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>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>The Fed’s rate cuts would encourage investors to seek higher yields in riskier markets such as Asia and Thailand (narrowing US–Thailand yield gap), which should support baht appreciation (USD weakening).</li><li>KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs of weakening in the labor market.</li><li>The rapid rise in unemployment poses a more serious risk to overall economic stability than allowing temporary cost-push inflation to persist.</li></ul>

The Fed’s rate cuts would encourage investors to seek higher yields in riskier markets such as Asia and Thailand (narrowing US–Thailand yield gap), which should support baht appreciation (USD weakening).KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs of weakening in the labor market.The rapid rise in unemployment poses a more serious risk to overall economic stability than allowing temporary cost-push inflation to persist.

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

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

<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

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)

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs...

Krungthai XSpring

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