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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>GULF, under its new structure that simplifies operations, is enhancing the capabilities of its power, gas, and digital businesses, which are expected to support stable and sustainable profit momentum.</li><li>This comes alongside a strengthened financial position and improved growth potential for the future.</li><li>We estimate a 12M fair value of Bt68.75, using the earnings yield method based on a required return of 2.4%. </li></ul>

GULF, under its new structure that simplifies operations, is enhancing the capabilities of its power, gas, and digital businesses, which are expected to support stable and sustainable profit momentum.This comes alongside a strengthened financial position and improved growth potential for the future.We estimate a 12M fair value of Bt68.75, using the earnings yield method based on a required return of 2.4%. 

Thematic (Sector/Industry)

<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.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> and <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> announced restructuring transactions to merge into NewCo and VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>. </li>
<li>Shareholders will receive 1.69335 NewCo shares per Intouch share (excluding shares held by Gulf) and 1.02974 NewCo shares per Gulf share.</li>
<li>The key conditions are shareholder approvals, completion of VTOs and purchase of dissenting shares. The transaction is long-dated and expected to be completed in 2Q25.</li>
</ul>



Intouch Holdings (INTUCH TB) and Gulf Energy Development (GULF TB) announced restructuring transactions to merge into NewCo and VTOs for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB). 
Shareholders will receive 1.69335 NewCo shares per Intouch share (excluding shares held by Gulf) and 1.02974 NewCo shares per Gulf share.
The key conditions are shareholder approvals, completion of VTOs and purchase of dissenting shares. The transaction is long-dated and expected to be completed in 2Q25.


Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Last night, the Board of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>  <a href="https://hub.optiwise.io/en/documents/126006/6443705A1ADCC43E2A43725E1ADAC538670F012A12A8B03D653207281ED9C34E6042702B6BDFC4311044072F6BADC53E144B6C1E4E8DCF396043755C1AD9C13A6741765E1EDBC33964366C1E4E8D_160720242124040612E.pdf" target="_blank" rel="noopener"><strong>announced</strong></a> an amalgamation with <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and Tender Offers for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> (at THB 216.30) </li>
<li>And <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a> (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.</li>
<li>But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...</li>
</ul>


Last night, the Board of Intouch Holdings (INTUCH TB)  announced an amalgamation with Gulf Energy Development (GULF TB) and Tender Offers for Advanced Info Service (ADVANC TB) (at THB 216.30) 
And Thaicom Pcl (THCOM TB) (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.
But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...


Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

<ul><li>Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at 1,118 and 1,110 points.</li><li>The index is supported by positive news from the US announcing the removal of tariffs on IT products such as smartphones, hard disks, etc., with its trading partners.</li><li>In the medium term, the index remains in a downtrend within the range of 960-1,200 points as it seeks a bottoming-out signal. </li></ul>

Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at 1,118 and 1,110 points.The index is supported by positive news from the US announcing the removal of tariffs on IT products such as smartphones, hard disks, etc., with its trading partners.In the medium term, the index remains in a downtrend within the range of 960-1,200 points as it seeks a bottoming-out signal. 

KTX Zoom - Keep an Eye on China’s 1Q25 GDP Growth Along with Economic Data

Thailand

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

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Gulf Energy Development (GULF TB)

Gulf Development -Solid All Fonts...

GULF, under its new structure that simplifies operations, is enhancing the capabilities of its power, gas, and digital businesses, which are...

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

Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

The vote risk is minimal. With Advanced Info and Thaicom trading above the VTO prices, the swap ratio trade seems the best way to play the merger...

Arun George

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

This is a complicated multi-conditional deal - great for GULF bad for INTUCH - which appears to be "done" except for an inter-conditional aspect...

Travis Lundy

KTX Zoom - Keep an Eye on China’s 1Q25 GDP Growth Along with Economic Data

Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at...

Krungthai XSpring

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