Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
Integrated Financial Services Model with Digital Asset Focus: <a href="https://smartkarma.com/entities/xspring-capital-pcl">XSpring Capital</a> is strategically positioning itself as a fully integrated financial services provider, bridging traditional finance with the high-growth digital asset sector. Its diverse business segments, including securities brokerage, asset management, investment banking, and a dedicated digital asset unit, create a robust ecosystem to capture opportunities across the financial spectrum.</li>
 <li>
Aggressive Growth Trajectory and Turnaround: The company has demonstrated a remarkable financial turnaround, shifting from a significant net loss in 2022 to strong profitability in 2023 and 2024. Management has set ambitious growth targets, aiming for a 20% revenue increase in 2025, driven by expansion in its lending portfolio and new digital token offerings.</li>
 <li>
High-Risk, High-Reward Profile with Cash Flow Concerns: Despite impressive revenue and profit growth, the company's operating and free cash flows have been extremely volatile and frequently negative. This, combined with the inherent volatility of the digital asset market and evolving regulations, presents a high-risk profile for investors, warranting a high uncertainty rating.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Integrated Financial Services Model with Digital Asset Focus: XSpring Capital is strategically positioning itself as a fully integrated financial services provider, bridging traditional finance with the high-growth digital asset sector. Its diverse business segments, including securities brokerage, asset management, investment banking, and a dedicated digital asset unit, create a robust ecosystem to capture opportunities across the financial spectrum.
  
Aggressive Growth Trajectory and Turnaround: The company has demonstrated a remarkable financial turnaround, shifting from a significant net loss in 2022 to strong profitability in 2023 and 2024. Management has set ambitious growth targets, aiming for a 20% revenue increase in 2025, driven by expansion in its lending portfolio and new digital token offerings.
  
High-Risk, High-Reward Profile with Cash Flow Concerns: Despite impressive revenue and profit growth, the company's operating and free cash flows have been extremely volatile and frequently negative. This, combined with the inherent volatility of the digital asset market and evolving regulations, presents a high-risk profile for investors, warranting a high uncertainty rating.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: XSpring Capital (XPG TB) - Nov 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Mongkol Prakitchaiwattana is the second largest shareholder in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, behind <a href="https://www.smartkarma.com/entities/krung-thai-bank-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:298:1" rel="noopener">Krung Thai Bank Pub (KTB TB)</a>.</li>
<li>He also holds stakes in <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring Capital (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC World Public (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a>.
</li>
<li>All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls. </li>
</ul>


Mongkol Prakitchaiwattana is the second largest shareholder in Krungthai Card (KTC TB), behind Krung Thai Bank Pub (KTB TB).
He also holds stakes in XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB).

All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls. 


Krungthai Card (KTC TB): Buying Opportunity After Margin Call

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.

<ul><li>The company’s Board of Directors has approved a share repurchase program with a total budget of up to Bt3.8bn over a three-year period (starting late 2025–28).</li><li>We view the share buyback program positively.</li><li>We maintain our Buy rating (FV Bt43.00), supported by a resilient and well-diversified business portfolio.</li></ul>

The company’s Board of Directors has approved a share repurchase program with a total budget of up to Bt3.8bn over a three-year period (starting late 2025–28).We view the share buyback program positively.We maintain our Buy rating (FV Bt43.00), supported by a resilient and well-diversified business portfolio.

Bangchak Corporation Plc.: Announcement of a Three-Year Share Repurchase Program

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

<ul>
<li>As first discussed back in May (see <a href="https://skr.ma/LAfHm" target="_blank" rel="noopener">here</a>), shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice.</li>
<li>Pledging in those shares - in what I call the Prakitchaiwattana Complex - have been static, to down, in the month of October.</li>
<li>Recent big-ish moves were seen in <a href="https://www.smartkarma.com/entities/siam-city-cement-pcl" target="_blank" data-smartkarma-citation="entities:346:1" rel="noopener">Siam City Cement (SCCC TB)</a> (up), <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway and Metro (BEM TB)</a> (up); <a href="https://www.smartkarma.com/entities/nakhonluang-capital-pcl" target="_blank" data-smartkarma-citation="entities:26954:1" rel="noopener">Next Capital (NCAP TB)</a> (down) and <a href="https://www.smartkarma.com/entities/banpu-public-co-ltd" target="_blank" data-smartkarma-citation="entities:15363:1" rel="noopener">Banpu Public (BANPU TB)</a> (down).</li>
</ul>


As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
Pledging in those shares - in what I call the Prakitchaiwattana Complex - have been static, to down, in the month of October.
Recent big-ish moves were seen in Siam City Cement (SCCC TB) (up), Bangkok Expressway and Metro (BEM TB) (up); Next Capital (NCAP TB) (down) and Banpu Public (BANPU TB) (down).


Thailand

Xspring Capital PCL operates as an investment management company. The Company provides financial and investment services including securities brokerage, investment advisory, and underwriting. Xspring Capital serves clients in Thailand.

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XSpring Capital (XPG TB)

Primer: XSpring Capital (XPG TB) - Nov 2025

Integrated Financial Services Model with Digital Asset Focus: XSpring Capital is strategically positioning itself as a fully integrated...

αSK

Krungthai Card (KTC TB): Buying Opportunity After Margin Call

Buy Krungthai Card (KTC TB). Then buy some more. Shares are liquid. XSpring Capital (XPG TB) and BEC World Public (BEC TB) are clear buys, but both...

David Blennerhassett

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Thai Pledged Shares In October 2025

This insight is primarily about pledged tables. Recent big-ish moves were seen in Siam City Cement (up), Bangkok Expressway and Metro (up); Next...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: XSpring Capital (XPG TB) - Nov 2025

Integrated Financial Services Model with Digital Asset Focus: XSpring Capital is strategically positioning itself as a fully integrated...

αSK

Krungthai Card (KTC TB): Buying Opportunity After Margin Call

Buy Krungthai Card (KTC TB). Then buy some more. Shares are liquid. XSpring Capital (XPG TB) and BEC World Public (BEC TB) are clear buys, but both...

David Blennerhassett

Bangchak Corporation Plc.: Announcement of a Three-Year Share Repurchase Program

The company’s Board of Directors has approved a share repurchase program with a total budget of up to Bt3.8bn over a three-year period (starting...

Krungthai XSpring

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Thai Pledged Shares In October 2025

This insight is primarily about pledged tables. Recent big-ish moves were seen in Siam City Cement (up), Bangkok Expressway and Metro (up); Next...

David Blennerhassett