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 consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.</li><li>This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.</li></ul>

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.

Krungthai XSpring Zoom Eng. September 24, 2025

<ul><li>The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.</li><li>The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.</li></ul>

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.

Krungthai XSpring Zoom Eng. September 23, 2025

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.</li>
<li>China's platform companies like <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> , <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> , <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> , and <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> have released their own AI models.</li>
<li>As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.</li>
</ul>


DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.
China's platform companies like Alibaba Group Holding (9988 HK) , Tencent (700 HK) , Baidu (9888 HK) , and Kuaishou Technology (1024 HK) have released their own AI models.
As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.


DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Apple launched new AirPods, new watch, and new iPhone lineup with expected upgrades</li><li>New neural cores in the GPU for AI workloads and vapor chamber in the Pro for higher sustained throughput</li><li>Apple's fundamental architecture change to bring neural accelerators to the GPU for on-device processing, hinting at future developments in chip design and performance.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Apple launched new AirPods, new watch, and new iPhone lineup with expected upgradesNew neural cores in the GPU for AI workloads and vapor chamber in the Pro for higher sustained throughputApple's fundamental architecture change to bring neural accelerators to the GPU for on-device processing, hinting at future developments in chip design and performance.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 134: Apple iPhones and Tensor Cores, Synopsis Earnings, Hock's Comments at Goldman

<ul><li>No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.</li><li>The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - September 10, 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. September 24, 2025

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 23, 2025

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296...

Krungthai XSpring

DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

China's large tech firms made announcements about their AI chip advancements igniting a market rally. This shows China's efforts to develop...

David Mudd

EP 134: Apple iPhones and Tensor Cores, Synopsis Earnings, Hock's Comments at Goldman

Apple's recent product launches feature new AirPods, a watch, and an iPhone lineup with advanced features, including neural cores added to the GPU...

The Circuit

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

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