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 move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and 1,280.</li><li>The US: US equities rebounded overnight (S&amp;P500 +0.26%, NASDAQ +0.61%), supported by improved sentiment after Amazon surged 9.6% following its strong 3Q25 earnings, driven by 20% growth in its cloud business, Amazon Web Services (AWS) — the fastest pace since 2022.</li><li>Thailand: The Bank of Thailand (BoT) reported Thailand’s economic conditions for September and 3Q25, showing that overall growth in 3Q25 slowed from 2Q25 due to weaker industrial production and a decline in tourism revenue from foreign visitors.</li></ul>

The SET Index is expected to move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and 1,280.The US: US equities rebounded overnight (S&amp;P500 +0.26%, NASDAQ +0.61%), supported by improved sentiment after Amazon surged 9.6% following its strong 3Q25 earnings, driven by 20% growth in its cloud business, Amazon Web Services (AWS) — the fastest pace since 2022.Thailand: The Bank of Thailand (BoT) reported Thailand’s economic conditions for September and 3Q25, showing that overall growth in 3Q25 slowed from 2Q25 due to weaker industrial production and a decline in tourism revenue from foreign visitors.

Krungthai XSpring Zoom Eng. November 3, 2025

<ul><li>The market lacked short-term momentum as investors awaited the Fed meeting outcome.</li><li>Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.</li><li>External factors are slightly positive, supported by continued gains in the US stock market, though mostly driven by speculation in technology stocks.</li></ul>

The market lacked short-term momentum as investors awaited the Fed meeting outcome.Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.External factors are slightly positive, supported by continued gains in the US stock market, though mostly driven by speculation in technology stocks.

Krungthai XSpring Zoom Eng. October 29, 2025

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.</li><li>Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.</li><li>Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: 1H25 AI Demand Check

<ul><li>Overseas hyperscalers (Amazon, Google, Meta, and Microsoft, covered by our internet team) have all released their CY1Q25 earnings.</li><li>During the quarter, the aggregated capex of the Big Four held strong at US$73bn, up 63% YoY and flattish QoQ, after hitting a record of US$72.8bn in CY4Q24 (up 68% YoY / 22% QoQ).</li><li>The outlook for the rest of 2025 remains optimistic. Amazon, Google and Microsoft doubled down on their spending plans, while Meta revised up its capex target by 7%-11% from its previous plan. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overseas hyperscalers (Amazon, Google, Meta, and Microsoft, covered by our internet team) have all released their CY1Q25 earnings.During the quarter, the aggregated capex of the Big Four held strong at US$73bn, up 63% YoY and flattish QoQ, after hitting a record of US$72.8bn in CY4Q24 (up 68% YoY / 22% QoQ).The outlook for the rest of 2025 remains optimistic. Amazon, Google and Microsoft doubled down on their spending plans, while Meta revised up its capex target by 7%-11% from its previous plan. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).</li><li>Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.</li><li>KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.

MPC Meeting & 1Q25 GDP Growth for the EU and US

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Krungthai XSpring Zoom Eng. November 3, 2025

The SET Index is expected to move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 29, 2025

Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.

Krungthai XSpring

Semiconductors - Thematic Investing and Megatrends: 1H25 AI Demand Check

We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.

CMB International

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

Bloomberg consensus projects the Big Four’s capex to increase by 48% YoY / 8% QoQ to ~US$78.6bn in CY2Q25E, and full-year capex to top US$319bn...

CMB International

MPC Meeting & 1Q25 GDP Growth for the EU and US

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points...

Krungthai XSpring

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