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>Energy Minister Attaphon Rerkpiboon stated that the government has a clear objective to maintain the electricity tariff for the new billing cycle (May–August 2026) at the current level of Bt3.88/unit (including the Ft of Bt0.0972/unit).</li><li>However, the Energy Regulatory Commission (ERC) will propose alternative tariff options based on actual costs and open them for public hearings in accordance with its procedures.</li><li>We expect upside risks to pool gas costs, driven by Thailand’s reliance on LNG for around 30% of power generation and the upward trend in JKM forward prices, which are projected at USD15.5–17.5/MMBTU over the next 3–6 months (vs. USD11/MMBTU prior to the conflict).</li></ul>

Energy Minister Attaphon Rerkpiboon stated that the government has a clear objective to maintain the electricity tariff for the new billing cycle (May–August 2026) at the current level of Bt3.88/unit (including the Ft of Bt0.0972/unit).However, the Energy Regulatory Commission (ERC) will propose alternative tariff options based on actual costs and open them for public hearings in accordance with its procedures.We expect upside risks to pool gas costs, driven by Thailand’s reliance on LNG for around 30% of power generation and the upward trend in JKM forward prices, which are projected at USD15.5–17.5/MMBTU over the next 3–6 months (vs. USD11/MMBTU prior to the conflict).

Energy (Power): Government Moves To Cap May–Aug Power Tariff At Bt3.88/Unit - Neutral

<ul><li>The SET Index is expected to rebound today, though upside may be limited, with resistance at 1,420/1,431 points and support at 1,400/1,384 points.</li><li>Global financial markets are pricing in easing tensions, with attention now turning to the upcoming Fed meeting.</li><li>The Thai stock market surged yesterday, with the SET Index rising by 28.86 points (+2.05%) to close at 1,433.88.</li></ul>

The SET Index is expected to rebound today, though upside may be limited, with resistance at 1,420/1,431 points and support at 1,400/1,384 points.Global financial markets are pricing in easing tensions, with attention now turning to the upcoming Fed meeting.The Thai stock market surged yesterday, with the SET Index rising by 28.86 points (+2.05%) to close at 1,433.88.

Krungthai XSpring Zoom Eng. March 18, 2026

<ul><li>The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking and risk-reduction selling.</li><li>The index moved within a volatile range over the past week but still showed resilience by withstanding negative factors, including Middle East tensions and fund outflows, while remaining above the 1,400-point support level.</li><li>Therefore, we maintain a positive outlook on the index, expecting downside to be limited or the index to move sideways while awaiting positive catalysts.</li></ul>

The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking and risk-reduction selling.The index moved within a volatile range over the past week but still showed resilience by withstanding negative factors, including Middle East tensions and fund outflows, while remaining above the 1,400-point support level.Therefore, we maintain a positive outlook on the index, expecting downside to be limited or the index to move sideways while awaiting positive catalysts.

Krungthai XSpring Technical Eng. March 16, 2026

<ul><li>Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.</li><li>The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.</li><li>Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.</li></ul>

Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.

Krungthai XSpring Technical Eng. March 12, 2026

<ul><li>The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.</li><li>Crude oil prices have declined from the USD100 level, suggesting the worst of market concerns may have passed.</li><li>The Thai stock market rebounded yesterday, gaining 22.79 points (+1.65%) to close at 1,405.76.</li></ul>

The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.Crude oil prices have declined from the USD100 level, suggesting the worst of market concerns may have passed.The Thai stock market rebounded yesterday, gaining 22.79 points (+1.65%) to close at 1,405.76.

Krungthai XSpring Zoom Eng. March 11, 2026

Thailand

Global Power Synergy Public Company Limited is a utility company that primarily engages in the production and distribution of electricity, steam, and industrial water to government and industrial customers. The company also focuses on developing sustainable businesses through renewable energy resources and cutting-edge technologies, including energy storage systems and batteries for electric vehicles. It was founded in 2013 and is headquartered in Bangkok, Thailand.

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Global Power Synergy (GPSC TB)

Energy (Power): Government Moves To Cap May–Aug Power Tariff At Bt3.88/Unit - Neutral

Energy Minister Attaphon Rerkpiboon stated that the government has a clear objective to maintain the electricity tariff for the new billing cycle...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 18, 2026

The SET Index is expected to rebound today, though upside may be limited, with resistance at 1,420/1,431 points and support at 1,400/1,384 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. March 16, 2026

The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 12, 2026

The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 11, 2026

The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.

Krungthai XSpring

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