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>We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.</li><li>The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.</li><li>The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.</li></ul>

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.

Thematic (Sector/Industry)

<ul><li>The Thai equity market has the potential to retest the 1,600 level, in line with gains across global markets (NASDAQ +1.5%, NIKKEI +0.5%, and TAIEX +1.5%).</li><li>The Cabinet has extended the reduction in property transfer and mortgage registration fees to 0.01% through June 30, 2027, covering residential properties priced at up to Bt7mn.</li><li>PLANB has become a major shareholder of COM7 (TP: Bt31) after investing Bt7.2bn to acquire an 11% stake.</li></ul>

The Thai equity market has the potential to retest the 1,600 level, in line with gains across global markets (NASDAQ +1.5%, NIKKEI +0.5%, and TAIEX +1.5%).The Cabinet has extended the reduction in property transfer and mortgage registration fees to 0.01% through June 30, 2027, covering residential properties priced at up to Bt7mn.PLANB has become a major shareholder of COM7 (TP: Bt31) after investing Bt7.2bn to acquire an 11% stake.

Equity Bottom-Up

<ul><li>Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.</li><li>Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.</li><li>GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.</li></ul>

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.

<ul><li>Spending under the “Thai Chuay Thai Plus” (“Thais Help Thais Plus”) program reached Bt17.8bn during its first seven days, up 13% from the “Khon La Khrueng Plus” scheme, reflecting a strong initial response to the stimulus measure.</li><li>We believe the additional liquidity injected into the economy will improve disposable income and cash flow for grassroots households, which form the core customer base of MTC, SAWAD, and TIDLOR.</li><li>Meanwhile, management teams across the finance sector have yet to see signs of weaker debt collections.</li></ul>

Spending under the “Thai Chuay Thai Plus” (“Thais Help Thais Plus”) program reached Bt17.8bn during its first seven days, up 13% from the “Khon La Khrueng Plus” scheme, reflecting a strong initial response to the stimulus measure.We believe the additional liquidity injected into the economy will improve disposable income and cash flow for grassroots households, which form the core customer base of MTC, SAWAD, and TIDLOR.Meanwhile, management teams across the finance sector have yet to see signs of weaker debt collections.

Finance: Thai Chuay Thai Plus Scheme Supports Asset Quality In The Financial Sector - Neutral

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

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Ask Automotive (7175293Z IN)

Krungthai XSpring Zoom Eng. July 6, 2026

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 1, 2026

The Thai equity market has the potential to retest the 1,600 level, in line with gains across global markets (NASDAQ +1.5%, NIKKEI +0.5%, and TAIEX...

Krungthai XSpring

SET Index OUTLOOK

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns. Brent crude remains...

Krungthai XSpring

Finance: Thai Chuay Thai Plus Scheme Supports Asset Quality In The Financial Sector - Neutral

We believe the additional liquidity injected into the economy will improve disposable income and cash flow for grassroots households, which form...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

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