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.

Technical Analysis

<ul><li>The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum stocks.</li><li>The index attempted to stay above the 1,250-point mark but failed, indicating risk of further decline toward the support level at 1,236 points.</li><li>We recommend wait & see until the index returns above 1,250 points and has a reversal signal.</li></ul>

The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum stocks.The index attempted to stay above the 1,250-point mark but failed, indicating risk of further decline toward the support level at 1,236 points.We recommend wait & see until the index returns above 1,250 points and has a reversal signal.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,236/1,230 points and the resistance at 1,254/1,260 points.</li><li>Investment strategy: Shift to waiting to do trading buy when the index nears its previous low or hits a new low; this is based on expectations that foreign fund flows may continue to enter the Thai stock market, improving the risk-reward profile as risks become more limited.</li><li>This is expected to encourage increased fund inflows into Asia and Thailand, benefiting stocks that are key targets for foreign investors.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,236/1,230 points and the resistance at 1,254/1,260 points.Investment strategy: Shift to waiting to do trading buy when the index nears its previous low or hits a new low; this is based on expectations that foreign fund flows may continue to enter the Thai stock market, improving the risk-reward profile as risks become more limited.This is expected to encourage increased fund inflows into Asia and Thailand, benefiting stocks that are key targets for foreign investors.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.</li>
<li>In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.</li>
<li>Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.</li>
</ul>


In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.
In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.
Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.


Asian Equities: Asia's Robust Dividend Yielders

Errawarra Resources  / Technical Analysis

<ul><li>President Trump's plan to impose import tariffs, coupled with concerns that the Fed may delay interest rate cuts, weighed on Asian markets.</li><li>The index failed to hold above the 1,250-point support, which could lead it to fall to the previous low of 1,236 points.</li><li>As long as the index does not stand above 1,250 points, we recommend wait &amp; see because it risks falling further.</li></ul>

President Trump's plan to impose import tariffs, coupled with concerns that the Fed may delay interest rate cuts, weighed on Asian markets.The index failed to hold above the 1,250-point support, which could lead it to fall to the previous low of 1,236 points.As long as the index does not stand above 1,250 points, we recommend wait &amp; see because it risks falling further.

Krungthai XSpring Technical Eng. February 21, 2025

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Thailand

Intouch Holdings Public Company Limited is a Thailand-based investment holding company primarily engaged in the telecommunications, media, and technology (TMT) sectors, with a focus on digital businesses. The company primarily generates revenue through its stakes in subsidiaries and associates, most notably Advanced Info Service (AIS), Thailand's largest mobile operator. It was established in 1983 and is headquartered in Bangkok, Thailand.

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Intouch Holdings (INTUCH TB)

Recommendation: Wait & See

The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum...

Krungthai XSpring

Weekly Strategy & Thai Trade Balance

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,236/1,230 points and the resistance at...

Krungthai XSpring

Asian Equities: Asia's Robust Dividend Yielders

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

Krungthai XSpring Technical Eng. February 21, 2025

President Trump's plan to impose import tariffs, coupled with concerns that the Fed may delay interest rate cuts, weighed on Asian markets. The...

Krungthai XSpring

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Recommendation: Wait & See

The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum...

Krungthai XSpring

Weekly Strategy & Thai Trade Balance

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,236/1,230 points and the resistance at...

Krungthai XSpring

Asian Equities: Asia's Robust Dividend Yielders

​In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

Krungthai XSpring Technical Eng. February 21, 2025

President Trump's plan to impose import tariffs, coupled with concerns that the Fed may delay interest rate cuts, weighed on Asian markets. The...

Krungthai XSpring

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...