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 Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.</li><li>The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.</li><li>This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.</li></ul>

We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.

Advanced Info Service - Continued Earnings Momentum 1Q25E

<ul><li>We reinitiate our coverage on ADVANC with a Neutral rating.</li><li>While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.</li><li>In addition, the tactical outlook remains neutral.</li></ul>

We reinitiate our coverage on ADVANC with a Neutral rating.While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.In addition, the tactical outlook remains neutral.

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.</li><li>In the short term, there is a possibility of a correction (pullback) toward 1,116/1,105/1,093 points after a continuous rally from this year’s new low at 1,118.96 points on April 11.</li><li>This would help confirm a shift in the medium- term trend to an uptrend (bottoming out with higher lows) through a double-bottom or W-shaped pattern. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.In the short term, there is a possibility of a correction (pullback) toward 1,116/1,105/1,093 points after a continuous rally from this year’s new low at 1,118.96 points on April 11.This would help confirm a shift in the medium- term trend to an uptrend (bottoming out with higher lows) through a double-bottom or W-shaped pattern. 

<ul><li>The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.</li><li>At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.</li><li>This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.</li></ul>

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.

<ul><li>The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading atmosphere.</li><li>However, strong buying interest in blue-chip stocks, especially DELTA, boosted the SET higher for the third consecutive day.</li><li>As a result, the index recorded a 1.97% gain from the previous week.</li></ul>

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading atmosphere.However, strong buying interest in blue-chip stocks, especially DELTA, boosted the SET higher for the third consecutive day.As a result, the index recorded a 1.97% gain from the previous week.

Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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Advanced Info Service (ADVANC TB)

Advanced Info Service - Continued Earnings Momentum 1Q25E

The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta...

Krungthai XSpring

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth...

Krungthai XSpring

KTX Zoom - APRIL 22, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.

Krungthai XSpring

Technical Analysis - APRIL 22, 2025

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade...

Krungthai XSpring

Technical Analysis - APRIL 21, 2025

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading...

Krungthai XSpring

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