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 March FOMC Minutes signal a broadly neutral stance.</li><li>The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.</li><li>The Thai equity market rose by 20.6 points (+1.41%) yesterday to close at 1,485.03, supported by easing tensions in the Middle East after the US and Iran announced a two-week ceasefire, along with renewed foreign fund inflows.</li></ul>

The March FOMC Minutes signal a broadly neutral stance.The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.The Thai equity market rose by 20.6 points (+1.41%) yesterday to close at 1,485.03, supported by easing tensions in the Middle East after the US and Iran announced a two-week ceasefire, along with renewed foreign fund inflows.

Krungthai XSpring Zoom Eng. April 9, 2026

<ul><li>The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.</li><li>The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.</li><li>We expect the index to test the 1,500 resistance, supported by positive indicator signals.</li></ul>

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.We expect the index to test the 1,500 resistance, supported by positive indicator signals.

Krungthai XSpring Technical Eng. April 9, 2026

<ul><li>The US and Iran have signaled readiness to negotiate an end to the conflict.</li><li>Hopes of easing Middle East tensions support large-cap stocks (DELTA, ADVANC, AOT) and tourism/airline sectors, but weigh on energy and refinery stocks.</li><li>The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance stocks.</li></ul>

The US and Iran have signaled readiness to negotiate an end to the conflict.Hopes of easing Middle East tensions support large-cap stocks (DELTA, ADVANC, AOT) and tourism/airline sectors, but weigh on energy and refinery stocks.The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance stocks.

Krungthai XSpring Zoom Eng. April 1, 2026

<ul><li>Although Asian stock markets traded mixed amid concerns over the prolonged Middle East conflict and profit-taking ahead of the weekend, the SET moved against the trend, led by gains in energy and petrochemical stocks, alongside strong foreign investor buying.</li><li>The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing signs of turning positive.</li><li>However, we recommend a buy-on-dips, sell-on-rallies strategy, as the index is likely to remain volatile and the situation in the Middle East should be closely monitored.</li></ul>

Although Asian stock markets traded mixed amid concerns over the prolonged Middle East conflict and profit-taking ahead of the weekend, the SET moved against the trend, led by gains in energy and petrochemical stocks, alongside strong foreign investor buying.The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing signs of turning positive.However, we recommend a buy-on-dips, sell-on-rallies strategy, as the index is likely to remain volatile and the situation in the Middle East should be closely monitored.

Krungthai XSpring Technical Eng. March 30, 2026

<ul><li>The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with the US.</li><li>The index rebounded from support at 1,400, reinforcing the 1,400–1,386 support zone.</li><li>We recommend buying on weakness, as the index is likely to remain volatile while Middle East developments continue to influence market movements.</li></ul>

The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with the US.The index rebounded from support at 1,400, reinforcing the 1,400–1,386 support zone.We recommend buying on weakness, as the index is likely to remain volatile while Middle East developments continue to influence market movements.

Krungthai XSpring Technical Eng. March 25, 2026

Thailand

Airports of Thailand Public Company Limited (AOT) operates and manages six international airports in Thailand, including Suvarnabhumi Airport and Don Mueang International Airport. The company provides aeronautical services such as landing and parking, passenger service, and aircraft service charges. It also offers non-aeronautical services, including concession revenues, office and property rentals, hotel and restaurant businesses, ground services, and security services. AOT was founded in 1979 and is headquartered in Bangkok, Thailand.

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Airports of Thailand (AOT TB)

Krungthai XSpring Zoom Eng. April 9, 2026

The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 9, 2026

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 1, 2026

The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 30, 2026

The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 25, 2026

The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with...

Krungthai XSpring

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