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, with the support levels at 1,114/1,105 points and the resistance at 1,130/1,135 points.</li><li>The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).</li><li>If the index falls below 1,114 points, it will reflect downside risk toward 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low).</li></ul>

The SET Index is expected to weaken, with the support levels at 1,114/1,105 points and the resistance at 1,130/1,135 points.The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).If the index falls below 1,114 points, it will reflect downside risk toward 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low).

KTX Zoom: Risk-Off Sentiment Emerging Due to the Middle East War, Weighing on Risk Assets

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Headline Asia-ex-Japan EPS estimates have declined over the past 3 and 6 months, dragged down by China, India and Thailand and supported by Korea, Taiwan, Singapore and Philippines.</li>
<li>Looking at earnings estimate trajectories of 100 Asian market-sector combinations, we identify 16 market-sectors with upward revisions over past 3 and 6 months. A month ago, we could spot eight.</li>
<li>Korean and Taiwanese Technology and industrials, Hong Kong Technology Services and ASEAN Financials figure prominently among the sectors with robust and sustainable EPS estimate recovery.</li>
</ul>


Headline Asia-ex-Japan EPS estimates have declined over the past 3 and 6 months, dragged down by China, India and Thailand and supported by Korea, Taiwan, Singapore and Philippines.
Looking at earnings estimate trajectories of 100 Asian market-sector combinations, we identify 16 market-sectors with upward revisions over past 3 and 6 months. A month ago, we could spot eight.
Korean and Taiwanese Technology and industrials, Hong Kong Technology Services and ASEAN Financials figure prominently among the sectors with robust and sustainable EPS estimate recovery.


Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

<ul><li>The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.</li><li>The technical signal has shifted from an uptrend to a sideways trend within the 1,114-1,144 range, or possibly a downtrend (a break below 1,114 points would confirm a downtrend toward levels below 1,094 points).</li><li>External factors have turned negative again, reflecting concerns over global stagflation (negative for cyclical and tech sectors), after President Trump signaled the potential announcement of the adjusted reciprocal tariff against trading partners without negotiations within two weeks. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.The technical signal has shifted from an uptrend to a sideways trend within the 1,114-1,144 range, or possibly a downtrend (a break below 1,114 points would confirm a downtrend toward levels below 1,094 points).External factors have turned negative again, reflecting concerns over global stagflation (negative for cyclical and tech sectors), after President Trump signaled the potential announcement of the adjusted reciprocal tariff against trading partners without negotiations within two weeks. 

KTX Zoom: The US Preparing to Increase Tariff on Automobiles and Auto Parts - JUNE 13, 2025

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.</li><li>We maintain a Selective Buy recommendation based on the technical signals, which are beginning to show positive signs as the index continued to form higher highs and higher lows for the third consecutive day.</li><li>This suggests a high likelihood of a buy signal within the next 1-2 days (to be confirmed if the index breaks above 1,149 points and the daily EMA). </li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.We maintain a Selective Buy recommendation based on the technical signals, which are beginning to show positive signs as the index continued to form higher highs and higher lows for the third consecutive day.This suggests a high likelihood of a buy signal within the next 1-2 days (to be confirmed if the index breaks above 1,149 points and the daily EMA). 

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: All fourteen stocks have changed in the portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 262% versus the MSCI Asia ex Japan of 110%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: All fourteen stocks have changed in the portfolio
Since its inception, it has generated a before-fee total return of 262% versus the MSCI Asia ex Japan of 110%


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)

KTX Zoom: Risk-Off Sentiment Emerging Due to the Middle East War, Weighing on Risk Assets

The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).

Krungthai XSpring

Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

A month ago 8 Asian sectors exhibited reviving EPS est; now 16 do. CN, India, Thailand declining, KR, TW, SGP, Phils rising. KR & TW Tech &...

Manishi Raychaudhuri

KTX Zoom: The US Preparing to Increase Tariff on Automobiles and Auto Parts - JUNE 13, 2025

The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.

Krungthai XSpring

KTX Zoom - JUNE 12, 2025

The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.

Krungthai XSpring

The Stocks to Own in Asia – Vol. 49

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: All 14 stocks have changed.

A. Stotz Investment Research

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