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 opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.</li><li>Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.</li><li>Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.</li></ul>

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

<ul><li>The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

<ul><li>The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.</li><li>The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.</li><li>The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.</li></ul>

The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.

Krungthai XSpring Zoom Eng. December 16, 2025

<ul><li>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.</li><li>The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.</li><li>We therefore continue to expect the index to move sideways to slightly upward.</li></ul>

The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect the index to move sideways to slightly upward.

Krungthai XSpring Technical Eng. December 15, 2025

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 19, 2025

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 16, 2025

The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold...

Krungthai XSpring

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 15, 2025

The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect...

Krungthai XSpring

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