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 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 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

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The heavy flood in Bangkok creates a one-off demand surge in home appliance - <a href="https://www.smartkarma.com/entities/home-product-center-public-co-ltd" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a> is set to benefit from this. </li>
<li>Currently trades at around 13x PER, lower than the historical 20x while generating a 20% ROE. </li>
<li>It is also a better-run company to the peers, such as <a href="https://www.smartkarma.com/entities/dohome-public-company-limited" target="_blank" data-smartkarma-citation="entities:27331:1" rel="noopener">Dohome (DOHOME TB)</a> .</li>
</ul>


The heavy flood in Bangkok creates a one-off demand surge in home appliance - Home Product Center (HMPRO TB) is set to benefit from this. 
Currently trades at around 13x PER, lower than the historical 20x while generating a 20% ROE. 
It is also a better-run company to the peers, such as Dohome (DOHOME TB) .


<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 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

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. 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

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

Homepro (HMPRO): Flood Beneficiary

Post the heavy flood in Thailand, the Thai will need to refurbish their homes - enter Homepro. Paying 6% dividend with 23% ROE and trading at 14x...

Henry Soediarko

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 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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