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 continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.</li><li>From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).</li><li>External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. 

<ul><li>The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.</li><li>The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).</li><li>The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. 

<ul><li>There are risks from government electricity tariff policies in both Thailand and Vietnam, as well as the impact of trade wars and economic slowdowns, which have led power producers to lower the tone of their power demand forecasts, particularly in the case of industrial users (IUs).</li><li>In addition, persistently high interest rates and yields may affect the return on investment for new power projects. We view that the power sector continues to face headwinds, though the downside risk to share prices remains limited.</li><li>We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and business portfolio, steady profit growth, limited policy risk on electricity tariff, and high growth potential; and BCPG (Outperform; FV Bt7.90), with around 70% of its power portfolio in US-based CCGT plants, which generate strong profit contributions (as capacity revenue is on an uptrend) and have a healthy performance outlook, with 3Q as the peak season.</li></ul>

There are risks from government electricity tariff policies in both Thailand and Vietnam, as well as the impact of trade wars and economic slowdowns, which have led power producers to lower the tone of their power demand forecasts, particularly in the case of industrial users (IUs).In addition, persistently high interest rates and yields may affect the return on investment for new power projects. We view that the power sector continues to face headwinds, though the downside risk to share prices remains limited.We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and business portfolio, steady profit growth, limited policy risk on electricity tariff, and high growth potential; and BCPG (Outperform; FV Bt7.90), with around 70% of its power portfolio in US-based CCGT plants, which generate strong profit contributions (as capacity revenue is on an uptrend) and have a healthy performance outlook, with 3Q as the peak season.

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

<ul><li>The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.</li><li>While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.</li><li>We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.</li></ul>

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.

Energy Sector (Power Plant) - May 28, 2025

<ul><li>The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.</li><li>DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.</li><li>The index remains on track to test the resistance at 1,221 points.</li></ul>

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.The index remains on track to test the resistance at 1,221 points.

Thailand

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

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B Grimm Power (BGRIM TB)

KTX Zoom - JUNE 23, 2025

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.

Krungthai XSpring

KTX Zoom - JUNE 20, 2025

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.

Krungthai XSpring

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and...

Krungthai XSpring

Energy Sector (Power Plant) - May 28, 2025

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in...

Krungthai XSpring

Technical Analysis - MAY 15, 2025

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact...

Krungthai XSpring

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