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>SYNEX reported a core profit of Bt165mn in 2Q25 (+27% YoY, +9% QoQ), the highest in two years, 8% above our estimate and in line with the consensus.</li><li>Overall operations were as expected, but the company posted higher-than-expected other income and equity income.</li><li>We upgrade our raring to Buy from Outperform on the back of a higher fair value of Bt14.00 (from Bt12.00), reflecting a revised house view with Rf = 1.45% and MRP = 5.26% (previously 1.48% and 6.83%). Our fair value implies a P/E of 20x.</li></ul>

SYNEX reported a core profit of Bt165mn in 2Q25 (+27% YoY, +9% QoQ), the highest in two years, 8% above our estimate and in line with the consensus.Overall operations were as expected, but the company posted higher-than-expected other income and equity income.We upgrade our raring to Buy from Outperform on the back of a higher fair value of Bt14.00 (from Bt12.00), reflecting a revised house view with Rf = 1.45% and MRP = 5.26% (previously 1.48% and 6.83%). Our fair value implies a P/E of 20x.

<ul><li>SYNEX’s 2Q25E core profit is expected to have remained stable at Bt152mn (+17% YoY, +1% QoQ), supported by continued revenue growth reaching an all-time high, propelled by the strong sales of the NSW2.</li><li>We believe the company’s performance remains strong relative to the retail sector, as the 2Q25E and 2H25E earnings are expected to continue growing, supported by the launch of the new iPhone and the steady stream of new games for NSW2.</li><li>We maintain our Outperform stock rating with an unchanged fair value of Bt12, while adjusting the valuation rating from buy to undervalued.</li></ul>

SYNEX’s 2Q25E core profit is expected to have remained stable at Bt152mn (+17% YoY, +1% QoQ), supported by continued revenue growth reaching an all-time high, propelled by the strong sales of the NSW2.We believe the company’s performance remains strong relative to the retail sector, as the 2Q25E and 2H25E earnings are expected to continue growing, supported by the launch of the new iPhone and the steady stream of new games for NSW2.We maintain our Outperform stock rating with an unchanged fair value of Bt12, while adjusting the valuation rating from buy to undervalued.

Synnex (Thailand) - 2Q25E Earnings Expected to Remain Stable, Which Is a Positive Sign

<ul><li>On July 3, Krungthai XSpring Securities held a seminar in collaboration with SYNEX’s management under the theme "NEXT LEVEL: Game On with Synnex by Krungthai XSpring."</li><li>The event featured discussions with the company on various growth opportunities, including the cloud business, AI, enterprise solutions, gaming, mobile phones, and Apple-related products.</li><li>We view these as key growth drivers for this year, in line with our previously published analysis with a positive outlook.</li></ul>

On July 3, Krungthai XSpring Securities held a seminar in collaboration with SYNEX’s management under the theme "NEXT LEVEL: Game On with Synnex by Krungthai XSpring."The event featured discussions with the company on various growth opportunities, including the cloud business, AI, enterprise solutions, gaming, mobile phones, and Apple-related products.We view these as key growth drivers for this year, in line with our previously published analysis with a positive outlook.

SYNNEX (THAILAND) Plc. - NEXT LEVEL: Game On with Synnex by Krungthai XSpring

<ul><li>SYNEX still has several company-specific growth drivers, such as: i) the launch of the Nintendo Switch 2; and ii) potential growth in mobile phone and Apple product sales.</li><li>We believe the company will continue to achieve revenue growth of 6.4% in 2025E, despite the fragile overall economic outlook and soft purchasing power.</li><li>We forecast profit at Bt603mn (+18% YoY), which is the lowest estimate in the market and already reflects a cautious view of future economic conditions.</li></ul>

SYNEX still has several company-specific growth drivers, such as: i) the launch of the Nintendo Switch 2; and ii) potential growth in mobile phone and Apple product sales.We believe the company will continue to achieve revenue growth of 6.4% in 2025E, despite the fragile overall economic outlook and soft purchasing power.We forecast profit at Bt603mn (+18% YoY), which is the lowest estimate in the market and already reflects a cautious view of future economic conditions.

Synnex (Thailand) - Company-Specific Factors to Continue to Support Growth

<ul><li>SYNEX reported 1Q25 core profit of Bt151mn (+23% YoY, +30% QoQ), marking the highest level in three years, though still 12% below the market’s expectation of Bt171mn.</li><li>The trade receivables situation showed improvement compared to the previous quarter.</li><li>We are currently reviewing our earnings forecasts, rating, and target price for SYNEX.</li></ul>

SYNEX reported 1Q25 core profit of Bt151mn (+23% YoY, +30% QoQ), marking the highest level in three years, though still 12% below the market’s expectation of Bt171mn.The trade receivables situation showed improvement compared to the previous quarter.We are currently reviewing our earnings forecasts, rating, and target price for SYNEX.

Synnex - Good Revenue Growth but Downbeat Profit

Thailand

Synnex Thailand PCL distributes computer products.  The Company distributes computer components and peripherals, servers and storage devices, security products, computer software, and consumables.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Synnex Thailand (SYNEX TB)

Synnex - 2Q25 Profit Hit a 2-Year High

SYNEX reported a core profit of Bt165mn in 2Q25 (+27% YoY, +9% QoQ), the highest in two years, 8% above our estimate and in line with the consensus.

Krungthai XSpring

Synnex (Thailand) - 2Q25E Earnings Expected to Remain Stable, Which Is a Positive Sign

We maintain our Outperform stock rating with an unchanged fair value of Bt12, while adjusting the valuation rating from buy to undervalued.

Krungthai XSpring

SYNNEX (THAILAND) Plc. - NEXT LEVEL: Game On with Synnex by Krungthai XSpring

On July 3, Krungthai XSpring Securities held a seminar in collaboration with SYNEX’s management under the theme "NEXT LEVEL: Game On with Synnex by...

Krungthai XSpring

Synnex (Thailand) - Company-Specific Factors to Continue to Support Growth

We recommend Outperform on the stock, with a fair value of Bt12, based on a required return of 3.81%, equivalent to a P/E ratio of 17x (-0.5 S.D.),...

Krungthai XSpring

Synnex - Good Revenue Growth but Downbeat Profit

SYNEX reported 1Q25 core profit of Bt151mn (+23% YoY, +30% QoQ), marking the highest level in three years, though still 12% below the market’s...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)