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 USTR has proposed additional tariffs of 10–12.5% under Section 301 on 60 trading partners that have failed to enforce bans on imports produced with forced labor, including Thailand.</li><li>Foreign tourist arrivals in May increased 3.5% YoY to 2.35mn, providing a positive signal for the tourism sector.</li><li>The BOT has announced fee reductions covering 19 transaction items across four categories: deposit accounts, electronic cards, payment transactions, and SME lending.</li></ul>

The USTR has proposed additional tariffs of 10–12.5% under Section 301 on 60 trading partners that have failed to enforce bans on imports produced with forced labor, including Thailand.Foreign tourist arrivals in May increased 3.5% YoY to 2.35mn, providing a positive signal for the tourism sector.The BOT has announced fee reductions covering 19 transaction items across four categories: deposit accounts, electronic cards, payment transactions, and SME lending.

<ul><li>The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.</li><li>The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.</li><li>We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.</li></ul>

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.

Krungthai XSpring Technical Eng. June 4, 2026

<ul><li>The Thai equity market appears to be approaching an inflection point, marked by a meaningful shift in underlying fundamentals.</li><li>Rising input costs and shrinking profits push US firms toward workforce reductions.</li><li>The US labor market is showing increasingly clear signs of entering a contractionary phase.</li></ul>

The Thai equity market appears to be approaching an inflection point, marked by a meaningful shift in underlying fundamentals.Rising input costs and shrinking profits push US firms toward workforce reductions.The US labor market is showing increasingly clear signs of entering a contractionary phase.

KTX AHEAD: US Employment Cycle Remains Concerning: Higher Input Costs → Weaker Demand...

<ul><li>Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.</li><li>The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.</li><li>Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.</li></ul>

Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

Thailand

Advanced Info Service is Thailand's largest telecommunications company, providing mobile network operations, internet connectivity, and digital television services. The company offers cellular telephone system networks, fixed-broadband services, and sells mobile phones and related equipment. It was founded in 1986 and is headquartered in Bangkok, Thailand.

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Advanced Info Service (ADVANC TB)

Krungthai XSpring Zoom Eng. June 4, 2026

The USTR has proposed additional tariffs of 10–12.5% under Section 301 on 60 trading partners that have failed to enforce bans on imports produced...

Krungthai XSpring

Krungthai XSpring Technical Eng. June 4, 2026

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.

Krungthai XSpring

KTX AHEAD: US Employment Cycle Remains Concerning: Higher Input Costs → Weaker Demand...

The Thai equity market appears to be approaching an inflection point, marked by a meaningful shift in underlying fundamentals.

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 2, 2026

Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

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