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 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

Thematic (Sector/Industry)

<ul><li>The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s meeting.</li><li>Although the uptrend has ended and the index is weakening, the broader trend remains sideways.</li><li>We therefore recommend gradually buying near the support level.</li></ul>

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s meeting.Although the uptrend has ended and the index is weakening, the broader trend remains sideways.We therefore recommend gradually buying near the support level.

Krungthai XSpring Technical Eng. November 17, 2025

<ul><li>On Friday, SVI’s Board of Directors passed key resolutions to be proposed at the upcoming Extraordinary General Meeting of Shareholders on January 13, 2026, as follows:</li><li>To consider and approve a tender offer by Mr. Pongsak Lohthongkam, SVI’s major shareholder holding 78.17% of total shares, to purchase the remaining 21.83% of ordinary shares from minority shareholders at Bt7.50 per share.</li><li>We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking opportunity.</li></ul>

On Friday, SVI’s Board of Directors passed key resolutions to be proposed at the upcoming Extraordinary General Meeting of Shareholders on January 13, 2026, as follows:To consider and approve a tender offer by Mr. Pongsak Lohthongkam, SVI’s major shareholder holding 78.17% of total shares, to purchase the remaining 21.83% of ordinary shares from minority shareholders at Bt7.50 per share.We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking opportunity.

SVI Plc. (SVI): Major Shareholder to Launch Tender Offer at Bt7.50 for Delisting

<ul><li>No changes were made to the KTX Tactical Portfolio.</li><li>The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

No changes were made to the KTX Tactical Portfolio.The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 22, 2025 (Eng.)

<ul><li>The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new economic stimulus measures.</li><li>Recently, the index has fluctuated sharply but managed to sustain its upward momentum toward the 1,300-point level.</li><li>Therefore, we recommend buying on dips, as the index may see short-term pullbacks until trading volume strengthens.</li></ul>

The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new economic stimulus measures.Recently, the index has fluctuated sharply but managed to sustain its upward momentum toward the 1,300-point level.Therefore, we recommend buying on dips, as the index may see short-term pullbacks until trading volume strengthens.

Krungthai XSpring Technical Eng. October 21, 2025

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.

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

XSpring Capital (XPG TB)

Krungthai XSpring Technical Eng. November 17, 2025

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s...

Krungthai XSpring

SVI Plc. (SVI): Major Shareholder to Launch Tender Offer at Bt7.50 for Delisting

We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking...

Krungthai XSpring

KTX Tactical Picks - October 22, 2025 (Eng.)

The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 21, 2025

The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Krungthai XSpring Technical Eng. November 17, 2025

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s...

Krungthai XSpring

SVI Plc. (SVI): Major Shareholder to Launch Tender Offer at Bt7.50 for Delisting

We expect the share price to react positively to the tender offer, likely jumping toward the offer level of Bt7.50, presenting a profit-taking...

Krungthai XSpring

KTX Tactical Picks - October 22, 2025 (Eng.)

The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 21, 2025

The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new...

Krungthai XSpring