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>DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.</li><li>Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.</li><li>We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.</li></ul>

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.

Krungthai XSpring Technical Eng. August 14, 2026

Thematic (Sector/Industry)

<ul><li>As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.</li><li>Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.</li><li>Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.</li></ul>

As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.

<ul><li>Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.</li><li>Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.</li><li>Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.</li></ul>

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. December 26, 2025

<ul><li>Asian bourses were mixed during the Christmas period, while the baht strengthened, raising hopes of fund inflows, with foreign investors buying for a fifth consecutive day.</li><li>During this period, the index is likely to rely on domestic buying support from Thai ESG funds, RMFs, and window dressing, as many overseas markets are closed for Christmas.</li><li>Accordingly, we recommend buying on dips and selling on rallies, as the index is expected to remain volatile.</li></ul>

Asian bourses were mixed during the Christmas period, while the baht strengthened, raising hopes of fund inflows, with foreign investors buying for a fifth consecutive day.During this period, the index is likely to rely on domestic buying support from Thai ESG funds, RMFs, and window dressing, as many overseas markets are closed for Christmas.Accordingly, we recommend buying on dips and selling on rallies, as the index is expected to remain volatile.

Krungthai XSpring Technical Eng. December 25, 2025

<ul><li>Trade negotiations between the US and Thailand showed no progress ahead of next week's deadline.</li><li>Combined with the absence of new market catalysts, this prompted investors to reduce risk or take profit following a four-day rebound.</li><li>As a result, blue-chip stocks declined, putting pressure on the SET Index. </li></ul>

Trade negotiations between the US and Thailand showed no progress ahead of next week's deadline.Combined with the absence of new market catalysts, this prompted investors to reduce risk or take profit following a four-day rebound.As a result, blue-chip stocks declined, putting pressure on the SET Index. 

Thailand

Thaicom is a leading Asian satellite operator and SpaceTech company, providing comprehensive satellite communications services, including broadband via High Throughput Satellite (HTS) and satellite TV broadcasting. The company also offers geospatial intelligence (GEOINT) services by leveraging Earth Observation satellite data, AI, and Machine Learning. Thaicom was founded in 1991 and is headquartered in Bangkok, Thailand.

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Thaicom (THCOM TB)

Krungthai XSpring Technical Eng. August 14, 2026

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the...

Krungthai XSpring

Special Report: 4Q25 Earnings Summary

Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 26, 2025

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 25, 2025

Asian bourses were mixed during the Christmas period, while the baht strengthened, raising hopes of fund inflows, with foreign investors buying for...

Krungthai XSpring

Technical Analysis - JULY 7, 2025

Trade negotiations between the US and Thailand showed no progress ahead of next week's deadline. Combined with the absence of new market catalysts,...

Krungthai XSpring

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