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>Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.</li><li>Incentives for residential, corporate, and industrial solar PV installations, allowing excess electricity to be sold back to the state, are positive for solar rooftop service providers (GUNKUL, WHAUP).</li><li>Middle East tensions persist amid the ceasefire, marked by Iran's seizure of two vessels, alongside the unexplained departure of the U.S. Secretary of the Navy.</li></ul>

Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.Incentives for residential, corporate, and industrial solar PV installations, allowing excess electricity to be sold back to the state, are positive for solar rooftop service providers (GUNKUL, WHAUP).Middle East tensions persist amid the ceasefire, marked by Iran's seizure of two vessels, alongside the unexplained departure of the U.S. Secretary of the Navy.

Krungthai XSpring Zoom Eng. April 23, 2026

<ul><li>The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.</li><li>The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.</li><li>Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.</li></ul>

The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.

Krungthai XSpring Technical Eng. April 17, 2026

Equity Bottom-Up

<ul><li>The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA.</li><li>Easing oil supply concerns pushed Brent crude down nearly 2% to USD100/bbl.</li><li>The Cabinet approved accelerating state enterprise investment spending for FY2027, focusing on transportation and energy projects.</li></ul>

The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA.Easing oil supply concerns pushed Brent crude down nearly 2% to USD100/bbl.The Cabinet approved accelerating state enterprise investment spending for FY2027, focusing on transportation and energy projects.

<ul><li>The US inflation rate for March is expected to expand by 0.9% and 3.4% (YoY).</li><li>We recommend low-risk investors park funds in defensive stocks (ADVANC, TRUE, CPALL, GULF).</li><li>Thai Bond Yields will continue to gradually trend lower toward our target of 1.83%.</li></ul>

The US inflation rate for March is expected to expand by 0.9% and 3.4% (YoY).We recommend low-risk investors park funds in defensive stocks (ADVANC, TRUE, CPALL, GULF).Thai Bond Yields will continue to gradually trend lower toward our target of 1.83%.

Krungthai XSpring Zoom Eng. April 10, 2026

<ul><li>The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.</li><li>Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.</li><li>We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.</li></ul>

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.

Krungthai XSpring Technical Eng. April 10, 2026

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. April 23, 2026

Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 17, 2026

The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.

Krungthai XSpring

SET Index Outlook

The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA. Easing oil supply...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 10, 2026

The US inflation rate for March is expected to expand by 0.9% and 3.4% (YoY).We recommend low-risk investors park funds in defensive stocks...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 10, 2026

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.

Krungthai XSpring

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