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 rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.</li><li>At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.</li><li>However, trading volume was light.</li></ul>

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.However, trading volume was light.

<ul><li>The combined 1Q25E net profit of the six banks under our coverage is expected at Bt44bn, a slight increase YoY due to lower provisioning being offset by weaker loan portfolios and narrower NIM.</li><li>However, it should improve QoQ, bolstered by a recovery in loan growth along with lower provisions and expenses.</li><li>We maintain an Overweight rating on the banking sector, expecting credit costs to normalize. </li></ul>

The combined 1Q25E net profit of the six banks under our coverage is expected at Bt44bn, a slight increase YoY due to lower provisioning being offset by weaker loan portfolios and narrower NIM.However, it should improve QoQ, bolstered by a recovery in loan growth along with lower provisions and expenses.We maintain an Overweight rating on the banking sector, expecting credit costs to normalize. 

Banking - Expect 1Q25E Banking Sector Profit to Increase YoY and QoQ

<ul><li>The SET was under pressure from several negative factors, including the impact of the earthquake, trade war concerns, and reciprocal tariffs.</li><li>Moreover, Asian bourses sharply declined, accelerating the SET’s drop to a new low of 1,155 points, with heavy selloffs in banking, finance, property, and insurance stocks.</li><li>However, the index managed to hold above the support at 1,150 points.</li></ul>

The SET was under pressure from several negative factors, including the impact of the earthquake, trade war concerns, and reciprocal tariffs.Moreover, Asian bourses sharply declined, accelerating the SET’s drop to a new low of 1,155 points, with heavy selloffs in banking, finance, property, and insurance stocks.However, the index managed to hold above the support at 1,150 points.

<ul><li>The SET declined in line with Asian bourses, facing immediate selling pressure due to concerns over trade wars, upcoming reciprocal tariffs, and expiring futures contracts.</li><li>Initially, the index appeared to stand above the support at 1,180 points, but a sudden earthquake triggered a sharp selloff, dragging down stocks in the electronics, petrol and hospital sectors.</li><li>Ultimately, the index fell 0.94% from the previous week.</li></ul>

The SET declined in line with Asian bourses, facing immediate selling pressure due to concerns over trade wars, upcoming reciprocal tariffs, and expiring futures contracts.Initially, the index appeared to stand above the support at 1,180 points, but a sudden earthquake triggered a sharp selloff, dragging down stocks in the electronics, petrol and hospital sectors.Ultimately, the index fell 0.94% from the previous week.

<ul><li>The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.</li><li>As a result, the SET struggled to maintain its rebound. However, the index traded sideways within a narrow range, supported by gains in ADVANC, PTTEP, banking shares, and Chinese DR stocks, which mirrored the Hang Seng's rebound.</li><li>Meanwhile, foreign investors turned net buyers.</li></ul>

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.As a result, the SET struggled to maintain its rebound. However, the index traded sideways within a narrow range, supported by gains in ADVANC, PTTEP, banking shares, and Chinese DR stocks, which mirrored the Hang Seng's rebound.Meanwhile, foreign investors turned net buyers.

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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Technical Analysis - APRIL 2, 2025

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs. At the same time, the index...

Krungthai XSpring

Banking - Expect 1Q25E Banking Sector Profit to Increase YoY and QoQ

The combined 1Q25E net profit of the six banks under our coverage is expected at Bt44bn, a slight increase YoY due to lower provisioning being...

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Technical Analysis - APRIL 1, 2025

The SET was under pressure from several negative factors, including the impact of the earthquake, trade war concerns, and reciprocal tariffs.

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The SET declined in line with Asian bourses, facing immediate selling pressure due to concerns over trade wars, upcoming reciprocal tariffs, and...

Krungthai XSpring

Technical Analysis - MARCH 28, 2025

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.

Krungthai XSpring

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