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 market lacks near-term catalysts as overseas markets remain closed during the year-end holiday period.</li><li>Thailand’s exports in November rose 7.1% YoY, slightly below market expectations of 8.8–9.0%, but still marked the 17th consecutive month of growth.</li><li>Amid limited catalysts and light liquidity, we recommend gradually accumulating high-dividend stocks, focusing on names with dividend yields above 5% and remaining upside of at least 5%, such as SCB, HMPRO, BA, TFG, and BCPG.</li></ul>

The Thai market lacks near-term catalysts as overseas markets remain closed during the year-end holiday period.Thailand’s exports in November rose 7.1% YoY, slightly below market expectations of 8.8–9.0%, but still marked the 17th consecutive month of growth.Amid limited catalysts and light liquidity, we recommend gradually accumulating high-dividend stocks, focusing on names with dividend yields above 5% and remaining upside of at least 5%, such as SCB, HMPRO, BA, TFG, and BCPG.

Krungthai XSpring Zoom Eng. December 26, 2025

<ul><li>The US: US equities rose for a fourth consecutive session (S&amp;P 500 +0.6%, NASDAQ +0.32%), with gains across most sectors except energy (–0.33%).</li><li>Oil: Crude oil prices edged down slightly (WTI –0.05%, Brent –0.22%), but remain near a two-week high, with prices up 5.63% since December 16.</li><li>Thailand: The market is watching Thailand’s November export and import data today, with exports expected to grow by 9% YoY (from +5.7% YoY in October) and imports projected to rise by 14% YoY (from +16.3% YoY in October).</li></ul>

The US: US equities rose for a fourth consecutive session (S&amp;P 500 +0.6%, NASDAQ +0.32%), with gains across most sectors except energy (–0.33%).Oil: Crude oil prices edged down slightly (WTI –0.05%, Brent –0.22%), but remain near a two-week high, with prices up 5.63% since December 16.Thailand: The market is watching Thailand’s November export and import data today, with exports expected to grow by 9% YoY (from +5.7% YoY in October) and imports projected to rise by 14% YoY (from +16.3% YoY in October).

Krungthai XSpring Zoom Eng. December 25, 2025

<ul><li>The Fed’s rate cuts would encourage investors to seek higher yields in riskier markets such as Asia and Thailand (narrowing US–Thailand yield gap), which should support baht appreciation (USD weakening).</li><li>KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs of weakening in the labor market.</li><li>The rapid rise in unemployment poses a more serious risk to overall economic stability than allowing temporary cost-push inflation to persist.</li></ul>

The Fed’s rate cuts would encourage investors to seek higher yields in riskier markets such as Asia and Thailand (narrowing US–Thailand yield gap), which should support baht appreciation (USD weakening).KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs of weakening in the labor market.The rapid rise in unemployment poses a more serious risk to overall economic stability than allowing temporary cost-push inflation to persist.

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

<ul><li>The SET Index is expected to trade sideways or sideway down today, with the support at 1,260/1,250 points and the resistance at 1,271/1,285 points.</li><li>China’s exports to the US continued to contract sharply at –28.5% YoY in November, compared with –25% YoY in October.</li><li>The market may be more concerned about the risk of potential US trade pressure.</li></ul>

The SET Index is expected to trade sideways or sideway down today, with the support at 1,260/1,250 points and the resistance at 1,271/1,285 points.China’s exports to the US continued to contract sharply at –28.5% YoY in November, compared with –25% YoY in October.The market may be more concerned about the risk of potential US trade pressure.

Krungthai XSpring Zoom Eng. December 9, 2025

<ul><li>The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.</li><li>The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.</li><li>Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.</li></ul>

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.

Krungthai XSpring Zoom Eng. December 8, 2025

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. December 26, 2025

Thailand’s exports in November rose 7.1% YoY, slightly below market expectations of 8.8–9.0%, but still marked the 17th consecutive month of growth.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 25, 2025

The US: US equities rose for a fourth consecutive session (S&P 500 +0.6%, NASDAQ +0.32%), with gains across most sectors except energy (–0.33%).

Krungthai XSpring

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 9, 2025

The SET Index is expected to trade sideways or sideway down today, with the support at 1,260/1,250 points and the resistance at 1,271/1,285 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 8, 2025

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.

Krungthai XSpring

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