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 Index is expected to rebound today, with support at 1,361/1,350 and resistance at 1,385/1,400, after Trump said the attack on Iran would end soon and that higher oil prices are only temporary.</li><li>Global financial markets eased following Trump’s comments on Iran and the Strait of Hormuz, supporting a rebound in US equities (S&amp;P 500 +0.83%, NASDAQ +1.38%).</li><li>The Ministry of Commerce estimates in its sensitivity analysis that if Dubai crude prices average USD80, USD100, and USD120 per barrel, headline inflation would rise to around 1–2%, 2–3%, and above 3%, respectively.</li></ul>

The SET Index is expected to rebound today, with support at 1,361/1,350 and resistance at 1,385/1,400, after Trump said the attack on Iran would end soon and that higher oil prices are only temporary.Global financial markets eased following Trump’s comments on Iran and the Strait of Hormuz, supporting a rebound in US equities (S&amp;P 500 +0.83%, NASDAQ +1.38%).The Ministry of Commerce estimates in its sensitivity analysis that if Dubai crude prices average USD80, USD100, and USD120 per barrel, headline inflation would rise to around 1–2%, 2–3%, and above 3%, respectively.

Krungthai XSpring Zoom Eng. March 10, 2026

<ul><li>We view a large-scale escalation in Middle East tensions as a structural risk stemming from potential supply loss if the Strait of Hormuz is closed, which could add a USD10–20/bbl risk premium to oil prices.</li><li>PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the stock’s +21% YTD gain.</li><li>Meanwhile, LNG supply disruption and a higher JKM price could pose downside risks to IU margins and earnings of SPP power producers (BGRIM, GPSC).</li></ul>

We view a large-scale escalation in Middle East tensions as a structural risk stemming from potential supply loss if the Strait of Hormuz is closed, which could add a USD10–20/bbl risk premium to oil prices.PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the stock’s +21% YTD gain.Meanwhile, LNG supply disruption and a higher JKM price could pose downside risks to IU margins and earnings of SPP power producers (BGRIM, GPSC).

Energy: ME Tension / Hormuz Risk + Risk Premium / Oil Prices Up – Upstream Benefits Most

<ul><li>The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.</li><li>We believe rising tensions in the Middle East will push global markets into risk-off mode, at least in the short term.</li><li>Funds are likely to rotate into safer domestic assets, particularly Thai bonds, before returning to equities once tensions ease.</li></ul>

The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.We believe rising tensions in the Middle East will push global markets into risk-off mode, at least in the short term.Funds are likely to rotate into safer domestic assets, particularly Thai bonds, before returning to equities once tensions ease.

Krungthai XSpring Zoom Eng. March 2, 2026

<ul><li>The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.</li><li>US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.</li><li>The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.</li></ul>

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.

Krungthai XSpring Zoom Eng. February 23, 2026

<ul><li>However, the SET maintained its positive momentum, supported by continued fund inflows, 4Q25 earnings results, and political developments.</li><li>The index was volatile, briefly slipping into negative territory during intraday trading.</li><li>Nonetheless, we recommend buying on weakness and selling on strength, as the index still has room to advance—particularly while fund inflows persist.</li></ul>

However, the SET maintained its positive momentum, supported by continued fund inflows, 4Q25 earnings results, and political developments.The index was volatile, briefly slipping into negative territory during intraday trading.Nonetheless, we recommend buying on weakness and selling on strength, as the index still has room to advance—particularly while fund inflows persist.

Krungthai XSpring Technical Eng. February 19, 2026

Thailand

B.Grimm Power Public Company Limited develops, finances, constructs, and operates green-field power plants in Thailand and internationally. The company generates and distributes electricity to government sectors and industrial users, utilizing a diverse energy mix including gas-fired, solar, hydro, and wind power. It also provides investment holding, maintenance, and operating services for power plants. Headquartered in Bangkok, Thailand, the company was established in 1993 as the energy arm of the B.Grimm Group, which was founded in 1878.

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B.Grimm Power (BGRIM TB)

Krungthai XSpring Zoom Eng. March 10, 2026

Global financial markets eased following Trump’s comments on Iran and the Strait of Hormuz, supporting a rebound in US equities (S&P 500 +0.83%,...

Krungthai XSpring

Energy: ME Tension / Hormuz Risk + Risk Premium / Oil Prices Up – Upstream Benefits Most

PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 2, 2026

The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 19, 2026

However, the SET maintained its positive momentum, supported by continued fund inflows, 4Q25 earnings results, and political developments.

Krungthai XSpring

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