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 move sideways to sideways-up today, with support at 1,330/1,320 points and resistance at 1,350/1,364 points.</li><li>Executives from ASML, the world’s largest semiconductor equipment manufacturer from the Netherlands, met with Thailand’s Board of Investment (BOI) to discuss potential cooperation in developing a supply chain in Thailand, where ASML already has some key suppliers.</li><li>Foreign investors were net buyers for a second consecutive day, with net inflows of Bt2,163mn, supporting a continued rise in the SET Index.</li></ul>

The SET Index is expected to move sideways to sideways-up today, with support at 1,330/1,320 points and resistance at 1,350/1,364 points.Executives from ASML, the world’s largest semiconductor equipment manufacturer from the Netherlands, met with Thailand’s Board of Investment (BOI) to discuss potential cooperation in developing a supply chain in Thailand, where ASML already has some key suppliers.Foreign investors were net buyers for a second consecutive day, with net inflows of Bt2,163mn, supporting a continued rise in the SET Index.

Krungthai XSpring Zoom Eng. February 5, 2026

<ul><li>There have been no changes to investment positions in the portfolio.</li><li>KTX DR Tactical Picks delivered an average return of +1.49%, led by AMD80, which rallied on expectations that strong AI server demand will enhance profitability.</li><li>Based on our KTX Baht Tracker, the baht has begun to strengthen again.</li></ul>

There have been no changes to investment positions in the portfolio.KTX DR Tactical Picks delivered an average return of +1.49%, led by AMD80, which rallied on expectations that strong AI server demand will enhance profitability.Based on our KTX Baht Tracker, the baht has begun to strengthen again.

KTX Tactical DR Picks - January 23, 2026 (Eng.)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

ASE Technology Holding   / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.</li>
<li>Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).</li>
<li>Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.
Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).
Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.


Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

<ul>
<li>We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. </li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 


"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

Krungthai XSpring Zoom Eng. February 5, 2026

The SET Index is expected to move sideways to sideways-up today, with support at 1,330/1,320 points and resistance at 1,350/1,364 points.

Krungthai XSpring

KTX Tactical DR Picks - January 23, 2026 (Eng.)

KTX DR Tactical Picks delivered an average return of +1.49%, led by AMD80, which rallied on expectations that strong AI server demand will enhance...

Krungthai XSpring

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

"Lockout Rally" Underway $ACWI; Downgrading China $MCHI $FXI to Market Weight; U.S. Dollar (DXY) Providing Significant Risk-On Signal. Remain...

Vermilion Research

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

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