bhiraj-office-leasehold-reit" target="_blank" data-smartkarma-citation="entities:29173:1" rel="noopener">Bhiraj Office Leasehold REIT (BOFFICE TB)</a> with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/all-valuation-remains-undemanding-expect-further-upside" target="_blank" data-smartkarma-citation="insights:42635" rel="noopener">ALL: Valuation Remains Undemanding, Expect Further Upside</a>, <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/all-inspire-development-pcl" target="_blank" data-smartkarma-citation="entities:29177:1" rel="noopener">All Inspire Development PCL (ALL TB),</a> where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/m-rapid-sssg-recovery-with-potential-growth-from-seafood-restaurant" target="_blank" data-smartkarma-citation="insights:42578" rel="noopener">M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.</p><p>In <a href="https://www.smartkarma.com/insights/egco-positive-2h20-earnings-outlook-from-better-overseas-performance" target="_blank" data-smartkarma-citation="insights:42634" rel="noopener">EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/electricity-generating-pcl" target="_blank" data-smartkarma-citation="entities:6149:1" rel="noopener">Electricity Generating (EGCO TB)</a> after the company's positive analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/wice-expect-earnings-to-continue-growing-yoy-in-2h20" target="_blank" data-smartkarma-citation="insights:42537" rel="noopener">WICE: Expect Earnings to Continue Growing YoY in 2H20,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/wice-logistics-pcl" target="_blank" data-smartkarma-citation="entities:26172:1" rel="noopener">Wice Logistics (WICE TB)</a> after going to the company's analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/hana-covid-19-impact-has-passed" target="_blank" data-smartkarma-citation="insights:42575" rel="noopener">HANA: Covid-19 Impact Has Passed,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits one of Thailand's leading electronics manufacturing services companies. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-most-to-recover" target="_blank" data-smartkarma-citation="insights:42493" rel="noopener">Indonesia Banks – Most To Recover?,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zooms in on the potential recovery to come for Indonesian Banks. </p><div><div><div id="ember9100"><div><section><div id="ember9112"><div><p>In <a href="https://www.smartkarma.com/insights/asia-banks-oversized-dividends" target="_blank" data-smartkarma-citation="insights:42535" rel="noopener">Asia Banks – Oversized Dividends,</a><a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on dividend payments for Asian banks during the pandemic period. </p></div></div></section></div></div></div></div><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-pondering-pricing-on-a-promised-new-issue" target="_blank" data-smartkarma-citation="insights:42524" rel="noopener">Bank Rakyat Indonesia: Pondering Pricing on a Promised New Issue</a><a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> takes a look at the proposed US$1bn bond issue from <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> and finds it appealing. <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> could price a potential five-year senior unsecured </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn Thai Macro Watch (August): The New Tech Wars, Chinese Flood, our Thai guru Athaporn Arayasantiparb, CFA five global events and their impact on Thai equities.Equity Bottom-Up InsightsIn Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading retailers after a call with management.In AKR Corporindo (AKRA IJ) - The Landed Logistics Player,Angus Mackintosh revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. In SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem. CrossASEAN Insight Provider Nicolas Van Broekhoven revisits Singapore airport maintenance leader post its recent numbers. In Permata Bank Mandatory Takeover Launched. Finally.Travis Lundy revisits the Bank Permata (BNLI IJ) deal as it enters its final stage.In SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. In AIMIRT: Good Growth Outlook, but Already Priced In initiates coverage on AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB) with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. In TEAMG: Cost-Savings and Government Stimulus to Drive Profit,Dr Andrew Stotz, CFA revisits TEAM Consulting Engineering and Management (TEAMG TB) and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. In SISB: Good Entry Point for Investment in Private Schools,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.In SFLEX: Staying Behind Key Players in the Market,Dr Andrew Stotz, CFA initiates coverage on Starflex PCL (SFLEX TB) with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. In BOFFICE: Asset Expansion Motivates the Upside,Dr Andrew Stotz, CFA initiates coverage on Bhiraj Office Leasehold REIT (BOFFICE TB) with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. In ALL: Valuation Remains Undemanding, Expect Further Upside, Dr Andrew Stotz, CFA revisits All Inspire Development PCL (ALL TB), where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. In M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant, our friends at Country Group circle back to MK Restaurants Group (M TB) after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.In EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,Country Group revisit Electricity Generating (EGCO TB) after the company's positive analyst briefing. In WICE: Expect Earnings to Continue Growing YoY in 2H20,Country Group circle back to Wice Logistics (WICE TB) after going to the company's analyst briefing. In HANA: Covid-19 Impact Has Passed,Country Group revisits one of Thailand's leading electronics manufacturing services companies. Sector and Thematic InsightsIn Indonesia Banks – Most To Recover?, banking specialist Daniel Tabbush zooms in on the potential recovery to come for Indonesian Banks. In Asia Banks – Oversized Dividends,Daniel Tabbush zeros in on dividend payments for Asian banks during the pandemic period. Credit InsightsIn Bank Rakyat Indonesia: Pondering Pricing on a Promised New IssueHank Calenti, CFA takes a look at the proposed US$1bn bond issue from Bank Rakyat Indonesia Persero (BBRI IJ) and finds it appealing. Bank Rakyat Indonesia Persero (BBRI IJ) could price a potential five-year senior unsecured 

