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>Isares Rattanadilok Na Phuket, Vice Chairman of the Federation of Thai Industries (FTI), urged the government to reduce the electricity tariff for the upcoming period (Jan–Apr 2026) to below Bt3.84/unit, citing lower LNG prices and a strengthening baht.</li><li>The new electricity tariff is currently undergoing public hearings (Nov 10–23).</li><li>We believe that government subsidies on electricity tariffs may pose downside risk to the IU margins of SPPs.</li></ul>

Isares Rattanadilok Na Phuket, Vice Chairman of the Federation of Thai Industries (FTI), urged the government to reduce the electricity tariff for the upcoming period (Jan–Apr 2026) to below Bt3.84/unit, citing lower LNG prices and a strengthening baht.The new electricity tariff is currently undergoing public hearings (Nov 10–23).We believe that government subsidies on electricity tariffs may pose downside risk to the IU margins of SPPs.

Power: FTI Urges The Government To Cut The Electricity Tariff To Below Bt3.84/Unit.

<ul><li>Although the SET lacked clear catalysts after 3Q25 GDP grew only 1.2%, the index quickly stabilized and rebounded to the 1,280 level, supported by renewed buying in DELTA, ADVANC, CPN, banking, and energy stocks.</li><li>The index held above the 1,266 support level, backed by a bullish candlestick signal and sustained interest in large-cap stocks, indicating potential for a quick rebound.</li><li>We therefore recommend buying on weakness and selling on rebounds.</li></ul>

Although the SET lacked clear catalysts after 3Q25 GDP grew only 1.2%, the index quickly stabilized and rebounded to the 1,280 level, supported by renewed buying in DELTA, ADVANC, CPN, banking, and energy stocks.The index held above the 1,266 support level, backed by a bullish candlestick signal and sustained interest in large-cap stocks, indicating potential for a quick rebound.We therefore recommend buying on weakness and selling on rebounds.

Krungthai XSpring Technical Eng. November 18, 2025

<ul><li>The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s meeting.</li><li>Although the uptrend has ended and the index is weakening, the broader trend remains sideways.</li><li>We therefore recommend gradually buying near the support level.</li></ul>

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s meeting.Although the uptrend has ended and the index is weakening, the broader trend remains sideways.We therefore recommend gradually buying near the support level.

Krungthai XSpring Technical Eng. November 17, 2025

<ul><li>Most Asian bourses rebounded after the US government shutdown was resolved.</li><li>The index has been moving within a narrow sideways range and is approaching the BB Bottom line.</li><li>We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.</li></ul>

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is approaching the BB Bottom line.We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.

Krungthai XSpring Technical Eng. November 14, 2025

<ul><li>SET Index is expected to trade sideway down today, with the support at 1,283/1,268 and the resistance at 1,300/1,313.</li><li>The sharp US market sell-off—particularly in the technology sector—amid rising uncertainty over interest rate cuts is likely to pressure Asian and Thai equities today, especially electronics stocks.</li><li>We view the continued progress on Phase 2 as a positive signal and recommend gradually accumulating beneficiary stocks (CPALL, CPAXT, TFG).</li></ul>

SET Index is expected to trade sideway down today, with the support at 1,283/1,268 and the resistance at 1,300/1,313.The sharp US market sell-off—particularly in the technology sector—amid rising uncertainty over interest rate cuts is likely to pressure Asian and Thai equities today, especially electronics stocks.We view the continued progress on Phase 2 as a positive signal and recommend gradually accumulating beneficiary stocks (CPALL, CPAXT, TFG).

Krungthai XSpring Zoom Eng. November 14, 2025

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)

Power: FTI Urges The Government To Cut The Electricity Tariff To Below Bt3.84/Unit.

Isares Rattanadilok Na Phuket, Vice Chairman of the Federation of Thai Industries (FTI), urged the government to reduce the electricity tariff for...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 18, 2025

The index held above the 1,266 support level, backed by a bullish candlestick signal and sustained interest in large-cap stocks, indicating...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 17, 2025

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 14, 2025

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 14, 2025

We view the continued progress on Phase 2 as a positive signal and recommend gradually accumulating beneficiary stocks (CPALL, CPAXT, TFG).

Krungthai XSpring

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