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>The launch of ultra-premium products such as Apple's iPhone Duo, together with price increases across the company's mobile-related product range, should sustain strong revenue growth for IT retailers throughout 2H26 and into 2027.</li><li>We maintain our Overweight rating on the sector and expect COM7 to benefit the most.</li><li>We are positive on the launch of the iPhone 18 Duo, as it signals Apple's full-scale entry into the foldable smartphone market.</li></ul>

The launch of ultra-premium products such as Apple's iPhone Duo, together with price increases across the company's mobile-related product range, should sustain strong revenue growth for IT retailers throughout 2H26 and into 2027.We maintain our Overweight rating on the sector and expect COM7 to benefit the most.We are positive on the launch of the iPhone 18 Duo, as it signals Apple's full-scale entry into the foldable smartphone market.

Commerce IT: The New Normal Has Arrived – Overweight

<ul><li>The US bond yield surged to 4.84% amid concerns over inflation and waning confidence in the US government's fiscal position.</li><li>Brent crude oil prices rose above USD100/bbl amid escalating tensions in the Middle East.</li><li>Apple launched the iPhone 18 and its first foldable model, the iPhone Duo, which are expected to boost sales at IT retailers.</li></ul>

The US bond yield surged to 4.84% amid concerns over inflation and waning confidence in the US government's fiscal position.Brent crude oil prices rose above USD100/bbl amid escalating tensions in the Middle East.Apple launched the iPhone 18 and its first foldable model, the iPhone Duo, which are expected to boost sales at IT retailers.

Krungthai XSpring Zoom Eng. September 10, 2026

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,433/1,438 points and the support at 1,419/1,405 points (based on the 5-day and 10-day EMA).</li><li>We anticipate the USD to strengthen in the short term against Asian currencies, which could weaken the Thai baht and exert downward pressure on Asian stock markets.</li><li>We recommend CENTEL, BDMS and TFG.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,433/1,438 points and the support at 1,419/1,405 points (based on the 5-day and 10-day EMA).We anticipate the USD to strengthen in the short term against Asian currencies, which could weaken the Thai baht and exert downward pressure on Asian stock markets.We recommend CENTEL, BDMS and TFG.

Weekly Outlook: Volatile (Sell When the Index Gains and Buy When It Falls)

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.

Thematic (Sector/Industry)

<ul><li>Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.</li><li>Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).</li><li>We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. </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>

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. 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 - Apple Launch Event: New IPhone 16/Watch/AirPods Unveiled

Technical Analysis

<ul><li>Technically, the SET Index is expected to increase further, with the resistance at 1,438/1,445 points and the support at 1,418 points (50-week EMA) and 1,411 points.</li><li>In the short term, the formation of both a breakaway gap and a runaway gap is providing positive momentum for further upward movement in a zig-zag pattern, with the targets at 1,438 and 1,460 points, respectively.</li><li>We recommend selling to take profit when a reversal signal (i.e., hammer) occurs.</li></ul>

Technically, the SET Index is expected to increase further, with the resistance at 1,438/1,445 points and the support at 1,418 points (50-week EMA) and 1,411 points.In the short term, the formation of both a breakaway gap and a runaway gap is providing positive momentum for further upward movement in a zig-zag pattern, with the targets at 1,438 and 1,460 points, respectively.We recommend selling to take profit when a reversal signal (i.e., hammer) occurs.

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)

Commerce IT: The New Normal Has Arrived – Overweight

The launch of ultra-premium products such as Apple's iPhone Duo, together with price increases across the company's mobile-related product range,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 10, 2026

The US bond yield surged to 4.84% amid concerns over inflation and waning confidence in the US government's fiscal position. Brent crude oil...

Krungthai XSpring

Weekly Outlook: Volatile (Sell When the Index Gains and Buy When It Falls)

Technically, the SET Index is expected to move sideways up, with the resistance at 1,433/1,438 points and the support at 1,419/1,405 points (based...

Krungthai XSpring

Technology - Apple Launch Event: New IPhone 16/Watch/AirPods Unveiled

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery...

CMB International

Entering Sell into the Rally Zone

Technically, the SET Index is expected to increase further, with the resistance at 1,438/1,445 points and the support at 1,418 points (50-week...

Krungthai XSpring

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