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

Thematic (Sector/Industry)

This week's offering of 31 Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please see below for a brief summary of this week's published insights. Please scroll to the detail section for a fuller account.Macro InsightsIn Indonesia: Terrorism Is Back, Manu Bhaskaran analyses the consequences and forces behind the recent terrorist attacks in Indonesia.  In The Role of Investigative Journalism in Malaysia’s Surprise Elections, Charles De Trenck analyses that role that foreign investigative journalism had in the surprise result in the recent Malaysian election.In Don’t Write off the Economy Just Yet, Nicholas Chia analyses the recent Indonesian 1Q18 GDP numbers and despite the relatively sluggish number, he finds the quality of growth improving. In Asian Economic Trends - Monetary Policy, Nicholas Chia analyses recent monetary policy in light of the changing global environment. In The Philippines: In Great Shape, but What Can Go Wrong?, insight provider Manu Bhaskaran highlights that the Philippines economy clocked another impressive quarter of growth in 1Q18 with President Duterte’s infrastructure push giving a fillip to potential growth.In Hold Your Horses, Too Much Irrational Exuberance Post-Election As Anwar Is Released, Manu Bhaskaran notes that there is a mood of near-euphoria among Malaysians and many others following the victory of the reformist movement led by Pakatan Harapan in the country’s 14th general election (GE14). But, as the dust starts to settle after the election, he looks at three themes that continue to reverberate in Malaysian politics – and carry a warning not to be too carried away. In Malaysia Macro: The Price of Change (And Hope), Virgil Fernandez Esguerra gives us his analysis of the result of the recent Malaysian General Election. Equity Bottom-Up InsightsIn Discover Singapore: UG Healthcare; in Blue-Sky Scenario Trading at Only 3.8x 2020 PE, Nicolas Van Broekhoven looks at Malaysian rubber glove manufacturer Ug Healthcare Corp Ltd (UGHC SP), where he sees a potentially huge upside.In INKP: Tight Supply and Good Demand Should Remain, Dr. Andrew Stotz, CFA  works his magic on Indah Kiat Pulp &amp; Paper Tbk (INKP IJ) and takes a positive view. In Starhub's Mobile &amp; PayTV Businesses Struggling. Gains from Enterprise Services the Bright Spot. our friends at New Street Research take a look at Singapore listed Starhub Ltd (STH SP) post its 1Q18 results. In Singapore Airlines (SIA SP) Beats Consensus for FY18. Current Year Will Be Tougher., Alan Greene zeros in on Singapore Airlines Ltd (SIA SP)  post its FY18 results (Year-end March. In FNH: Resolving Bottlenecks and Riding a Sweet Trend, Dr. Andrew Stotz, CFA takes a good look at Dairy products and soft drinks player Fraser &amp; Neave Holdings Bhd (FNH MK). In Link Net - When a Seller Is Not a Seller, former Jakartan Angus Mackintosh writes in Link Net Tbk Pt (LINK IJ) following a recent placement by Lippo Group and a conversation with management. In Sea Ltd: Is Shopee Turning the Corner? Insight provider Johannes Salim, CFA writes on US-listed Sea Ltd (SE US) and gives his views on a potential turnaround in the offing post a conference call with management. In CapitaLand Commercial Trust Placement - Stepping Out of Its Comfort Zone, Marginal DPU Accretion, our own Sumeet Singh writes on Capitaland Commercial Trust (CCT SP) post its announced capital raising to make an acquisition in Germany. In AIS Growth Continues to Improve on Rising Video Demand, but Risk from Spectrum Auction Is High, our friends at New Street Research write on Advanced Info Service Pcl (ADVANC TB) and continue to favour the stock.In First Singapore REIT Merger - Viva Industrial and ESR-REIT To Merge, Travis Lundy writes on Singapore's first REIT merger. In DLG: Signed MoU for Phase 3 of Deepwater Terminal, Dr. Andrew Stotz, CFA zeros in on Dialog Group Bhd (DLG MK), which offers integrated technical services for the upstream and downstream sectors of the global oil, gas, and petrochemical industries. In BEAUTY: Gorgeous Growth and Pretty Profitability Dr. Andrew Stotz, CFA  writes on leading cosmetics player Beauty Community Pcl (BEAUTY TB) in Thailand, where he takes a positive view. In CSSC: Supplying the World’s Top Tire Makers, Dr. Andrew Stotz, CFA works his magic on China Sunsine Chemical Holdings Ltd. (CSSC SP)  and takes a positive view on valuations.In Grab's Growing Pains, our Thai guru Athaporn Arayasantiparb, CFA writes in the very different state of play for Grab in Thailand, where its future may be a lot more uncertain than in the other ASEAN markets in which it operates.In WICE: Fall in Margin and Rising in SG&amp;A Caused YoY Earnings Drop, Country Group look at WICE Logistics PCL (WICE TB) post some disappointing 1Q18 results. In TWPC: 1Q18 to Be the Bottom of the Year, Country Group writes on starch maker  Thai Wah Public Company Limited (TWPC TB) post its 1Q18 results, which came in under par. In PM: 1Q18 Earnings Trimmed Due to a Surge in SG&amp;A and a Fall in Margins, Country Group report back on Premier Marketing Pcl (PM TB) post 1Q18 results.  