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>Electronics stocks are supported by easing US Treasury yields.</li><li>Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).</li><li>The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.</li></ul>

Electronics stocks are supported by easing US Treasury yields.Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.

<ul><li>Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting a tech rebound.</li><li>The government is proceeding with the Bt160bn Chai Nat-Pa Sak-Gulf of Thailand drainage project, directly benefiting major contractors (STECON, CK).</li><li>US diesel export restrictions could further tighten the global diesel market, keeping refiners' market GRMs elevated longer (BCP, SPRC).</li></ul>

Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting a tech rebound.The government is proceeding with the Bt160bn Chai Nat-Pa Sak-Gulf of Thailand drainage project, directly benefiting major contractors (STECON, CK).US diesel export restrictions could further tighten the global diesel market, keeping refiners' market GRMs elevated longer (BCP, SPRC).

Technical Analysis

Hana Microelectronics / Technical Analysis

<ul><li>Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation data.</li><li>The index fell for a second consecutive session, but losses remained limited.</li><li>We recommend buying on dips and selling into strength.</li></ul>

Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation data.The index fell for a second consecutive session, but losses remained limited.We recommend buying on dips and selling into strength.

Krungthai XSpring Technical Eng. - September 11, 2026

Delta Electronics (Thailand) / Technical Analysis

<ul>
<li>Despite the lack of fresh positive catalysts, the SET Index rallied in line with other Asian markets ahead of the US nonfarm payrolls report.</li>
<li>The index reclaimed 1,590 points, strengthening its rebound momentum and increasing the likelihood of a move back above 1,600 points.</li>
<li>We recommend buying on dips and selling into strength, as the outlook has become more positive and blue-chip stocks continue to lead the market.</li>
</ul>


Despite the lack of fresh positive catalysts, the SET Index rallied in line with other Asian markets ahead of the US nonfarm payrolls report.
The index reclaimed 1,590 points, strengthening its rebound momentum and increasing the likelihood of a move back above 1,600 points.
We recommend buying on dips and selling into strength, as the outlook has become more positive and blue-chip stocks continue to lead the market.


Krungthai XSpring Technical Eng. - September 7, 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

Portugal

Banco Comercial Portugues, S.A. (BCP) attracts deposits and offers commercial and investment banking services. The Bank offers consumer loans, factoring, lease financing, mortgages, insurance, securities brokerage, investment funds, and credit cards. BCP operates offices in Europe, the Americas, Africa, and China.

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Banco Comercial Portugues SA (BCP PL)

SET Index Outlook

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

SET Index Outlook

Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 11, 2026

Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 7, 2026

Despite the lack of fresh positive catalysts, the SET Index rallied in line with other Asian markets ahead of the US nonfarm payrolls report. 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)