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 up, with the resistance at 1,290/1,295 points (10-day EMA) and the support at 1,270/1,262 points.</li><li>In the medium term, the index remains in a downtrend within a rounding-top pattern, within a range of 1,220-1,506 points.</li><li>Investment strategy: Sell on strength until a new technical buy signal emerges.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,290/1,295 points (10-day EMA) and the support at 1,270/1,262 points.In the medium term, the index remains in a downtrend within a rounding-top pattern, within a range of 1,220-1,506 points.Investment strategy: Sell on strength until a new technical buy signal emerges.

<ul><li>Technically, we expect the SET Index to move sideways down, with the support at 1,363/1,354 points (1/2 and 1/3 of the Fibonacci range of 1,325-1,404 points) and the resistance at 1,375/1,380 points (50-day EMA/75-day EMA).</li><li>Overall, the index is still moving in an upward trend toward testing the resistance of the downchannel range at 1,394/1,404 points.</li><li>Today, there is a chance that the index will weaken and test the support; there would be a new sell signal if it sinks below the key support at 1,350 points.</li></ul>

Technically, we expect the SET Index to move sideways down, with the support at 1,363/1,354 points (1/2 and 1/3 of the Fibonacci range of 1,325-1,404 points) and the resistance at 1,375/1,380 points (50-day EMA/75-day EMA).Overall, the index is still moving in an upward trend toward testing the resistance of the downchannel range at 1,394/1,404 points.Today, there is a chance that the index will weaken and test the support; there would be a new sell signal if it sinks below the key support at 1,350 points.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>SME (semiconductor manufacturing equipment) is a cyclical industry.</li><li>According to SEMI, the sector’s sales reached US$106bn in 2023, making up ~20% of total semiconductor market sales (US$527bn).</li><li>The market is expected to grow 3% in 2024 and rebound significantly by 18% in 2025 (per SEMI). </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.

SME (semiconductor manufacturing equipment) is a cyclical industry.According to SEMI, the sector’s sales reached US$106bn in 2023, making up ~20% of total semiconductor market sales (US$527bn).The market is expected to grow 3% in 2024 and rebound significantly by 18% in 2025 (per SEMI). 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.

Semi - Global SME Investment Set to Accelerate on Tech Advancements

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400 points.</li><li>US: Retail sales in January are expected to have slowed down, but industrial production in the same month is likely to have improved.</li><li>We recommend stocks with positive news about earnings results: ADVANC, TTB and MASTER.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400 points.US: Retail sales in January are expected to have slowed down, but industrial production in the same month is likely to have improved.We recommend stocks with positive news about earnings results: ADVANC, TTB and MASTER.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move in a sideways-down trend, with the support at 1,432/1,424 points and the resistance at 1,447 points and 1,454 points (10-day EMA).</li><li>Thailand's economy is expected to continue improving YoY in 4Q24E owing to the low base and the government's economic stimulus measures.</li><li>Therefore, we maintain our Trading Buy recommendation if the SET Index moves within the range of 1,393-1,455 points.</li></ul>

Technically, the SET Index is expected to move in a sideways-down trend, with the support at 1,432/1,424 points and the resistance at 1,447 points and 1,454 points (10-day EMA).Thailand's economy is expected to continue improving YoY in 4Q24E owing to the low base and the government's economic stimulus measures.Therefore, we maintain our Trading Buy recommendation if the SET Index moves within the range of 1,393-1,455 points.

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

World Market Summary

Technically, the SET Index is expected to move sideways up, with the resistance at 1,290/1,295 points (10-day EMA) and the support at 1,270/1,262...

Krungthai XSpring

Today's Dominant Ideas

Technically, we expect the SET Index to move sideways down, with the support at 1,363/1,354 points (1/2 and 1/3 of the Fibonacci range of...

Krungthai XSpring

Semi - Global SME Investment Set to Accelerate on Tech Advancements

SME (semiconductor manufacturing equipment) is a cyclical industry. According to SEMI, the sector’s sales reached US$106bn in 2023

CMB International

Keep a Close Watch on US Retail Sales

Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day...

Krungthai XSpring

TH 3Q24 GDP Growth & Weekly Strategy

Technically, the SET Index is expected to move in a sideways-down trend, with the support at 1,432/1,424 points and the resistance at 1,447 points...

Krungthai XSpring

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