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 US launched retaliatory strikes in southern Iran, citing self-defense after an Iranian drone reportedly shot down a US military helicopter.</li><li>The BOI has approved more than Bt623bn of investment projects in 5M26, with the majority coming from US and Chinese hyperscalers.</li><li>Bank Indonesia unexpectedly raised its policy rate by 25bps to support the rupiah.</li></ul>

The US launched retaliatory strikes in southern Iran, citing self-defense after an Iranian drone reportedly shot down a US military helicopter.The BOI has approved more than Bt623bn of investment projects in 5M26, with the majority coming from US and Chinese hyperscalers.Bank Indonesia unexpectedly raised its policy rate by 25bps to support the rupiah.

Krungthai XSpring Zoom Eng. June 10, 2026

<ul><li>OPEC+ agreed to increase oil production by 0.188mbd starting in July, marking the fourth consecutive monthly output hike (April: 0.137mbd; May–June: 0.188mbd, excluding the UAE's production share following its withdrawal from the group on May 1).</li><li>The EIA expects the oil market to remain tight in 2Q–3Q26E before gradually normalizing in 4Q26E.</li><li>Oil-linked stocks continue to face headwinds as crude oil prices have likely passed their peak in March and entered a downtrend.</li></ul>

OPEC+ agreed to increase oil production by 0.188mbd starting in July, marking the fourth consecutive monthly output hike (April: 0.137mbd; May–June: 0.188mbd, excluding the UAE's production share following its withdrawal from the group on May 1).The EIA expects the oil market to remain tight in 2Q–3Q26E before gradually normalizing in 4Q26E.Oil-linked stocks continue to face headwinds as crude oil prices have likely passed their peak in March and entered a downtrend.

Energy (Oil): OPEC+ Approves A 0.188mbd Oil Production Increase Starting In July - Neutral

Equity Bottom-Up

<ul>
<li>TTB has been removed after failing to meet the ranking criteria, with a holding-period return of -0.2%.</li>
<li>We recommend selling TRUE at a loss of 5.5% and adding BCP to the portfolio as a replacement.</li>
<li>Selling pressure across most portfolio stocks has pushed the average portfolio return down 0.5%, broadly in line with the SET (-0.6%).</li>
</ul>


TTB has been removed after failing to meet the ranking criteria, with a holding-period return of -0.2%.
We recommend selling TRUE at a loss of 5.5% and adding BCP to the portfolio as a replacement.
Selling pressure across most portfolio stocks has pushed the average portfolio return down 0.5%, broadly in line with the SET (-0.6%).


KTX Tactical Picks - October 8, 2026 (Eng.)

<ul><li>The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.</li><li>Crude oil prices continued to rally following a report by Axios that Donald Trump plans to maintain a blockade of Iranian ports until a clear nuclear agreement is reached.</li><li>The Board of Investment of Thailand reported that investment promotion applications in 1Q26 reached Bt1.02trn, surging 2.4x YoY.</li></ul>

The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.Crude oil prices continued to rally following a report by Axios that Donald Trump plans to maintain a blockade of Iranian ports until a clear nuclear agreement is reached.The Board of Investment of Thailand reported that investment promotion applications in 1Q26 reached Bt1.02trn, surging 2.4x YoY.

Krungthai XSpring Zoom Eng. April 30, 2026

<ul><li>The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.</li><li>Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.</li><li>We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.</li></ul>

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.

Krungthai XSpring Technical Eng. April 10, 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Banco Comercial Portugues SA (BCP PL)

Krungthai XSpring Zoom Eng. June 10, 2026

The US launched retaliatory strikes in southern Iran, citing self-defense after an Iranian drone reportedly shot down a US military helicopter.

Krungthai XSpring

Energy (Oil): OPEC+ Approves A 0.188mbd Oil Production Increase Starting In July - Neutral

Oil-linked stocks continue to face headwinds as crude oil prices have likely passed their peak in March and entered a downtrend.

Krungthai XSpring

KTX Tactical Picks - October 8, 2026 (Eng.)

TTB has been removed after failing to meet the ranking criteria, with a holding-period return of -0.2%. We recommend selling TRUE at a loss of...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 30, 2026

The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 10, 2026

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)