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

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul><li>There is a boom in Bangkok, yet again.</li><li>This tends to be positive for banks.</li><li>It creates loan demand, both by developers and also companies making and selling products for construction.It also supports mortgage lending and collateral values behind loans.</li><li>A benign credit cycle, high provisions and reasonable margins is reason enough to be positive on Thai banks. Additionally is the current construction boom.</li><li>But the warning and focus of this note is that not all banks are created equal. And it may be surprising, that some of Thailand&rsquo;s newest banks are showing trends completely at odds with mainstream banks. </li><li>It pays to differentiate, even in a boom</li></ul>

There is a boom in Bangkok, yet again.This tends to be positive for banks.It creates loan demand, both by developers and also companies making and selling products for construction.It also supports mortgage lending and collateral values behind loans.A benign credit cycle, high provisions and reasonable margins is reason enough to be positive on Thai banks. Additionally is the current construction boom.But the warning and focus of this note is that not all banks are created equal. And it may be surprising, that some of Thailand&rsquo;s newest banks are showing trends completely at odds with mainstream banks. It pays to differentiate, even in a boom

Thailand: Despite Boom, Small Banks are Dull. Big Banks are Irresistible.

<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

Thailand

XSpring Capital Public Company Limited is a Thailand-based financial services firm that invests in diverse businesses both domestically and internationally. It operates through five segments: Securities, Fund Asset Management, Digital Assets, Asset Management, and Investment and Other, offering services like securities brokerage, digital asset dealing, and wealth management. The company was founded in 1974 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

XSpring Capital (XPG TB)

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

Five Big Ideas for the Next Five Years

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that...

Athaporn Arayasantiparb, CFA

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

Thailand: Despite Boom, Small Banks are Dull. Big Banks are Irresistible.

There is a boom in Bangkok, yet again. This tends to be positive for banks. It creates loan demand, both by developers and also companies making...

Daniel Tabbush

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)