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.

Thematic (Sector/Industry)

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<ul><li>KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could influence both global and Thai equities—particularly upcoming policy meetings by major central banks (the Fed, BoJ, ECB, and Thailand’s MPC).</li><li>KTX recommends ADVANC, KBANK, KKP, SCB, and WHAUP for the portfolio.</li><li>We expect the Thai stock market to remain volatile in December 2025, as this period represents a key turning point for several factors that could shape market direction through the rest of 2025 and into early 1Q26.</li></ul>

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could influence both global and Thai equities—particularly upcoming policy meetings by major central banks (the Fed, BoJ, ECB, and Thailand’s MPC).KTX recommends ADVANC, KBANK, KKP, SCB, and WHAUP for the portfolio.We expect the Thai stock market to remain volatile in December 2025, as this period represents a key turning point for several factors that could shape market direction through the rest of 2025 and into early 1Q26.

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

Equity Bottom-Up

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.

<ul><li>We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).</li><li>The duty-free contract renegotiation with King Power (KPD) also improved.</li><li>However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.</li></ul>

We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).The duty-free contract renegotiation with King Power (KPD) also improved.However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.

AIRPORTS OF THAILAND Plc. (AOT): Earnings Upgraded On Easing KPD And PSC

<ul><li>Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.</li><li>Tourist arrivals in 2025E are expected to fall 7.3% YoY.</li><li>In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.</li></ul>

Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.Tourist arrivals in 2025E are expected to fall 7.3% YoY.In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.

Tourism: Tourist Arrivals Are Unlikely To Recover In The Near Term. - Neutral

<ul><li>The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.</li><li>The Cabinet approved financial assistance measures to support, compensate, and rehabilitate flood-affected communities in the South through state-owned financial institutions (SFIs), including GSB, BAAC, and SME Bank.</li><li>The decline is still mainly driven by government cost-of-living measures, such as the Ft reduction during September–December, and lower crude oil prices.</li></ul>

The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.The Cabinet approved financial assistance measures to support, compensate, and rehabilitate flood-affected communities in the South through state-owned financial institutions (SFIs), including GSB, BAAC, and SME Bank.The decline is still mainly driven by government cost-of-living measures, such as the Ft reduction during September–December, and lower crude oil prices.

Krungthai XSpring Zoom Eng. December 3, 2025