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>TH: Assessing the impact of US reciprocal tariffs Trade negotiations between Thailand and the US remain unresolved.</li><li>Thailand is preparing to submit a revised proposal before the July 9 deadline, with the possibility of an extension to August 1.</li><li>After that, the US is expected to impose tariffs at the rate announced in early April on countries that fail to reach an agreement.</li></ul>

TH: Assessing the impact of US reciprocal tariffs Trade negotiations between Thailand and the US remain unresolved.Thailand is preparing to submit a revised proposal before the July 9 deadline, with the possibility of an extension to August 1.After that, the US is expected to impose tariffs at the rate announced in early April on countries that fail to reach an agreement.

<ul><li>The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a continued contraction in total revenue, both interest and non-interest income.</li><li>Overall loan growth has slightly slowed, while NIM continues to decline, although total provisions have also decreased.</li><li>We maintain our Neutral investment weighting for the banking sector, despite continued weakness in loan growth and NIMs. </li></ul>

The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a continued contraction in total revenue, both interest and non-interest income.Overall loan growth has slightly slowed, while NIM continues to decline, although total provisions have also decreased.We maintain our Neutral investment weighting for the banking sector, despite continued weakness in loan growth and NIMs. 

<ul><li>Political tensions appeared to ease, but the SET remained volatile within a narrow range due to the absence of strong supporting factors, coupled with short-term selling pressure — particularly in ADVANC, AOT, CPF, and BDMS.</li><li>But this did not derail the broader rebound trend.</li><li>The declining trading volume suggested consolidation, before the index ultimately moved higher, supported by gains in banking stocks, China-related plays, and continued buying by domestic funds</li></ul>

Political tensions appeared to ease, but the SET remained volatile within a narrow range due to the absence of strong supporting factors, coupled with short-term selling pressure — particularly in ADVANC, AOT, CPF, and BDMS.But this did not derail the broader rebound trend.The declining trading volume suggested consolidation, before the index ultimately moved higher, supported by gains in banking stocks, China-related plays, and continued buying by domestic funds

<ul><li>The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.</li><li>However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.</li><li>The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.</li></ul>

The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.

<ul><li>The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.</li><li>A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.</li><li>This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.</li></ul>

The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

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Technical Analysis - JULY 3, 2025

Political tensions appeared to ease, but the SET remained volatile within a narrow range due to the absence of strong supporting factors, coupled...

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Technical Analysis -JULY 2, 2025

The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci...

Krungthai XSpring

Technical Analysis - JULY 1, 2025

A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.

Krungthai XSpring

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