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 SET Index initially surged to 1,231.02 points, supported by optimism surrounding the US-China trade negotiations.</li><li>However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC, PTTGC, IVL, and DELTA, which continued to gain.</li><li>Despite the strong start, profit-taking pressure eventually weighed on the index, prompting a pullback.</li></ul>

The SET Index initially surged to 1,231.02 points, supported by optimism surrounding the US-China trade negotiations.However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC, PTTGC, IVL, and DELTA, which continued to gain.Despite the strong start, profit-taking pressure eventually weighed on the index, prompting a pullback.

<ul><li>Although most Asian bourses soared, the SET faced profit-taking pressure early in the morning session due to the upcoming long holiday and a lack of new positive catalysts.</li><li>This led to selling in large-cap stocks.</li><li>However, optimism surrounding the China-US trade negotiations attracted buying interest in the afternoon, particularly in DELTA, energy, and China play stocks, enabling the index to rebound and close up 0.99% from the previous wee</li></ul>

Although most Asian bourses soared, the SET faced profit-taking pressure early in the morning session due to the upcoming long holiday and a lack of new positive catalysts.This led to selling in large-cap stocks.However, optimism surrounding the China-US trade negotiations attracted buying interest in the afternoon, particularly in DELTA, energy, and China play stocks, enabling the index to rebound and close up 0.99% from the previous wee

<ul><li>The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.</li><li>Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.</li><li>Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.</li></ul>

The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

<ul><li>KTX has compiled the views of major US banks following US President Trump’s announcement of reciprocal tariffs on “Liberation Day.”</li><li>Overall, banks expressed a moderate level of concern. Asset quality remains stable, but some banks have begun setting aside provisions in advance, based on more negative assumptions.</li><li>Thai banks, however, are unlikely to escape the impact. </li></ul>

KTX has compiled the views of major US banks following US President Trump’s announcement of reciprocal tariffs on “Liberation Day.”Overall, banks expressed a moderate level of concern. Asset quality remains stable, but some banks have begun setting aside provisions in advance, based on more negative assumptions.Thai banks, however, are unlikely to escape the impact. 

<ul><li>Moody’s has revised Thailand’s credit rating outlook from “Stable” to “Negative,” along with five listed Thai banks — BBL, KBANK, KTB, SCB, and TTB — citing concerns over the potential economic impact of US import tariff hikes.</li><li>KTX views this revision as a long-term pressure factor and anticipates a possible credit rating downgrade from the current Baa1 within the next year, pending greater clarity on tariff implementation.</li><li>While the outlook downgrade presents a near-term headwind for the banking sector, KTX maintains a positive medium- to long-term view and recommends a gradual accumulation of bank stocks. </li></ul>

Moody’s has revised Thailand’s credit rating outlook from “Stable” to “Negative,” along with five listed Thai banks — BBL, KBANK, KTB, SCB, and TTB — citing concerns over the potential economic impact of US import tariff hikes.KTX views this revision as a long-term pressure factor and anticipates a possible credit rating downgrade from the current Baa1 within the next year, pending greater clarity on tariff implementation.While the outlook downgrade presents a near-term headwind for the banking sector, KTX maintains a positive medium- to long-term view and recommends a gradual accumulation of bank stocks. 

Economic Update: Moody’s Downgrades Thailand’s Outlook to “Negative”

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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This is based on expectations of constructive trade negotiations and limited downside risks to interest rates. Our preferred accumulation targets...

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