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 weaken today, with the support at 1,253/1,250 points (10-day EMA) and the resistance at 1,270/1,280 points.</li><li>US Producer Price Index (PPI) in July rose 0.9% MoM and 3.3% YoY (market expected +0.2% MoM / +2.5% YoY), marking the highest increase since March 2022, mainly driven by higher service costs.</li><li>Thai listed companies that have reported 2Q25 earnings account for 94.3% of total market capitalization (considering only stocks with Bloomberg consensus).</li></ul>

The SET Index is expected to weaken today, with the support at 1,253/1,250 points (10-day EMA) and the resistance at 1,270/1,280 points.US Producer Price Index (PPI) in July rose 0.9% MoM and 3.3% YoY (market expected +0.2% MoM / +2.5% YoY), marking the highest increase since March 2022, mainly driven by higher service costs.Thai listed companies that have reported 2Q25 earnings account for 94.3% of total market capitalization (considering only stocks with Bloomberg consensus).

Krungthai XSpring Zoom Eng. August 15, 2025.

<ul><li>Over the past three years, Thailand has faced persistent foreign capital outflows (Figure 1), mainly due to the more attractive returns in the US after the Fed rapidly raised interest rates to combat inflation.</li><li>This made US investment yields higher than those in Thailand and strengthened the US dollar against other currencies, including the baht — further encouraging foreign fund outflows.</li><li>However, we expect rising risks in the US to shift this trend, creating opportunities for foreign capital to flow back into Thailand. </li></ul>

Over the past three years, Thailand has faced persistent foreign capital outflows (Figure 1), mainly due to the more attractive returns in the US after the Fed rapidly raised interest rates to combat inflation.This made US investment yields higher than those in Thailand and strengthened the US dollar against other currencies, including the baht — further encouraging foreign fund outflows.However, we expect rising risks in the US to shift this trend, creating opportunities for foreign capital to flow back into Thailand. 

<ul><li>The SET Index is expected to rise today, with the resistance at 1,270/1,280 points and the support at 1,255/1,250 points (EMA 50wk).</li><li>The upward momentum is supported by gains in global equities during the long holiday (Nikkei, Vietnam, S&amp;P 500, and Nasdaq all hitting all-time highs), positive news that the US and China have extended their tariff negotiation deadline by 90 days, and the possibility that the Fed may begin cutting interest rates as early as September, with three cuts this year.</li><li>Investors are also anticipating the Bank of Thailand’s MPC meeting (KTX expects rates to be kept unchanged, which would help sustain foreign fund inflows into Thailand). </li></ul>

The SET Index is expected to rise today, with the resistance at 1,270/1,280 points and the support at 1,255/1,250 points (EMA 50wk).The upward momentum is supported by gains in global equities during the long holiday (Nikkei, Vietnam, S&amp;P 500, and Nasdaq all hitting all-time highs), positive news that the US and China have extended their tariff negotiation deadline by 90 days, and the possibility that the Fed may begin cutting interest rates as early as September, with three cuts this year.Investors are also anticipating the Bank of Thailand’s MPC meeting (KTX expects rates to be kept unchanged, which would help sustain foreign fund inflows into Thailand). 

<ul><li>The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).</li><li>Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.</li><li>Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. </li></ul>

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. 

<ul><li>The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217 points (10-day EMA)/1,210 points.</li><li>External factors have become more positive, following a rebound in the US stock market and other markets that had sharply declined on Friday, creating more favorable sentiment for Asian markets this morning.</li><li>Domestic factors are also seen as positive, with continued signs of upward revisions to Thailand’s economic forecasts driven by sustained export momentum, which has helped boost investor confidence. </li></ul>

The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217 points (10-day EMA)/1,210 points.External factors have become more positive, following a rebound in the US stock market and other markets that had sharply declined on Friday, creating more favorable sentiment for Asian markets this morning.Domestic factors are also seen as positive, with continued signs of upward revisions to Thailand’s economic forecasts driven by sustained export momentum, which has helped boost investor confidence. 

Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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Krungthai XSpring Zoom Eng. August 15, 2025.

The SET Index is expected to weaken today, with the support at 1,253/1,250 points (10-day EMA) and the resistance at 1,270/1,280 points.

Krungthai XSpring

KTX Ahead - August 13, 2025

Over the past three years, Thailand has faced persistent foreign capital outflows, mainly due to the more attractive returns in the US after the...

Krungthai XSpring

KTX Zoom - AUGUST 13, 2025

Greed > fear: US-China trade talks extended by 90 days, and the Fed may start cutting interest rates as early as September

Krungthai XSpring

KTX Zoom - AUGUST 6, 2025

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231...

Krungthai XSpring

KTX Zoom - AUGUST 5, 2025

The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217...

Krungthai XSpring

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