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 other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.</li><li>The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.</li><li>We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.</li></ul>

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.

Krungthai XSpring Technical Eng. February 26, 2026

<ul><li>Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.</li><li>The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.</li><li>The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.</li></ul>

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.

Krungthai XSpring Zoom Eng. February 26, 2026

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In January FIIs sold US$3.5 bn Asia-6 equities and till 10th February they have sold US$5.7bn. February marks the fourth month in succession that the FIIs are selling Asia.</li>
<li>In February MTD, FIIs have sold US$6.5bn Korean equities and US$888m Taiwanese. They bought US$1.7bn India and US$23m Philippines. Thailand was also bought (US$139m in January), Indonesia sold heavily (US$588m).</li>
<li>FII buying should restart in Korea, Taiwan soon. Flows into India have bounced back but it's too early to predict a sustainable reversal. Philippines, Thailand should continue to see inflows.</li>
</ul>


In January FIIs sold US$3.5 bn Asia-6 equities and till 10th February they have sold US$5.7bn. February marks the fourth month in succession that the FIIs are selling Asia.
In February MTD, FIIs have sold US$6.5bn Korean equities and US$888m Taiwanese. They bought US$1.7bn India and US$23m Philippines. Thailand was also bought (US$139m in January), Indonesia sold heavily (US$588m).
FII buying should restart in Korea, Taiwan soon. Flows into India have bounced back but it's too early to predict a sustainable reversal. Philippines, Thailand should continue to see inflows.


Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In

<ul><li>Today, the SET Index is expected to show upward momentum, with resistance at 1,506/1,521 points and support at 1,488/1,468 points, following the rebound in US equities and a strengthening baht.</li><li>Global: US equities rebounded (S&amp;P 500 +0.77%, Nasdaq +1.04%), led by tech stocks. AMD surged 8.8% after announcing a USD60bn AI chip deal with Meta over five years, in exchange for allowing Meta to acquire up to a 10% stake.</li><li>Thailand: We are monitoring the MPC’s first meeting of 2026 today. Bloomberg consensus expects the policy rate to be held at 1.25%, in line with OIS pricing, supported by strong 4Q25 GDP and January export growth.</li></ul>

Today, the SET Index is expected to show upward momentum, with resistance at 1,506/1,521 points and support at 1,488/1,468 points, following the rebound in US equities and a strengthening baht.Global: US equities rebounded (S&amp;P 500 +0.77%, Nasdaq +1.04%), led by tech stocks. AMD surged 8.8% after announcing a USD60bn AI chip deal with Meta over five years, in exchange for allowing Meta to acquire up to a 10% stake.Thailand: We are monitoring the MPC’s first meeting of 2026 today. Bloomberg consensus expects the policy rate to be held at 1.25%, in line with OIS pricing, supported by strong 4Q25 GDP and January export growth.

Krungthai XSpring Zoom Eng. February 25, 2026

<ul><li>The US Supreme Court’s decision to overturn President Trump’s markets.</li><li>Therefore, we recommend buying near support levels, while closely monitoring DELTA’s price movement and fund flow trends for guidance.</li><li>DELTA’s sharp surge was the key driver, pushing the index up to 1,506 points and helping it close in positive territory, despite afternoon selling pressure in banking, energy, commerce, finance, and hospital stocks.</li></ul>

The US Supreme Court’s decision to overturn President Trump’s markets.Therefore, we recommend buying near support levels, while closely monitoring DELTA’s price movement and fund flow trends for guidance.DELTA’s sharp surge was the key driver, pushing the index up to 1,506 points and helping it close in positive territory, despite afternoon selling pressure in banking, energy, commerce, finance, and hospital stocks.

Krungthai XSpring Technical Eng. February 24, 2026

Thailand

SCB X is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology. The company was officially established on September 15, 2021, and is headquartered in Bangkok, Thailand.

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SCB X (SCB TB)

Krungthai XSpring Technical Eng. February 26, 2026

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 26, 2026

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%

Krungthai XSpring

Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In

As we approach the end of Feb, Taiwan has turned around. From selling in the first couple of weeks, FIIs have now bought $4.3bn Taiwan equities....

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. February 25, 2026

Today, the SET Index is expected to show upward momentum, with resistance at 1,506/1,521 points and support at 1,488/1,468 points, following the...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 24, 2026

DELTA’s sharp surge was the key driver, pushing the index up to 1,506 points and helping it close in positive territory, despite afternoon selling...

Krungthai XSpring

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