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>Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.</li><li>The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.</li><li>We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.</li></ul>

Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring Technical Eng. October 2, 2025

<ul><li>The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.</li><li>The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.</li><li>We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.</li></ul>

The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. October 1, 2025

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.</li><li>US equities closed higher (S&amp;P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.</li><li>Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (IDRs) of five Thai banks—EXIM, KTB, TTB, Standard Chartered (Thai), and UOB (Thai)—to Negative from Stable.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.US equities closed higher (S&amp;P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (IDRs) of five Thai banks—EXIM, KTB, TTB, Standard Chartered (Thai), and UOB (Thai)—to Negative from Stable.

Krungthai XSpring Zoom Eng. September 30, 2025

<ul><li>For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).</li><li>Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.</li><li>We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.</li></ul>

For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

<ul><li>The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.</li><li>The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.</li><li>We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.</li></ul>

The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.

Krungthai XSpring Technical Eng. September 23, 2025

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

Krungthai XSpring Technical Eng. October 2, 2025

We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 1, 2025

We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 30, 2025

US equities closed higher (S&P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.

Krungthai XSpring

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 23, 2025

The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a...

Krungthai XSpring

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