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 US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

<ul><li>US inflation for April expanded slightly higher than market expectations.</li><li>The Board of Investment (BOI) disclosed to Krungthep Turakij regarding rumors that certain companies in Thailand are suspected of being used as transit points for smuggling Nvidia chips to China.</li><li>MSCI has announced its latest Index Review, which will take effect at the market close on May 29.</li></ul>

US inflation for April expanded slightly higher than market expectations.The Board of Investment (BOI) disclosed to Krungthep Turakij regarding rumors that certain companies in Thailand are suspected of being used as transit points for smuggling Nvidia chips to China.MSCI has announced its latest Index Review, which will take effect at the market close on May 29.

<ul><li>The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.</li><li>Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.</li><li>The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.</li></ul>

The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.

<ul><li>The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.</li><li>The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.</li><li>Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.</li></ul>

The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.

Krungthai XSpring Technical Eng. April 17, 2026

Equity Bottom-Up

<ul><li>The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA.</li><li>Easing oil supply concerns pushed Brent crude down nearly 2% to USD100/bbl.</li><li>The Cabinet approved accelerating state enterprise investment spending for FY2027, focusing on transportation and energy projects.</li></ul>

The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA.Easing oil supply concerns pushed Brent crude down nearly 2% to USD100/bbl.The Cabinet approved accelerating state enterprise investment spending for FY2027, focusing on transportation and energy projects.

Thailand

Central Plaza Hotel Public Co. Ltd. operates in the hospitality and food businesses. The company manages and owns a diverse portfolio of hotels and resorts under multiple brands in Thailand and internationally, alongside a quick-service restaurant segment through its subsidiary Central Restaurant Group. It was established in 1980 and is headquartered in Bangkok, Thailand.

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Central Plaza Hotel (CENTEL TB)

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 13, 2026

The Board of Investment (BOI) disclosed to Krungthep Turakij regarding rumors that certain companies in Thailand are suspected of being used as...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 12, 2026

The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 17, 2026

The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.

Krungthai XSpring

SET Index Outlook

The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA. Easing oil supply...

Krungthai XSpring

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