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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today.</li><li>KTX expects the Fed to cut interest rates by 0.25% and revise its outlook to indicate more limited downside for interest rates in the long term during the meeting on December 18.</li><li>In view of the aforementioned factors, the pressure on the MPC to cut interest rates owing to a slower-than-expected inflation recovery is diminishing.</li></ul>

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today.KTX expects the Fed to cut interest rates by 0.25% and revise its outlook to indicate more limited downside for interest rates in the long term during the meeting on December 18.In view of the aforementioned factors, the pressure on the MPC to cut interest rates owing to a slower-than-expected inflation recovery is diminishing.

Technical Analysis

<ul><li>The SET initially declined modestly as the market lacked fresh catalysts and awaited the results of next week's Fed meeting.</li><li>The index fell to a support level at 1,430 points.</li><li>We recommend buying on weakness, selling on strength.</li></ul>

The SET initially declined modestly as the market lacked fresh catalysts and awaited the results of next week's Fed meeting.The index fell to a support level at 1,430 points.We recommend buying on weakness, selling on strength.

Recommendation: Buy on Weakness, Sell on Strength

Thematic (Sector/Industry)

<ul><li>KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.</li><li>Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.</li><li>Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.</li></ul>

KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,457/1,462/1,471 points and the support at 1,441 points (10-day EMA)/1,437 points (open gap).</li><li>Weekly investment strategy: we recommend selling when the index gains to take profit and waiting to buy back at the 1,433-point support.</li><li>Internal risks are beginning to ease, as the decline in the SET's 12M FWD EPS estimate shows signs of stabilization (+0.1% WoW) after a series of drops to new lows for 2024, following the weaker-than-expected 3Q24 earnings results.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,457/1,462/1,471 points and the support at 1,441 points (10-day EMA)/1,437 points (open gap).Weekly investment strategy: we recommend selling when the index gains to take profit and waiting to buy back at the 1,433-point support.Internal risks are beginning to ease, as the decline in the SET's 12M FWD EPS estimate shows signs of stabilization (+0.1% WoW) after a series of drops to new lows for 2024, following the weaker-than-expected 3Q24 earnings results.

Weekly Strategy & Chinese Inflation in November

Kiatnakin Phatra Bank / Technical Analysis

<ul><li>Although most Asian bourses rebounded, the market lacked new catalysts to drive further gains, leading to profit taking on the SET after a significant rise.</li><li>Therefore, the index remains on track to retest the resistance, with market sentiment staying positive.</li><li>We recommend buying on weakness, selling on strength because the index's trend is unchanged.</li></ul>

Although most Asian bourses rebounded, the market lacked new catalysts to drive further gains, leading to profit taking on the SET after a significant rise.Therefore, the index remains on track to retest the resistance, with market sentiment staying positive.We recommend buying on weakness, selling on strength because the index's trend is unchanged.

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)

US FOMC & MPC Meetings

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today. KTX expects...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

The SET initially declined modestly as the market lacked fresh catalysts and awaited the results of next week's Fed meeting. The index fell to a...

Krungthai XSpring

Monthly Report: December 2024

Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund

Krungthai XSpring

Weekly Strategy & Chinese Inflation in November

Technically, the SET Index is expected to move sideways, with the resistance at 1,457/1,462/1,471 points and the support at 1,441 points (10-day...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

Although most Asian bourses rebounded, the market lacked new catalysts to drive further gains, leading to profit taking on the SET after a...

Krungthai XSpring

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