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>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

<ul>
<li>Crude prices remain elevated on tight supply.</li>
<li>US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.</li>
<li>Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).</li>
</ul>


Crude prices remain elevated on tight supply.
US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.
Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).


<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


<ul>
<li>(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.</li>
<li>(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.</li>
<li>(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.</li>
</ul>


(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.
(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.
(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.


<ul><li>Electronics stocks are supported by easing US Treasury yields.</li><li>Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).</li><li>The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.</li></ul>

Electronics stocks are supported by easing US Treasury yields.Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.

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Ask Automotive (7175293Z IN)

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

SET Index Outlook

Crude prices remain elevated on tight supply. US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US...

Krungthai XSpring

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

SET Index Outlook

(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected...

Krungthai XSpring

SET Index Outlook

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)