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>Asian bourses rebounded in line with US markets, while DELTA surged, supported by gains in ADVANC, SCC, and stocks in the energy, petrochemical, and tourism sectors, driving the SET sharply higher.</li><li>The index rebounded from the 1,250-point support after testing this level several times, indicating that selling pressure has largely been absorbed.</li><li>Hence, we recommend buying on dips and selling on rallies, as volatility is expected to increase amid the lack of strong trading volume.</li></ul>

Asian bourses rebounded in line with US markets, while DELTA surged, supported by gains in ADVANC, SCC, and stocks in the energy, petrochemical, and tourism sectors, driving the SET sharply higher.The index rebounded from the 1,250-point support after testing this level several times, indicating that selling pressure has largely been absorbed.Hence, we recommend buying on dips and selling on rallies, as volatility is expected to increase amid the lack of strong trading volume.

Krungthai XSpring Technical Eng. December 23, 2025

<ul><li>The SET Index is expected to move sideways up today, with the resistance at 1,270 and 1,284 points and the support at 1,260 and 1,250 points.</li><li>External factors are viewed as slightly positive, following gains in the US equity market and crude oil prices, which are supportive of electronics stocks and oil-related sectors.</li><li>Baht appreciation can act as a positive sentiment driver for certain stocks (such as GULF and MOSHI) as well as large-cap, highly liquid stocks that are typical targets of foreign fund flows (including ADVANC, CPALL, PTTGC, and HMPRO).</li></ul>

The SET Index is expected to move sideways up today, with the resistance at 1,270 and 1,284 points and the support at 1,260 and 1,250 points.External factors are viewed as slightly positive, following gains in the US equity market and crude oil prices, which are supportive of electronics stocks and oil-related sectors.Baht appreciation can act as a positive sentiment driver for certain stocks (such as GULF and MOSHI) as well as large-cap, highly liquid stocks that are typical targets of foreign fund flows (including ADVANC, CPALL, PTTGC, and HMPRO).

Krungthai XSpring Zoom Eng. December 23, 2025

<ul><li>The market lacked new catalysts, while blue-chip stocks took turns leading the index.</li><li>At least the index attempted to rebound and consistently held above the 1,250-point level.</li><li>We maintain a positive view that the index can hold above its support level and rebound.</li></ul>

The market lacked new catalysts, while blue-chip stocks took turns leading the index.At least the index attempted to rebound and consistently held above the 1,250-point level.We maintain a positive view that the index can hold above its support level and rebound.

Krungthai XSpring Technical Eng. December 22, 2025

<ul><li>The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.</li><li>The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.</li><li>The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.</li></ul>

The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.

Krungthai XSpring Zoom Eng. December 22, 2025

<ul><li>The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors.</li><li>We rate the IT retail sector Overweight, with ADVICE as our top pick at a target price of Bt6.50.</li><li>Despite economic challenges, mobile phones remain essential to daily life, supporting sector resilience.</li></ul>

The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors.We rate the IT retail sector Overweight, with ADVICE as our top pick at a target price of Bt6.50.Despite economic challenges, mobile phones remain essential to daily life, supporting sector resilience.

Commerce IT: Low Valuations, Solid Growth Outlook - Overweight

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 Technical Eng. December 23, 2025

The index rebounded from the 1,250-point support after testing this level several times, indicating that selling pressure has largely been absorbed.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 23, 2025

The SET Index is expected to move sideways up today, with the resistance at 1,270 and 1,284 points and the support at 1,260 and 1,250 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 22, 2025

The market lacked new catalysts, while blue-chip stocks took turns leading the index. At least the index attempted to rebound and consistently held...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 22, 2025

The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026,...

Krungthai XSpring

Commerce IT: Low Valuations, Solid Growth Outlook - Overweight

The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors. We rate the IT retail sector...

Krungthai XSpring

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