Finansia X Public Company Limited operates a securities business in Thailand through its subsidiaries. It reports in three segments: Securities and Derivatives Brokerage, Investment Banking, and Proprietary Trading. Its services include securities and derivatives brokering, securities borrowing and lending, underwriting, investment and financial advisory, proprietary trading solutions, and fund management. The company is also involved in digital asset and holding businesses. It was incorporated in 2022 and is headquartered in Bangkok, Thailand.
Stock Exchange Fines Finansia Syrus 150,000 Baht for Short Selling Without S Flag
The Stock Exchange of Thailand issued a disciplinary penalty against Finansia Syrus Securities, imposing a fine of 150,000 baht, in an announcement made late on September 25. The violations were found between July and August 2025, or just over a year ago. The violations consisted of recording short sale orders without indicating that they were short sales, or without attaching the S flag, and recording short sale orders without offering them at a price higher than the last traded price, or the uptick price. The Stock Exchange stated that the violations and this penalty do not affect investors or securities trading conditions on the exchange.
FSX.BK · Regulation · Negative Stock Exchange of Thailand fined Finansia Syrus Securities 150,000 baht for recording short sales without the S flag and below uptick price.
AWC to set up AWR trust with five projects valued at a minimum of 48.449 billion baht
Asset World Corp Public Company Limited, or AWC, disclosed that a special meeting of its board of directors approved the structure for establishing the AWC Lifestyle Properties real estate investment trust, or AWR, along with a plan to sell five projects into the trust at a combined minimum sale value of 48.449 billion baht, excluding taxes and fees. The total preliminary transaction value is expected not to exceed 50 billion baht. The five projects comprise Banyan Tree Samui at a minimum price of 6.463 billion baht, Banyan Tree Krabi Resort at 4.884 billion baht, Melia Koh Samui at 5.895 billion baht, Pattaya Marriott at 6.1 billion baht, and The Empire (Sathorn) at 25.107 billion baht. After the asset sale, AWC Hotel Property Company Limited, a subsidiary of AWC, will enter into a lease agreement for the hotel group assets from AWR to continue operating the hotel business, while AWC Commercial Property Manager Company Limited will serve as the property manager of AWR, and AWC will hold the right to manage and develop projects, collecting a fee of 3.5% of the total project development value. There is also a plan to subscribe for AWR trust units of not more than 28% of the total trust units issued and offered. Meanwhile, Finansia Syrus Securities recommends buying AWC shares with a target price of 3.90 baht, viewing the injection of assets into AWR as helping to unlock capital and reduce debt. AWC shares stood at 3.28 baht, up 0.14 baht, or 4.46%.
AWC.BK · Capital · Positive Board approved establishing the AWR REIT and selling five hotel projects into it for a minimum 48.449 billion baht, unlocking capital and reducing debt.
AWC Commercial Property Manager Co., Ltd. · Capital · Positive AWC Commercial Property Manager will serve as property manager of AWR, a role tied to the newly approved REIT structure.
FSX.BK · Capital · Positive Finansia Syrus Securities recommends buying AWC shares with a 3.90 baht target price, viewing the AWR asset injection as unlocking capital and cutting debt.
Brokerages recommend buying SAFE with a top target of 9.80 baht, betting on relaxed surrogacy law to boost the IVF market
Krungsri Securities recommends buying shares of Safe Fertility Group, or SAFE, with a 2027 target price of 9.80 baht based on a DCF valuation using a WACC of 9.7%. It calls the stock a megatrend play supported by child-promotion policies in several countries, while noting that if Thailand relaxes its surrogacy law it would help expand the market and raise the value of services per case over the long term. Foreign customer momentum also looks set to recover in the second half, reflecting the company's competitiveness in service quality and its high success rate. The stock trades at a 2027 PE of 12 times, or a forward PE more than 1.0 standard deviation below the mean, and below book value per share at a PBV of under 1 time. It sees limited downside relative to medium- to long-term recovery potential. Meanwhile, Finansia Syrus Securities expects second-half 2026 profit to continue recovering, though only slightly, with first-half net profit accounting for about 45% of its full-year 2026 net profit forecast, which it expects to grow 6% year on year. It maintains a target price of 7.25 baht with a hold rating, noting that although upside remains open, the IVF market is still recovering slowly and geopolitical risks continue to pressure foreign customers.
Finansia Syrus Securities is positive on CBG, expecting third-quarter 2026 profit to grow both quarter-on-quarter and year-on-year, with a chance of returning to year-on-year growth for the first time in five quarters, driven by better domestic energy drink revenue and higher contract manufacturing revenue from Loveza, rising to 13 million cans from 5 million cans in the first quarter of 2026. Revenue from this segment is expected to grow 10 percent quarter-on-quarter and 6 percent year-on-year, while revenue from alcoholic beverage distribution is expected to grow 20 to 25 percent year-on-year. Overseas revenue is expected to decline quarter-on-quarter due to seasonal factors, but has a tendency to return to year-on-year growth for the first time in eight quarters after the Cambodian market passed its lowest point, resulting in total revenue still tending to grow both quarter-on-quarter and year-on-year. Fourth-quarter 2026 profit has a chance to reach the year's high, supported by domestic revenue rising seasonally, while Loveza revenue is expected to increase to 20 to 25 million cans and Myanmar revenue has a recovery trend, as the company can import raw materials and finished goods normally and recently received a large import license covering through the end of the year. The company targets minimum Loveza sales in 2027 of about 100 million cans, up from around 43 million cans in 2026, with that figure based only on current distribution channels, so there is still upside if it can expand additional channels. The company is in talks with other channels such as Makro, Lotus's and 7-Eleven. Finansia Syrus Securities is in the process of raising its profit estimates and target price for CBG due to the stronger earnings trend, especially the acceleration of the Loveza business and the recovery trend in overseas markets in the second half of 2026.
CBG.BK · Demand · Positive Loveza contract manufacturing volume rising from 5M to 13M cans and expected to reach 20-25M in Q4, with 2027 target of 100M cans, driving profit growth.
FSX.BK · Capital · Positive Finansia Syrus Securities is raising profit estimates and target price for CBG, indicating positive analyst action.
Finansia Syrus Securities says WHA Utilities and Power is likely to report a second-quarter 2025 net profit that sets a new high in 11 quarters, and expects earnings to continue growing strongly. FSS has added 1 baht per share to its valuation from the water distribution business after WHAUP signed water supply contracts with two data center operators. It maintains a buy recommendation and raises the target price to 8.60 baht to reflect the value of the new water distribution business.
FSX.BK · Capital · Positive FSS raised its target price for WHAUP, reflecting a positive analyst action, but the article is about WHAUP, not Finansia itself.
Thailand
