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.

Cross Asset Strategy

<ul><li>(+) US June Nonfarm Payrolls came in at less than half of market expectations, reducing the likelihood of further Fed rate hikes and supporting risk appetite.</li><li>(+) We maintain our positive view on the banking sector, as its key supporting factors are expected to become more evident in 2H26.</li><li>The SET Index is likely to rebound and retest the 1,600 level, supported by easing concerns over further Fed rate hikes following weaker-than-expected US labor market data.</li></ul>

(+) US June Nonfarm Payrolls came in at less than half of market expectations, reducing the likelihood of further Fed rate hikes and supporting risk appetite.(+) We maintain our positive view on the banking sector, as its key supporting factors are expected to become more evident in 2H26.The SET Index is likely to rebound and retest the 1,600 level, supported by easing concerns over further Fed rate hikes following weaker-than-expected US labor market data.

Thematic (Sector/Industry)

<ul><li>The SET Index today is expected to remain volatile with a downside bias, though losses should be limited.</li><li>Thailand’s exports rose 24.4% YoY in January, marking the strongest growth in four years and far exceeding market expectations of +8% YoY.</li><li>The continued expansion of exports was driven primarily by the electronics sector (computers +68.2%, mobile phones +195.4%, and integrated circuits +10.9%).</li></ul>

The SET Index today is expected to remain volatile with a downside bias, though losses should be limited.Thailand’s exports rose 24.4% YoY in January, marking the strongest growth in four years and far exceeding market expectations of +8% YoY.The continued expansion of exports was driven primarily by the electronics sector (computers +68.2%, mobile phones +195.4%, and integrated circuits +10.9%).

Krungthai XSpring Zoom Eng. February 24, 2026

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>Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.</li><li>While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.</li><li>However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. </li></ul><p><em>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.</em></p>

Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. 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.

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

Equity Bottom-Up

<ul><li>IT product prices are likely to rise further and remain high for at least another year.</li><li>However, neither is concerned about weaker purchasing power, as IT products are essential and financing options help support demand.</li><li>We remain positive on the IT retail sector and maintain our "Overweight" rating.</li></ul>

IT product prices are likely to rise further and remain high for at least another year.However, neither is concerned about weaker purchasing power, as IT products are essential and financing options help support demand.We remain positive on the IT retail sector and maintain our "Overweight" rating.

Key Takeaways From Premium Tech Wave by KTX

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Krungthai XSpring Zoom Eng. July 3, 2026

(+) US June Nonfarm Payrolls came in at less than half of market expectations, reducing the likelihood of further Fed rate hikes and supporting...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 24, 2026

The continued expansion of exports was driven primarily by the electronics sector (computers +68.2%, mobile phones +195.4%, and integrated circuits...

Krungthai XSpring

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

We believe expansion of AI computing demand and edge AI innovation will become major growth drivers in 2026, and recommend two key structural...

CMB International

Key Takeaways From Premium Tech Wave by KTX

IT product prices are likely to rise further and remain high for at least another year. However, neither is concerned about weaker purchasing...

Krungthai XSpring

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

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