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

Com7 Public Company Limited operates a chain of retail outlets that imports, retails, and distributes computers and IT-related products in Thailand. The Company offers products, such as smartphones, tablets, notebooks, and computer sets. Com7 also offers computer components, such as CPUs, hard drives, and network and accessories.

<ul><li>COM7’s core business remains very strong, as Thailand’s leading mobile phone retailer, with continued market share gains.</li><li>Secondary businesses such as EV taxi and UFUND are improving and support long-term growth.</li><li>We initiate coverage on COM7 with an Outperform rating and a target price of Bt25.50 (7% required return, 14x P/E).</li></ul>

COM7’s core business remains very strong, as Thailand’s leading mobile phone retailer, with continued market share gains.Secondary businesses such as EV taxi and UFUND are improving and support long-term growth.We initiate coverage on COM7 with an Outperform rating and a target price of Bt25.50 (7% required return, 14x P/E).

COM7 Plc. (COM7): A Strong Market Leader - Outperform (12M FWD Fair Value Bt25.50)

Thematic (Sector/Industry)

<ul><li>We are positive on ADVICE’s mobile business, as aggressive distribution expansion in 2026 is expected to lift its market share in Thailand to 4% by 2026, from 0.6% in 2024 (mobile revenue rising from Bt1.4bn to Bt5.7bn).</li><li>We expect ADVICE’s 2025 net profit to rise 21% YoY to Bt274mn on strong revenue growth and margin expansion, with 4Q25 profit of Bt76mn (+44% YoY, +5% QoQ) driven by iPhone 17 sales and the high season.</li><li>We expect ADVICE to post the strongest 2026 earnings growth among IT retailers, while trading at just 9.6x P/E, below the IT sector (~12x) and retail average (~13.5x).</li></ul>

We are positive on ADVICE’s mobile business, as aggressive distribution expansion in 2026 is expected to lift its market share in Thailand to 4% by 2026, from 0.6% in 2024 (mobile revenue rising from Bt1.4bn to Bt5.7bn).We expect ADVICE’s 2025 net profit to rise 21% YoY to Bt274mn on strong revenue growth and margin expansion, with 4Q25 profit of Bt76mn (+44% YoY, +5% QoQ) driven by iPhone 17 sales and the high season.We expect ADVICE to post the strongest 2026 earnings growth among IT retailers, while trading at just 9.6x P/E, below the IT sector (~12x) and retail average (~13.5x).

ADVICE IT INFINITE Plc. (ADVICE): Cheapest With The Strongest Growth Potential

<ul><li>The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors.</li><li>We rate the IT retail sector Overweight, with ADVICE as our top pick at a target price of Bt6.50.</li><li>Despite economic challenges, mobile phones remain essential to daily life, supporting sector resilience.</li></ul>

The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors.We rate the IT retail sector Overweight, with ADVICE as our top pick at a target price of Bt6.50.Despite economic challenges, mobile phones remain essential to daily life, supporting sector resilience.

Commerce IT: Low Valuations, Solid Growth Outlook - Overweight

<ul><li>The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.</li><li>Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.</li><li>Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.</li></ul>

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

<ul><li>Today, the SET Index is trading in a sideways-up pattern, with resistance at 1,260/1,270 points and support at 1,250/1,235 points.</li><li>US equities rebounded (S&amp;P 500 +0.79%, NASDAQ +1.38%), led by a recovery in technology stocks, after US November inflation came in below expectations.</li><li>Yesterday, banking stocks rose 2.64%, while finance stocks fell 3.54% and retail stocks declined 2.06%.</li></ul>

Today, the SET Index is trading in a sideways-up pattern, with resistance at 1,260/1,270 points and support at 1,250/1,235 points.US equities rebounded (S&amp;P 500 +0.79%, NASDAQ +1.38%), led by a recovery in technology stocks, after US November inflation came in below expectations.Yesterday, banking stocks rose 2.64%, while finance stocks fell 3.54% and retail stocks declined 2.06%.

Krungthai XSpring Zoom Eng. December 19, 2025

Krungthai XSpring
A full service Thai brokerage

COM7 Plc. (COM7): A Strong Market Leader - Outperform (12M FWD Fair Value Bt25.50)

COM7’s core business remains very strong, as Thailand’s leading mobile phone retailer, with continued market share gains.Secondary businesses such...

Krungthai XSpring

ADVICE IT INFINITE Plc. (ADVICE): Cheapest With The Strongest Growth Potential

We expect ADVICE to post the strongest 2026 earnings growth among IT retailers, while trading at just 9.6x P/E, below the IT sector (~12x) and...

Krungthai XSpring

Commerce IT: Low Valuations, Solid Growth Outlook - Overweight

The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors. We rate the IT retail sector...

Krungthai XSpring

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 19, 2025

Today, the SET Index is trading in a sideways-up pattern, with resistance at 1,260/1,270 points and support at 1,250/1,235 points.

Krungthai XSpring