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>Technically, the SET Index is expected to fall, with the support at 1,265/1,250 points and the resistance at 1,281/1,286 points.</li><li>In the short term, the chart pattern shifted from an uptrend to a downtrend after the index reached a new low for the year at 1,274.25 points, compared to the previous low of 1,281.87 points on June 29, 2024.</li><li>We maintain our recommendation that investors take profit and wait to buy back when there is a new uptrend signal.</li></ul>

Technically, the SET Index is expected to fall, with the support at 1,265/1,250 points and the resistance at 1,281/1,286 points.In the short term, the chart pattern shifted from an uptrend to a downtrend after the index reached a new low for the year at 1,274.25 points, compared to the previous low of 1,281.87 points on June 29, 2024.We maintain our recommendation that investors take profit and wait to buy back when there is a new uptrend signal.

<ul><li>Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points.</li><li>The European Central Bank is expected to maintain the policy interest rate at 4.25%.</li><li>Conclusions from the Central Committee of the Communist Party meeting are anticipated to be positive for the Chinese and broader Asian stock markets, particularly if there are indications of large-scale economic stimulus.</li></ul>

Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points.The European Central Bank is expected to maintain the policy interest rate at 4.25%.Conclusions from the Central Committee of the Communist Party meeting are anticipated to be positive for the Chinese and broader Asian stock markets, particularly if there are indications of large-scale economic stimulus.

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>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</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>

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent 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.

Internet - 1Q24 recap & our three stock-picking ideas

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,315/1,320 points and the support at 1,297/1,288 points.</li><li>We maintain our recommendation that investors do trading buy, with the profit-taking target at the resistance at 1,330 points.</li><li>Moreover, the Thai economy shows signs of ongoing recovery from the 2Q24 to 4Q24, supported by increased government budget disbursement, improved exports, and industrial production.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,315/1,320 points and the support at 1,297/1,288 points.We maintain our recommendation that investors do trading buy, with the profit-taking target at the resistance at 1,330 points.Moreover, the Thai economy shows signs of ongoing recovery from the 2Q24 to 4Q24, supported by increased government budget disbursement, improved exports, and industrial production.

Weekly Strategy (Trading Buy; Expect Window Dressing)

<ul><li>Technically, the SET Index is expected to move sideways as investors are waiting for clarity regarding the FOMC meeting results, the MPC meeting results, and inflation in the US and China in May, along with the Constitutional Court's consideration of the dissolution of the Move Forward Party.</li><li>As for the short-term and long-term outlook, the index has remained in a downtrend as it continued to make lower highs and lower lows after hitting a new low at 1,313.26 points last Monday (the previous low was 1,325.71 points on June 6, 2024).</li><li>The Fed is expected to maintain the fed funds rate at 5.5%, but the new dot plot may reflect a more hawkish stance (vs. three rate cuts estimated previously).</li></ul>

Technically, the SET Index is expected to move sideways as investors are waiting for clarity regarding the FOMC meeting results, the MPC meeting results, and inflation in the US and China in May, along with the Constitutional Court's consideration of the dissolution of the Move Forward Party.As for the short-term and long-term outlook, the index has remained in a downtrend as it continued to make lower highs and lower lows after hitting a new low at 1,313.26 points last Monday (the previous low was 1,325.71 points on June 6, 2024).The Fed is expected to maintain the fed funds rate at 5.5%, but the new dot plot may reflect a more hawkish stance (vs. three rate cuts estimated previously).

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)

US Trade Balance and EU Retail Sales

Technically, the SET Index is expected to fall, with the support at 1,265/1,250 points and the resistance at 1,281/1,286 points. In the short...

Krungthai XSpring

Keep a Close Watch on the ECB Meeting

Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points. The European...

Krungthai XSpring

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

Weekly Strategy (Trading Buy; Expect Window Dressing)

Technically, the SET Index is expected to move sideways up, with the resistance at 1,315/1,320 points and the support at 1,297/1,288 points. We...

Krungthai XSpring

US FOMC Meeting

Technically, the SET Index is expected to move sideways as investors are waiting for clarity regarding the FOMC meeting results, the MPC meeting...

Krungthai XSpring

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