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 Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316 points.</li><li>However, both the market and the Fed are expected to place greater weight on weak employment rather than persistently high inflation, increasing the likelihood of a rate cut in September.</li><li>President Trump said the US is ready to impose stricter sanctions on Russia, provided that other NATO members stop buying Russian oil and raise tariffs on Chinese goods by 50–100% to pressure China not to align with Russia.</li></ul>

The SET Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316 points.However, both the market and the Fed are expected to place greater weight on weak employment rather than persistently high inflation, increasing the likelihood of a rate cut in September.President Trump said the US is ready to impose stricter sanctions on Russia, provided that other NATO members stop buying Russian oil and raise tariffs on Chinese goods by 50–100% to pressure China not to align with Russia.

Krungthai XSpring Zoom Eng. September 15, 2025

<ul><li>The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

<ul><li>The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.</li><li>US: Fed Chair Jerome Powell signaled the possibility of an interest rate cut at the Jackson Hole meeting, noting that “the labor market now faces greater downside risks” and that “the impact of import tariffs on prices may be relatively short lived.”</li><li>TH: The focus today will be on Thailand’s September export report. Bloomberg consensus expects growth of around 10% YoY.</li></ul>

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.US: Fed Chair Jerome Powell signaled the possibility of an interest rate cut at the Jackson Hole meeting, noting that “the labor market now faces greater downside risks” and that “the impact of import tariffs on prices may be relatively short lived.”TH: The focus today will be on Thailand’s September export report. Bloomberg consensus expects growth of around 10% YoY.

Krungthai XSpring Zoom Eng. August 25, 2025

<ul><li>The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.</li><li>If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.</li><li>However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). </li></ul>

The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). 

Special Report: Reciprocal Tariff - JULY 9, 2025

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 73% versus the SET 100 Index’s return of 10%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 73% versus the SET 100 Index’s return of 10%


The Stocks to Own in Thailand – Vol. 49

Thailand

Amata Corporation is a leading developer and operator of industrial estates, specializing in planning, developing, managing, and marketing integrated industrial cities. The company also provides industrial utilities such as power, water, and natural gas. It is headquartered in Bangkok, Thailand, and was founded on March 6, 1989.

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Amata Corporation (AMATA TB)

Krungthai XSpring Zoom Eng. September 15, 2025

The SET Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 25, 2025

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.

Krungthai XSpring

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 49

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

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