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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).</li><li>Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.</li><li>KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.

MPC Meeting & 1Q25 GDP Growth for the EU and US

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.</li><li>During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.</li><li>The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS TMT News - Thursday, April 10, 2025

<ul><li>Technically, the SET Index is expected to move with a weak rebound pattern, with the support levels at 1,192/1,187 points and the resistance levels at 1,212/1,217 points.</li><li>KTX expects the MPC to maintain the policy rate in today's meeting, given Thailand's inflation remains on a recovery path.</li><li>Foreign fund inflows into the SET may strengthen significantly, based on the following factors: i) The MPC is likely to maintain interest rates and refrain from signaling a rate cut, despite calls for a rate decrease from the prime minister and several industries.</li></ul>

Technically, the SET Index is expected to move with a weak rebound pattern, with the support levels at 1,192/1,187 points and the resistance levels at 1,212/1,217 points.KTX expects the MPC to maintain the policy rate in today's meeting, given Thailand's inflation remains on a recovery path.Foreign fund inflows into the SET may strengthen significantly, based on the following factors: i) The MPC is likely to maintain interest rates and refrain from signaling a rate cut, despite calls for a rate decrease from the prime minister and several industries.

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Alibaba released its 3QFY25 earnings (see our internet team report) with a significant step-up in capex plan for the next three years, the total of which is expected to surpass the company’s cumulative capex of the past decade, per mgmt., reaching as high as ~RMB120bn per year during CY2026-28E, according to our calculation.</li><li>We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless investment strides of overseas CSPs (Amazon, Meta, Microsoft, and Google).</li><li>We believe the ripple effects of Alibaba’s increased capex plan will benefit domestic AI infrastructure supply chain names, such as Innolight (300308 CH, BUY, TP: RMB186) and Shengyi Tech (600183 CH, BUY, TP: RMB34.5), which supply critical components (e.g., high-speed optical transceivers, ultra-low-loss CCL) for datacenter buildout.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba released its 3QFY25 earnings (see our internet team report) with a significant step-up in capex plan for the next three years, the total of which is expected to surpass the company’s cumulative capex of the past decade, per mgmt., reaching as high as ~RMB120bn per year during CY2026-28E, according to our calculation.We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless investment strides of overseas CSPs (Amazon, Meta, Microsoft, and Google).We believe the ripple effects of Alibaba’s increased capex plan will benefit domestic AI infrastructure supply chain names, such as Innolight (300308 CH, BUY, TP: RMB186) and Shengyi Tech (600183 CH, BUY, TP: RMB34.5), which supply critical components (e.g., high-speed optical transceivers, ultra-low-loss CCL) for datacenter buildout.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at 1,350/1,354 points.</li><li>The recommended investment strategy remains selling on rallies and buying at support levels until a new breakout signal emerges.</li><li>The market expects the ECB to continue cutting interest rates for the fifth consecutive time by another 25 bps, bringing the deposit facility rate down to 2.75% from 3.0% and the marginal lending rate to 3.15% from 3.4%.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at 1,350/1,354 points.The recommended investment strategy remains selling on rallies and buying at support levels until a new breakout signal emerges.The market expects the ECB to continue cutting interest rates for the fifth consecutive time by another 25 bps, bringing the deposit facility rate down to 2.75% from 3.0% and the marginal lending rate to 3.15% from 3.4%.

4Q24 GDP for the EU & US and FOMC & ECB Meetings

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amazon (AMZN US)

MPC Meeting & 1Q25 GDP Growth for the EU and US

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points...

Krungthai XSpring

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

MPC Meeting & Earnings Results of Nvidia

Technically, the SET Index is expected to move with a weak rebound pattern, with the support levels at 1,192/1,187 points and the resistance...

Krungthai XSpring

Semiconductors - Thematic Investing and Megatrends

We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless...

CMB International

4Q24 GDP for the EU & US and FOMC & ECB Meetings

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)