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 US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.</li><li>If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.</li><li>However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). </li></ul>

The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). 

Special Report: Reciprocal Tariff - JULY 9, 2025

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 73% versus the SET 100 Index’s return of 10%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 73% versus the SET 100 Index’s return of 10%


The Stocks to Own in Thailand – Vol. 49

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,120/1,110 points and the resistance at 1,135 points (10-day EMA)/1,136/1,146 points.</li><li>In the medium term, the index remains in a downtrend within the 960-1,200-point range, seeking a bottoming-out signal.</li><li>In the short term, there is potential for a continued rebound, with a target of 1,162 points, which could mark a shift in trend from the previous downtrend pattern (new lows followed by rebounds) to a base-building phase for a new upward cycle (possibly forming a double bottom or W-shape). </li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,120/1,110 points and the resistance at 1,135 points (10-day EMA)/1,136/1,146 points.In the medium term, the index remains in a downtrend within the 960-1,200-point range, seeking a bottoming-out signal.In the short term, there is potential for a continued rebound, with a target of 1,162 points, which could mark a shift in trend from the previous downtrend pattern (new lows followed by rebounds) to a base-building phase for a new upward cycle (possibly forming a double bottom or W-shape). 

KTX Zoom - ECB Expected to Cut Interest Rates to Support Growth: April 17, 2025

<ul><li>Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at 1,118 and 1,110 points.</li><li>The index is supported by positive news from the US announcing the removal of tariffs on IT products such as smartphones, hard disks, etc., with its trading partners.</li><li>In the medium term, the index remains in a downtrend within the range of 960-1,200 points as it seeks a bottoming-out signal. </li></ul>

Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at 1,118 and 1,110 points.The index is supported by positive news from the US announcing the removal of tariffs on IT products such as smartphones, hard disks, etc., with its trading partners.In the medium term, the index remains in a downtrend within the range of 960-1,200 points as it seeks a bottoming-out signal. 

KTX Zoom - Keep an Eye on China’s 1Q25 GDP Growth Along with Economic Data

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and the support levels at 1,130/1,122 points.</li><li>In the medium term, the index remains in a downtren  within the 960-1,200-point range, searching for the bottom.</li><li>In the short term, the index is expected to continue rising, targeting 1,158/1,168 points. </li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and the support levels at 1,130/1,122 points.In the medium term, the index remains in a downtren  within the 960-1,200-point range, searching for the bottom.In the short term, the index is expected to continue rising, targeting 1,158/1,168 points. 

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

Thailand

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

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Amata Corp Public (AMATA TB)

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 49

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

KTX Zoom - ECB Expected to Cut Interest Rates to Support Growth: April 17, 2025

Technically, the SET Index is expected to move sideways, with the support at 1,120/1,110 points and the resistance at 1,135 points (10-day EMA)...

Krungthai XSpring

KTX Zoom - Keep an Eye on China’s 1Q25 GDP Growth Along with Economic Data

Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at...

Krungthai XSpring

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and...

Krungthai XSpring

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