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>Despite concerns over Trump-era tariffs and trade wars, expectations of China’s economic stimulus measures lifted the Hang Seng Index, driving strong gains in China-related stocks like SCC, PTTGC, and IVL, along with a recovery in the PTT Group.</li><li>In addition, electronic stocks saw slight gains.</li><li>These factors contributed to a sharp rally in the SET. However, low trading volume and a 2.35% weekly decline reflected market caution.</li></ul>

Despite concerns over Trump-era tariffs and trade wars, expectations of China’s economic stimulus measures lifted the Hang Seng Index, driving strong gains in China-related stocks like SCC, PTTGC, and IVL, along with a recovery in the PTT Group.In addition, electronic stocks saw slight gains.These factors contributed to a sharp rally in the SET. However, low trading volume and a 2.35% weekly decline reflected market caution.

<ul><li>The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.</li><li>However, concerns over Trump-era tariffs and ongoing trade tensions between the US and other nations weighed on sentiment, leading to retreats in both the Tokyo and Hong Kong markets.</li><li>This also put pressure on the SET Index, despite gains in stocks like DELTA, ADVANC, GULF, INTUCH, and tourism-related shares.</li></ul>

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.However, concerns over Trump-era tariffs and ongoing trade tensions between the US and other nations weighed on sentiment, leading to retreats in both the Tokyo and Hong Kong markets.This also put pressure on the SET Index, despite gains in stocks like DELTA, ADVANC, GULF, INTUCH, and tourism-related shares.

<ul><li>The ERC's scenario (3), which maintains electricity tariffs and Ft charges for the May-August period, appears to be a positive momentum factor for SPP operators (providing positive sentiment for stock prices yesterday).</li><li>However, it contradicts the government's target policy of reducing electricity costs (awaiting Cabinet approval on electricity tariffs).</li><li>We maintain our view that Ft charges are on a downward trend (aligning with SPP operators transitioning their power purchase agreements with industrial users to gas-linked contracts). </li></ul>

The ERC's scenario (3), which maintains electricity tariffs and Ft charges for the May-August period, appears to be a positive momentum factor for SPP operators (providing positive sentiment for stock prices yesterday).However, it contradicts the government's target policy of reducing electricity costs (awaiting Cabinet approval on electricity tariffs).We maintain our view that Ft charges are on a downward trend (aligning with SPP operators transitioning their power purchase agreements with industrial users to gas-linked contracts). 

Industry Update: Energy (Power) - MARCH 12, 2025

<ul><li>Most Asian bourses continued to rise, but the SET moved in the opposite direction, declining despite rebounds in DELTA and ADVANC.</li><li>The lack of new supportive factors, rising political tensions, weaker earnings outlooks, and heavy selling in large-cap stocks — particularly in the afternoon session — led to a sharp drop in the index.</li><li>Meanwhile, foreign investors engaged in significant selloff.</li></ul>

Most Asian bourses continued to rise, but the SET moved in the opposite direction, declining despite rebounds in DELTA and ADVANC.The lack of new supportive factors, rising political tensions, weaker earnings outlooks, and heavy selling in large-cap stocks — particularly in the afternoon session — led to a sharp drop in the index.Meanwhile, foreign investors engaged in significant selloff.

<ul><li>Asian markets rebounded, reacting positively to the US's conciliatory stance, China’s GDP target of 5%, and better-than- expected PMI figures.</li><li>This optimism fueled a surge in China-related stocks, such as SCC, PTTGC, and IVL.</li><li>In addition, strong buying interest in large-cap stocks like AOT, ADVANC, DELTA, TOP, GULF, and <span style="font-size: var(--content-font-size);">INTUCH helped push the SET Index back above the 1,200-point level, </span>with robust volume observed during the afternoon session.</li></ul>

Asian markets rebounded, reacting positively to the US's conciliatory stance, China’s GDP target of 5%, and better-than- expected PMI figures.This optimism fueled a surge in China-related stocks, such as SCC, PTTGC, and IVL.In addition, strong buying interest in large-cap stocks like AOT, ADVANC, DELTA, TOP, GULF, and INTUCH helped push the SET Index back above the 1,200-point level, with robust volume observed during the afternoon session.

Thailand

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

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Global Power Synergy Company Ltd (GPSC TB)

Technical Analysis - MARCH 17, 2025

Despite concerns over Trump-era tariffs and trade wars, expectations of China’s economic stimulus measures lifted the Hang Seng Index, driving...

Krungthai XSpring

Technical Analysis - MARCH 14, 2025

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.

Krungthai XSpring

Industry Update: Energy (Power) - MARCH 12, 2025

Tariff and Ft charge for May-August generating short-term positive sentiment for SPP players; risks related to government reducing electricity...

Krungthai XSpring

Technical Analysis - MARCH 7, 2025

Most Asian bourses continued to rise, but the SET moved in the opposite direction, declining despite rebounds in DELTA and ADVANC.

Krungthai XSpring

Technical Analysis - MARCH 6, 2025

Asian markets rebounded, reacting positively to the US's conciliatory stance, China’s GDP target of 5%, and better-than- expected PMI figures.

Krungthai XSpring

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