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>Technically, the SET Index is expected to move sideways, with the resistance at 1,424 points (25-day EMA) / 1,431 points and the support at 1,407 points (10-day EMA)/1,400 points.</li><li>Any indication of higher-for-longer rates could exert a negative impact on markets.</li><li>If the number of bidders falls short of the supply, indicating diminished demand, this could adversely affect US equity markets, especially the loan and mortgage sectors, as well as global equity markets.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,424 points (25-day EMA) / 1,431 points and the support at 1,407 points (10-day EMA)/1,400 points.Any indication of higher-for-longer rates could exert a negative impact on markets.If the number of bidders falls short of the supply, indicating diminished demand, this could adversely affect US equity markets, especially the loan and mortgage sectors, as well as global equity markets.

Wait for Rate Signals From Fed Chairman and Presidents

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.</li><li>In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).</li><li>We retain OUTPERFORM, with the risk–reward still skewed to the upside.</li></ul>

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).We retain OUTPERFORM, with the risk–reward still skewed to the upside.

AFT Pharmaceuticals Pipeline Prescribes Upside

<ul><li>Outlook: We expect the SET Index in September to move sideways down, with the resistance of 1,346/1,360 points and the support of 1,280/1,250 points.</li><li>Investment strategy: Sell into the rally and buy back at 1,280 points, with the profit-taking target at 1,346/1,360 points.</li><li>We focus on i) vaccine plays (tourism, aviation and entertainment sectors); ii) commodity plays (energy sector, olefins chain and electronics sector).</li></ul>

Outlook: We expect the SET Index in September to move sideways down, with the resistance of 1,346/1,360 points and the support of 1,280/1,250 points.Investment strategy: Sell into the rally and buy back at 1,280 points, with the profit-taking target at 1,346/1,360 points.We focus on i) vaccine plays (tourism, aviation and entertainment sectors); ii) commodity plays (energy sector, olefins chain and electronics sector).

Sideways Down, With the Support of 1,280/1,250 Points and the Resistance of 1,346/1,360 Points

<ul><li>Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala Harris wins and a downward trend if Donald Trump does.</li><li>The resistance levels are set at 1,494 and 1,506 points, while support levels are at 1,473 and 1,466 points (10-day EMA).</li><li>For the tactical play strategy, we suggest trading buy on selective stocks.</li></ul>

Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala Harris wins and a downward trend if Donald Trump does.The resistance levels are set at 1,494 and 1,506 points, while support levels are at 1,473 and 1,466 points (10-day EMA).For the tactical play strategy, we suggest trading buy on selective stocks.

US Election and Composite/Services PMIs in Japan and the EU

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,386 points (25-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points, as the index yesterday was unable to form a higher high and higher low pattern for the first time in five trading days.</li><li>Most Asian stock markets are closed for the Chinese New Year holiday.</li><li>We recommend stocks with positive factors: MINT, BA and MC.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,386 points (25-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points, as the index yesterday was unable to form a higher high and higher low pattern for the first time in five trading days.Most Asian stock markets are closed for the Chinese New Year holiday.We recommend stocks with positive factors: MINT, BA and MC.

United Kingdom

AstraZeneca is a multinational pharmaceutical and biotechnology company that researches, develops, and manufactures prescription medicines. The company focuses on core therapeutic areas including oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. It was founded in 1999 and is headquartered in Cambridge, UK.

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AstraZeneca (AZNN MM)

Wait for Rate Signals From Fed Chairman and Presidents

Technically, the SET Index is expected to move sideways, with the resistance at 1,424 points (25-day EMA) / 1,431 points and the support at 1,407...

Krungthai XSpring

AFT Pharmaceuticals Pipeline Prescribes Upside

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&D pipeline. In the meantime, AFT’s operating...

Forsyth Barr

Sideways Down, With the Support of 1,280/1,250 Points and the Resistance of 1,346/1,360 Points

Outlook: We expect the SET Index in September to move sideways down, with the resistance of 1,346/1,360 points and the support of 1,280/1,250...

Krungthai XSpring

US Election and Composite/Services PMIs in Japan and the EU

Technically, the SET Index is expected to move in response to the US presidential election results, with an upward trend anticipated if Kamala...

Krungthai XSpring

Chinese New Year to Boost Tourism

Technically, the SET Index is expected to move sideways down, with the support at 1,386 points (25-day EMA)/1,379 points and the resistance at...

Krungthai XSpring

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