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.

Equity Bottom-Up

<ul>
<li>KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively. DOHOME has been added to the portfolio.</li>
<li>A strong rebound in electronics stocks lifted the portfolio's average return by 0.31%, outperforming the SET, which fell 0.20% amid selling pressure in banking, transportation and energy stocks.</li>
</ul>


KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively. DOHOME has been added to the portfolio.
A strong rebound in electronics stocks lifted the portfolio's average return by 0.31%, outperforming the SET, which fell 0.20% amid selling pressure in banking, transportation and energy stocks.


<ul><li>(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected.</li><li>We expect the SET to rebound and test resistance at 1,578 points, as the market has priced in the Fed's latest rate hike, while its future rate-hike signals were less hawkish than expected.</li><li>We recommend selectively investing in stocks with solid fundamentals.</li></ul>

(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected.We expect the SET to rebound and test resistance at 1,578 points, as the market has priced in the Fed's latest rate hike, while its future rate-hike signals were less hawkish than expected.We recommend selectively investing in stocks with solid fundamentals.

Krungthai XSpring Zoom Eng. September 17, 2026

Technical Analysis

<ul>
<li>The SET Index was volatile, as overhead selling pressure capped its gains and left it with only a modest advance.</li>
<li>The index rebounded before retreating, leaving it vulnerable to a test of support at 1,574 points.</li>
<li>While we expect the index to rebound, we recommend staying on the sidelines if it falls below 1,574 points.</li>
</ul>


The SET Index was volatile, as overhead selling pressure capped its gains and left it with only a modest advance.
The index rebounded before retreating, leaving it vulnerable to a test of support at 1,574 points.
While we expect the index to rebound, we recommend staying on the sidelines if it falls below 1,574 points.


Krungthai XSpring Technical Eng. - September 4, 2026

<ul><li>Nvidia's 2QFY27 earnings beat expectations by 6%, with EPS of USD2.22 (1.2x YoY), while the company expects FY2028 revenue to grow 70% YoY, underscoring the strength of Al investment.</li><li>Efforts by Iran and Oman to reopen the Strait of Hormuz have eased concerns over global oil supply, pushing Brent crude down to USD85/bbl.</li><li>The MPC kept the policy rate unchanged at 1.0%, as expected, and signaled that rates are likely to remain on hold.</li></ul>

Nvidia's 2QFY27 earnings beat expectations by 6%, with EPS of USD2.22 (1.2x YoY), while the company expects FY2028 revenue to grow 70% YoY, underscoring the strength of Al investment.Efforts by Iran and Oman to reopen the Strait of Hormuz have eased concerns over global oil supply, pushing Brent crude down to USD85/bbl.The MPC kept the policy rate unchanged at 1.0%, as expected, and signaled that rates are likely to remain on hold.

Krungthai XSpring Zoom Eng. August 27, 2026

<ul><li>We recommend selling SCGP, with a holding-period return of -7.4%, after its negative return breached our predetermined threshold.</li><li>We also recommend selling PRM (holding-period return: -3.5%) after its earnings growth forecast is revised to +4.9% versus the required >+5.0%.</li><li>We add banking stocks KBANK and KKP to the portfolio as replacements.</li></ul>

We recommend selling SCGP, with a holding-period return of -7.4%, after its negative return breached our predetermined threshold.We also recommend selling PRM (holding-period return: -3.5%) after its earnings growth forecast is revised to +4.9% versus the required >+5.0%.We add banking stocks KBANK and KKP to the portfolio as replacements.

KTX TACTICAL PICKS - August 20, 2026 (Eng.)

Thailand

Kasikornbank is a leading Thai banking group providing comprehensive commercial and retail banking services, alongside securities and other related financial businesses. The bank offers a wide array of products including deposit accounts, debit and credit cards, long-term and syndicated loans, cash management, and investment products. Headquartered in Bangkok, Thailand, the company was established on June 8, 1945.

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Kasikornbank (KBANK TB)

KTX Tactical Picks

KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively....

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 17, 2026

(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected. We expect the SET to rebound and...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 4, 2026

The SET Index was volatile, as overhead selling pressure capped its gains and left it with only a modest advance. The index rebounded before...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 27, 2026

Nvidia's 2QFY27 earnings beat expectations by 6%, with EPS of USD2.22 (1.2x YoY), while the company expects FY2028 revenue to grow 70% YoY,...

Krungthai XSpring

KTX TACTICAL PICKS - August 20, 2026 (Eng.)

We recommend selling SCGP, with a holding-period return of -7.4%, after its negative return breached our predetermined threshold. We also...

Krungthai XSpring

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