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 attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown and political uncertainties.</li><li>The market also remained under pressure from declines in other Asian bourses, which followed the negative lead from US markets.</li><li>Notably, stocks such as DELTA, MINT, TOP, CPALL, OSP, and AOT posted strong gains, while foreign investors remained net buyers for the third consecutive day.</li></ul>

The SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown and political uncertainties.The market also remained under pressure from declines in other Asian bourses, which followed the negative lead from US markets.Notably, stocks such as DELTA, MINT, TOP, CPALL, OSP, and AOT posted strong gains, while foreign investors remained net buyers for the third consecutive day.

<ul><li>The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.</li><li>As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.</li><li>However, foreign investors remained net buyers for the second consecutive day.</li></ul>

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.However, foreign investors remained net buyers for the second consecutive day.

<ul><li>Thailand’s 1Q25 GDP grew by +0.7% QoQ and +3.1% YoY, exceeding the consensus estimate of +0.6% QoQ and +2.9% YoY.</li><li>Despite the stronger- than-expected figure, KTX views the economic outlook for the remainder of the year as still challenging due to trade-related risks and expects the main driver of growth to come from government stimulus.</li><li>We recommend speculating on domestic demand-related stocks, such as CPALL and MTC, while also watching for potential new measures from the government following the afternoon meeting of the Economic Stimulus Committee yesterday. </li></ul>

Thailand’s 1Q25 GDP grew by +0.7% QoQ and +3.1% YoY, exceeding the consensus estimate of +0.6% QoQ and +2.9% YoY.Despite the stronger- than-expected figure, KTX views the economic outlook for the remainder of the year as still challenging due to trade-related risks and expects the main driver of growth to come from government stimulus.We recommend speculating on domestic demand-related stocks, such as CPALL and MTC, while also watching for potential new measures from the government following the afternoon meeting of the Economic Stimulus Committee yesterday. 

Economic Update: 1Q25 GDP Growth - May 21, 2025

<ul><li>Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.</li><li>As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.</li><li>However, the index still posted a 1.25% decline from the previous week.</li></ul>

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.However, the index still posted a 1.25% decline from the previous week.

<ul><li>The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.</li><li>DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.</li><li>The index remains on track to test the resistance at 1,221 points.</li></ul>

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.The index remains on track to test the resistance at 1,221 points.

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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