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>Brent crude oil prices rebounded more than 3% this morning after Saudi Arabia temporarily shut down its East-West oil pipeline following a drone attack.</li>
<li>'AMRO' remains confident in the Thai economy, forecasting GDP growth of 2.4% in 2026-27, supported by policies to accelerate investment in future industries.</li>
<li>The market has raised the probability of a Fed rate hike this week's meeting to 86% (CME FedWatch) after the US core CPI rose 0.3% MoM in August, above the market's expectation for it to remain unchanged from the previous month's 0.2% increase.</li>
</ul>


Brent crude oil prices rebounded more than 3% this morning after Saudi Arabia temporarily shut down its East-West oil pipeline following a drone attack.
'AMRO' remains confident in the Thai economy, forecasting GDP growth of 2.4% in 2026-27, supported by policies to accelerate investment in future industries.
The market has raised the probability of a Fed rate hike this week's meeting to 86% (CME FedWatch) after the US core CPI rose 0.3% MoM in August, above the market's expectation for it to remain unchanged from the previous month's 0.2% increase.


Krungthai XSpring Zoom Eng. September 14, 2026

<ul><li>Weakness in the US labor market, together with permanent FOMC voter Christopher Waller's support for keeping interest rates unchanged at the September meeting, pushed US Treasury yields and the US dollar lower.</li><li>The Thai baht resumed its appreciation against the US dollar amid dollar selling and could test Bt32.80/USD, benefiting COM7 and ADVICE.</li><li>Fitch Ratings signaled a positive view ahead of its next review of Thailand's sovereign credit rating, citing greater political stability and the economy's resilience to external pressures.</li></ul>

Weakness in the US labor market, together with permanent FOMC voter Christopher Waller's support for keeping interest rates unchanged at the September meeting, pushed US Treasury yields and the US dollar lower.The Thai baht resumed its appreciation against the US dollar amid dollar selling and could test Bt32.80/USD, benefiting COM7 and ADVICE.Fitch Ratings signaled a positive view ahead of its next review of Thailand's sovereign credit rating, citing greater political stability and the economy's resilience to external pressures.

Krungthai XSpring Zoom Eng. September 4, 2026

<ul><li>The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.</li><li>The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.</li><li>We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.</li></ul>

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.

Krungthai XSpring Zoom Eng. September 3, 2026

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>The company’s long-term business potential remains intact on the back of increasing content via 2W premiumization and electrification (~30-40% more content than ICE), which is also being led by successful entry into newer segments</li><li>We expect margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly business</li><li>However, we remain cautious on near-term headwinds arising from higher raw material costs and geopolitical tensions, which could slow down the growth of customers.</li></ul><p><em>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.</em></p>

The company’s long-term business potential remains intact on the back of increasing content via 2W premiumization and electrification (~30-40% more content than ICE), which is also being led by successful entry into newer segmentsWe expect margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly businessHowever, we remain cautious on near-term headwinds arising from higher raw material costs and geopolitical tensions, which could slow down the growth of customers.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.

ASK Automotive (Initiating Coverage): Long-Term Potential to Beat Near-Term Volatility. ADD

Macroeconomics

<ul><li>The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.</li><li>Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.</li><li>The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.</li></ul>

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.

Krungthai XSpring Zoom Eng. September 1, 2026

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Ask Automotive (7175293Z IN)

Krungthai XSpring Zoom Eng. September 14, 2026

Brent crude oil prices rebounded more than 3% this morning after Saudi Arabia temporarily shut down its East-West oil pipeline following a drone...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 4, 2026

Weakness in the US labor market, together with permanent FOMC voter Christopher Waller's support for keeping interest rates unchanged at the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 3, 2026

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment...

Krungthai XSpring

ASK Automotive (Initiating Coverage): Long-Term Potential to Beat Near-Term Volatility. ADD

We expect margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly business

HDFC Securities

Krungthai XSpring Zoom Eng. September 1, 2026

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%. Thailand's...

Krungthai XSpring

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