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.

Equity Bottom-Up

<ul>
<li>We recommend selling BCP, RBF and SCGP at a loss, with holding-period returns of -8.3%, -7.3% and -4.3%, respectively, and adding PLANB and TVO to replace them.</li>
<li>Nearly all portfolio stocks declined in line with the SET (-2.10%), dragging the portfolio return down 1.95%.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


We recommend selling BCP, RBF and SCGP at a loss, with holding-period returns of -8.3%, -7.3% and -4.3%, respectively, and adding PLANB and TVO to replace them.
Nearly all portfolio stocks declined in line with the SET (-2.10%), dragging the portfolio return down 1.95%.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


Cross Asset Strategy

<ul><li>The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.</li><li>On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.</li><li>In addition, yesterday, foreign investors turned net buyers of Thai equities for the first time in 12 trading days, signaling that they still have confidence in Thailand.</li></ul>

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.In addition, yesterday, foreign investors turned net buyers of Thai equities for the first time in 12 trading days, signaling that they still have confidence in Thailand.

Thai Equities to Be Affected by Political Developments Today, While Foreign Investors Have Already Turned Net Buyers

<ul>
<li>The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP.</li>
<li>Broad-based selling across all sectors except energy dragged the portfolio's average return down 0.26%, versus a 0.43% decline in the SET.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP.
Broad-based selling across all sectors except energy dragged the portfolio's average return down 0.26%, versus a 0.43% decline in the SET.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


KTX Tactical Picks - September 24, 2026 (Eng.)

Commodities

<ul><li>We maintain a Neutral rating on the energy sector and project a 6% CAGR for 2Y core EPS (2025-27E).</li><li>We expect the Israel-Iran tensions to remain localized to the directly involved parties.</li><li>We maintain our 2025-27E core profit forecast, expecting 2Y core EPS growth at a moderate +6% CAGR.</li></ul>

We maintain a Neutral rating on the energy sector and project a 6% CAGR for 2Y core EPS (2025-27E).We expect the Israel-Iran tensions to remain localized to the directly involved parties.We maintain our 2025-27E core profit forecast, expecting 2Y core EPS growth at a moderate +6% CAGR.

Solid Fundamentals Amid Geopolitical Risk; Mixed 2Q25E Earnings

Technical Analysis

<ul><li>The SET continued to descend due to escalating tensions between Israel and Iran, as well as a sharp drop in AOT.</li><li>The index tumbled below the support quickly and is currently entering the lower channel.</li><li>As the index remains in a downtrend, we continue to recommend holding cash.</li></ul>

The SET continued to descend due to escalating tensions between Israel and Iran, as well as a sharp drop in AOT.The index tumbled below the support quickly and is currently entering the lower channel.As the index remains in a downtrend, we continue to recommend holding cash.

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)

KTX Tactical Picks

We recommend selling BCP, RBF and SCGP at a loss, with holding-period returns of -8.3%, -7.3% and -4.3%, respectively, and adding PLANB and TVO to...

Krungthai XSpring

Thai Equities to Be Affected by Political Developments Today, While Foreign Investors Have Already Turned Net Buyers

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points. On...

Krungthai XSpring

KTX Tactical Picks - September 24, 2026 (Eng.)

The portfolio has been further expanded with the inclusion of BCP, STA and WHAUP. Broad-based selling across all sectors except energy dragged the...

Krungthai XSpring

Solid Fundamentals Amid Geopolitical Risk; Mixed 2Q25E Earnings

We maintain a Neutral rating on the energy sector and project a 6% CAGR for 2Y core EPS (2025-27E). We expect the Israel-Iran tensions to remain...

Krungthai XSpring

Recommendation: Hold Cash

The SET continued to descend due to escalating tensions between Israel and Iran, as well as a sharp drop in AOT. The index tumbled below the...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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