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>We maintain our Outperform rating with a target price of Bt71.75, based on an earnings yield of 2.3%.</li>
<li>We remain positive on the fundamentals due to the market price implying significant upside of +32% to the target price.</li>
<li>We maintain our view expecting strong long-term growth, with an FY25-27E EPS CAGR of +14%, outperforming the industry average of +8%.</li>
</ul>


We maintain our Outperform rating with a target price of Bt71.75, based on an earnings yield of 2.3%.
We remain positive on the fundamentals due to the market price implying significant upside of +32% to the target price.
We maintain our view expecting strong long-term growth, with an FY25-27E EPS CAGR of +14%, outperforming the industry average of +8%.


Airports of Thailand - 1QFY25 Earnings Slightly Lower than Expected

<ul><li>We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the 3rd runway operations.</li><li>We maintain an Outperform recommendation with a 12-month forward fair value of Bt71.75, based on an earnings yield of 2.3%.</li><li>KTXs valuation metrics indicate a Buy recommendation on the back of the fundamentals, with 27% upside from the fair value. </li></ul>

We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the 3rd runway operations.We maintain an Outperform recommendation with a 12-month forward fair value of Bt71.75, based on an earnings yield of 2.3%.KTXs valuation metrics indicate a Buy recommendation on the back of the fundamentals, with 27% upside from the fair value. 

Airports of Thailand - Expect Strong 1QFY25E Earnings Growth...

Thematic (Sector/Industry)

<ul><li>The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

<ul><li>The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.</li><li>The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.</li><li>We therefore continue to expect the index to move sideways to slightly upward.</li></ul>

The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect the index to move sideways to slightly upward.

Krungthai XSpring Technical Eng. December 15, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 12th. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Airports of Thailand, Plan B Media, Thai Life Insurance, Gulf Energy Development, Airports Of Thailand, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 12th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Airports of Thailand, Plan B Media, Thai Life Insurance, Gulf Energy Development, Airports Of Thailand, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 12th): Intouch, Airports of Thailand, Plan B Media

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Airports of Thailand - 1QFY25 Earnings Slightly Lower than Expected

We maintain our view expecting strong long-term growth, with an FY25-27E EPS CAGR of +14%, outperforming the industry average of +8%.

Krungthai XSpring

Airports of Thailand - Expect Strong 1QFY25E Earnings Growth...

We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 15, 2025

The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect...

Krungthai XSpring

Thailand Short Interest Weekly (Dec 12th): Intouch, Airports of Thailand, Plan B Media

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Airports of Thailand (AOT...

Ke Yan, CFA, FRM

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