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>We reinitiate our coverage on ADVANC with a Neutral rating.</li><li>While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.</li><li>In addition, the tactical outlook remains neutral.</li></ul>

We reinitiate our coverage on ADVANC with a Neutral rating.While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.In addition, the tactical outlook remains neutral.

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

Thematic (Sector/Industry)

<ul><li>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

<ul><li>Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.</li><li>The index stayed firmly above the 1,250–1,230 support zone and began to rebound.</li><li>However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.</li></ul>

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.The index stayed firmly above the 1,250–1,230 support zone and began to rebound.However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.

Krungthai XSpring Technical Eng. December 2, 2025

<ul><li>The SET continued to trade in a volatile, narrow range, repeating its persistently light volume and a lack of new catalysts.</li><li>The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.</li><li>Nevertheless, we continue to recommend a “buy on dips, sell on rebounds” strategy, as trading volume remains thin and the index is still waiting for clear positive signals to drive a stronger move higher.</li></ul>

The SET continued to trade in a volatile, narrow range, repeating its persistently light volume and a lack of new catalysts.The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.Nevertheless, we continue to recommend a “buy on dips, sell on rebounds” strategy, as trading volume remains thin and the index is still waiting for clear positive signals to drive a stronger move higher.

Krungthai XSpring Technical Eng. December 1, 2025

<ul><li>The SET Index is expected to trade flat today, with support at 1,250/1,230 points and resistance at 1,264/1,278 points.</li><li>Domestically, fundamentals can be seen as slightly positive, but the Thai stock market may still lack incoming fund flows to sustain it.</li><li>Part of the move may be due to foreign fund inflows into Thai financial markets: on Friday foreign investors bought Thai fixed income securities worth Bt10.4bn., the largest daily purchase in a month.</li></ul>

The SET Index is expected to trade flat today, with support at 1,250/1,230 points and resistance at 1,264/1,278 points.Domestically, fundamentals can be seen as slightly positive, but the Thai stock market may still lack incoming fund flows to sustain it.Part of the move may be due to foreign fund inflows into Thai financial markets: on Friday foreign investors bought Thai fixed income securities worth Bt10.4bn., the largest daily purchase in a month.

Krungthai XSpring Zoom Eng. December 1, 2025

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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Advanced Info Service (ADVANC-R TB)

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 2, 2025

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 1, 2025

The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 1, 2025

Domestically, fundamentals can be seen as slightly positive, but the Thai stock market may still lack incoming fund flows to sustain it.

Krungthai XSpring

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