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 SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

<ul><li>The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.</li><li>Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.</li><li>The next step is royal endorsement, followed by the appointment of the new Cabinet.</li></ul>

The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.The next step is royal endorsement, followed by the appointment of the new Cabinet.

Krungthai XSpring Zoom Eng. September 8, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.</li><li>The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.</li><li>The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.

Krungthai XSpring Zoom Eng. September 4, 2025

<ul><li>The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.</li><li>For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.</li><li>We maintain a Neutral view on lenders in the title loan and truck hire-purchase segments, as operators remain focused on risk management, debt reduction, and sustainable growth.</li></ul>

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.We maintain a Neutral view on lenders in the title loan and truck hire-purchase segments, as operators remain focused on risk management, debt reduction, and sustainable growth.

Finance & Securities: Upbeat Earnings; Asset Quality Under Control...

<ul><li>The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.</li><li>Loan growth showed a QoQ recovery, net interest margins widened, and asset quality remained manageable.</li><li>For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.</li></ul>

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.Loan growth showed a QoQ recovery, net interest margins widened, and asset quality remained manageable.For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.

Upbeat Earnings; Asset Quality Under Control; Financing Costs Declining

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Ask Automotive (7175293Z IN)

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 8, 2025

Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 4, 2025

The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to...

Krungthai XSpring

Finance & Securities: Upbeat Earnings; Asset Quality Under Control...

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.

Krungthai XSpring

Upbeat Earnings; Asset Quality Under Control; Financing Costs Declining

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD. Loan growth...

Krungthai XSpring

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