In ARROW: 1Q18 Is the Lowest in Twelve Quarters and Ready to Turnaround, Country Group analyses 1Q18 results from the Arrow Syndicate Pcl (ARROW TB), which were disappointing.Country Group writes on more 1Q18 results in Thailand in the following Insights: 1) APURE: Delay on the Shipment to Customers in the First Two Months. 2) FTE: Disappointing Performance in 1Q18.  3) PK: Falling Profit Due to High Operating Leverage.  4) INOX: Strong 1Q18 Result with Solid Outlook.  5) CCET: Fall in Sales and Margins Entailed the First Loss in Five Years .6) BR: Disappointing 1Q18 but Long Term View Still IntactSector and Thematic InsightsIn his banking insight Asian Banks – Margin Disparity Favors Asean, Daniel Tabbush writes on the subject on Net Interest Margins, where ASEAN banks steal the show. In a regular series of Insights, Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Apr'18, Lloyd Moffatt notably in this edition highlights some very interesting insider buying across his small universe in Asia. In What to Buy in Malaysia as the Market Reopens, Prasenjit K. Basu highlights his top picks in Malaysia post the recent general election. He would recommend being Overweight Malaysia, using any sell-off as a buying opportunity. In Asia Frontier Capital Travel Report: Laos, Scott Osheroff reveals his insights after a trip to Laos in April in order to meet with companies and an official of the local stock market regulator. In Singapore Primary Home Sales Inched up 2% in April 2018, Vivienne Zhou Jinmiao looks at the recent primary home sales in Singapore. In Singapore Property - Collective Sale Activities Hint At A Shift in Landbanking Strategy, Royston Foo notes that the collective sale market in Singapore continues to perform strongly. In Singapore Property - Muted Share Price Reaction to Collective Sales. What Could Be the Next Driver?, property insight provider Royston Foo highlights that since the beginning of this current collective sale cycle in 1H 2017, developers have spent a total of S$16.4 bn replenishing their land bank. In Sector Capsule: Fast Food in the Philippines, our friends at Euromonitor International Ltd. take a bird's eye view of the fast food industry in the Philippines. In Sector Capsule: Fast Food in Thailand, Euromonitor International Ltd. takes a top-down view of the fast food industry in Thailand. In Mid-Year Thai Strategy Review (2018), Athaporn Arayasantiparb, CFA  suggests that since we are now roughly half-year through 2018, we thought it was a good time to highlight the key adjustments and reiteration of those themes laid out at the start of the year.In Indonesia Property - Harnessing the E-Commerce Boom in Indonesia, former Jakartan Angus Mackintosh reports back after attending the 2018 Jones Lang Lasalle Indonesia Real Estate Forum in Jakarta. The central focus of the conference and panels was on how e-commerce is driving the take-up and makeup of office space in Jakarta. 

The Week that Was in ASEAN@Smartkarma - Discover Sing, Beauty, and the Indonesian E-Commerce Boom

Thailand

WICE Logistics Public Company Limited is an international logistics service and solutions provider, specializing in worldwide freight management, including sea, air, and cross-border road-rail services. The company also offers customs clearance, domestic transportation, warehousing, and distribution hubs. It was founded in 1993 and is headquartered in Bangkok, Thailand.

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

WICE Logistics (WICE TB)

Krungthai XSpring Zoom Eng. July 23, 2026

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 21, 2026

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report. We upgrade AMATA to...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 8, 2026

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports...

Krungthai XSpring

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Discover Sing, Beauty, and the Indonesian E-Commerce Boom

This week's offering of 31 Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)