In today’s briefing:
- Krungthai Card (KTC TB): Buying Opportunity After Margin Call
- Quiddity Leaderboard F100/F250 Sep25 Results: Methodology Change Could Result in a Surprise Addition
- Payment Companies – Introducing the Sector Scorecard
- Hybridan Small Cap Feast: 18/06/2025
- Hybridan Small Cap Feast: 19/06/2025
Krungthai Card (KTC TB): Buying Opportunity After Margin Call
- 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.
Quiddity Leaderboard F100/F250 Sep25 Results: Methodology Change Could Result in a Surprise Addition
- In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
- We see three M&A-related intra-review changes for the F250 index prior to the September 2025 review (one announced later today) and then two more shortly after the rebal event.
- Our latest estimates suggest there could be one regular change for the F250 index during the September 2025 rebalance. We do not currently see any changes for the F100.
Payment Companies – Introducing the Sector Scorecard
- We introduce our payments scorecard in this report, in which we apply weightings to our metrics of valuation, margins, EBITDA growth estimates and valuation-to-growth to deliver rankings
- We keep PagSeguro and Nexi on the buy list, both of these are in the top three in the scorecard; we add PayPal to the buys, replacing the mega-cap Visa
- We remove our sell rating on Affirm, replacing it with Kakao Pay; Kakao Pay stock has rallied hard on stablecoin speculation, but our concern is that investors under-estimate regulatory risk
Hybridan Small Cap Feast: 18/06/2025
- Ajax Resources (AQSE:AJAX) has moved from the Main Market to AQSE. Ajax is pursuing a strategy as a natural resources investment Company, with a focus on Copper, Gold, Zinc, Uranium, and Lead.
- The Company completed its first acquisition on 21 May 2025, the purchase of Puna Metals S.A., holding the mining rights for 12 licences, collectively forming the Eureka Gold and Copper project in the north-west corner of the Province of Jujuy in Argentina.
- Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
Hybridan Small Cap Feast: 19/06/2025
- Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
- A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
- The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.
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