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 Thai equity market has the potential to retest the 1,600 level, in line with gains across global markets (NASDAQ +1.5%, NIKKEI +0.5%, and TAIEX +1.5%).</li><li>The Cabinet has extended the reduction in property transfer and mortgage registration fees to 0.01% through June 30, 2027, covering residential properties priced at up to Bt7mn.</li><li>PLANB has become a major shareholder of COM7 (TP: Bt31) after investing Bt7.2bn to acquire an 11% stake.</li></ul>

The Thai equity market has the potential to retest the 1,600 level, in line with gains across global markets (NASDAQ +1.5%, NIKKEI +0.5%, and TAIEX +1.5%).The Cabinet has extended the reduction in property transfer and mortgage registration fees to 0.01% through June 30, 2027, covering residential properties priced at up to Bt7mn.PLANB has become a major shareholder of COM7 (TP: Bt31) after investing Bt7.2bn to acquire an 11% stake.

<ul><li>The MPC's cumulative six policy rate cuts (totalling 150 bps) since late 2024, which have brought the policy rate to its lowest level in three years, have already provided substantial support against the risk of a slowdown in the Thai economy.</li><li>This suggests that interest rates have already bottomed out.</li><li>On the other hand, the MPC may revise its inflation forecast lower, as the year-to-date (YTD) average crude oil price has remained below its previous assumption.</li></ul>

The MPC's cumulative six policy rate cuts (totalling 150 bps) since late 2024, which have brought the policy rate to its lowest level in three years, have already provided substantial support against the risk of a slowdown in the Thai economy.This suggests that interest rates have already bottomed out.On the other hand, the MPC may revise its inflation forecast lower, as the year-to-date (YTD) average crude oil price has remained below its previous assumption.

KTX AHEAD: Stronger-Than-Expected Growth Confirms Rate Trough, Favoring Domestic Plays

Equity Bottom-Up

<ul><li>Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.</li><li>Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.</li><li>GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.</li></ul>

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.

<ul><li>The Fed's dual-track monetary policy approach amid growing stagflation concerns is expected to result in an unchanged policy rate at this meeting.</li><li>This policy mix is expected to steepen the yield curve and put downward pressure on the US dollar.</li><li>The company offers a dual growth story through its exposure to Thailand's economic recovery via ADVANC and KBANK, while also benefiting from surging demand for clean energy from data centers and AI infrastructure.</li></ul>

The Fed's dual-track monetary policy approach amid growing stagflation concerns is expected to result in an unchanged policy rate at this meeting.This policy mix is expected to steepen the yield curve and put downward pressure on the US dollar.The company offers a dual growth story through its exposure to Thailand's economic recovery via ADVANC and KBANK, while also benefiting from surging demand for clean energy from data centers and AI infrastructure.

KTX AHEAD: Kevin Warsh's First FOMC Meeting As Fed Chair

<ul><li>Asian bourses declined sharply amid concerns over the US strike against Iran and rising US inflation, which could keep interest rates higher for longer.</li><li>Over the past three sessions, the index has been pressured by external factors and DELTA’s price movements, resulting in heightened volatility.</li><li>We therefore continue to recommend buying on dips and selling on strength until clearer negative signals emerge.</li></ul>

Asian bourses declined sharply amid concerns over the US strike against Iran and rising US inflation, which could keep interest rates higher for longer.Over the past three sessions, the index has been pressured by external factors and DELTA’s price movements, resulting in heightened volatility.We therefore continue to recommend buying on dips and selling on strength until clearer negative signals emerge.

Krungthai XSpring Technical Eng. June 11, 2026

Thailand

Advanced Info Service is Thailand's largest telecommunications and technology company, providing mobile phone services, including prepaid, postpaid, and 5G network services, along with mobile devices. The company also offers high-speed home broadband services under the AIS Fibre and 3BB brands, as well as digital services such as cloud solutions, IoT, digital payments, and enterprise solutions. Headquartered in Bangkok, Thailand, the company was founded in 1986.

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Advanced Info Service (ADVANC-R TB)

Krungthai XSpring Zoom Eng. July 1, 2026

The Thai equity market has the potential to retest the 1,600 level, in line with gains across global markets (NASDAQ +1.5%, NIKKEI +0.5%, and TAIEX...

Krungthai XSpring

KTX AHEAD: Stronger-Than-Expected Growth Confirms Rate Trough, Favoring Domestic Plays

On the other hand, the MPC may revise its inflation forecast lower, as the year-to-date (YTD) average crude oil price has remained below its...

Krungthai XSpring

SET Index OUTLOOK

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns. Brent crude remains...

Krungthai XSpring

KTX AHEAD: Kevin Warsh's First FOMC Meeting As Fed Chair

The Fed's dual-track monetary policy approach amid growing stagflation concerns is expected to result in an unchanged policy rate at this meeting.

Krungthai XSpring

Krungthai XSpring Technical Eng. June 11, 2026

Asian bourses declined sharply amid concerns over the US strike against Iran and rising US inflation, which could keep interest rates higher for...

Krungthai XSpring

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