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>Today, the SET Index is expected to show upward momentum, with resistance at 1,506/1,521 points and support at 1,488/1,468 points, following the rebound in US equities and a strengthening baht.</li><li>Global: US equities rebounded (S&amp;P 500 +0.77%, Nasdaq +1.04%), led by tech stocks. AMD surged 8.8% after announcing a USD60bn AI chip deal with Meta over five years, in exchange for allowing Meta to acquire up to a 10% stake.</li><li>Thailand: We are monitoring the MPC’s first meeting of 2026 today. Bloomberg consensus expects the policy rate to be held at 1.25%, in line with OIS pricing, supported by strong 4Q25 GDP and January export growth.</li></ul>

Today, the SET Index is expected to show upward momentum, with resistance at 1,506/1,521 points and support at 1,488/1,468 points, following the rebound in US equities and a strengthening baht.Global: US equities rebounded (S&amp;P 500 +0.77%, Nasdaq +1.04%), led by tech stocks. AMD surged 8.8% after announcing a USD60bn AI chip deal with Meta over five years, in exchange for allowing Meta to acquire up to a 10% stake.Thailand: We are monitoring the MPC’s first meeting of 2026 today. Bloomberg consensus expects the policy rate to be held at 1.25%, in line with OIS pricing, supported by strong 4Q25 GDP and January export growth.

Krungthai XSpring Zoom Eng. February 25, 2026

<ul><li>The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

<ul><li>The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.</li><li>Foreign fund outflows continue in the short term.</li><li>Semiconductor producers led the technology sector lower, down -1.88%.</li></ul>

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.Foreign fund outflows continue in the short term.Semiconductor producers led the technology sector lower, down -1.88%.

Krungthai XSpring Zoom Eng. August 20, 2025

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Fauji Fertilizer Company / Equity Bottom-Up

<ul><li>Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>Management highlighted that no discount on urea is currently being offered, and company has not passed on any price adjustments despite higher international oil prices amid ongoing US–Iran geopolitical tensions.</li><li>The overall urea market expanded by 2.3%, wherein, FFC’s market share declined to 43% in 2025 from 48% in 2024, due to lower sales volumes.</li></ul>

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.Management highlighted that no discount on urea is currently being offered, and company has not passed on any price adjustments despite higher international oil prices amid ongoing US–Iran geopolitical tensions.The overall urea market expanded by 2.3%, wherein, FFC’s market share declined to 43% in 2025 from 48% in 2024, due to lower sales volumes.

Topline Flash Note: Fauji Fertilizer Company (FFC): Corporate Briefing Key Takeaways

Viet Capital Securities Joint Stock Company

Luan Nguyen

<p>Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are willing to buy vitamins and dietary supplements to ameliorate their health and immune system. Besides, higher polluted environment and more stressful lifestyle are factors contributing to the sale growth of the category, with current value growth of 10%, reaching VND9.9 trillion in 2016.</p>

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are willing to buy vitamins and dietary supplements to ameliorate their health and immune system. Besides, higher polluted environment and more stressful lifestyle are factors contributing to the sale growth of the category, with current value growth of 10%, reaching VND9.9 trillion in 2016.

Huge Need for Vitamins, Dietary Supplements and Digestive Remedies in Vietnam

Vietnam

FLC Stone Mining & Investment Joint Stock Company primarily engages in the mining and processing of minerals, specializing in natural stones like marble, granite, and bluestone. The company also provides consulting and technology transfer services across various sectors, and invests in tourism projects and scientific equipment. It was founded in 2007 and is headquartered in Hanoi, Vietnam.

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FLC Stone Mining & Investment (AMD VN)

Krungthai XSpring Zoom Eng. February 25, 2026

Today, the SET Index is expected to show upward momentum, with resistance at 1,506/1,521 points and support at 1,488/1,468 points, following the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 20, 2025

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)...

Krungthai XSpring

Topline Flash Note: Fauji Fertilizer Company (FFC): Corporate Briefing Key Takeaways

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future...

Topline Securities

Huge Need for Vitamins, Dietary Supplements and Digestive Remedies in Vietnam

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are...

Luan Nguyen

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