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

Banco Comercial Portugues SA / Equity Bottom-Up

<ul><li>Weak US labor market signals are easing core inflation pressure, but surging oil prices continue to fuel headline inflation, preventing Fed easing.</li><li>Higher discount rates leave global equities vulnerable to de-rating.</li><li>The SET remains vulnerable to further correction amid foreign fund outflows.</li></ul>

Weak US labor market signals are easing core inflation pressure, but surging oil prices continue to fuel headline inflation, preventing Fed easing.Higher discount rates leave global equities vulnerable to de-rating.The SET remains vulnerable to further correction amid foreign fund outflows.

Long-Term Yields Keep Surging, Driving Global De-Rating; SET Risks Further Correction

Technical Analysis

Global Power Synergy / Technical Analysis

<ul><li>The SET fluctuated within a narrow range as investors awaited banks' 3Q26 earnings and US inflation data, before closing higher, led by PTTEP, PTT, TOP, BCP, SCC, GULF and ADVANC.</li><li>Foreign investors remained net buyers for a second consecutive day.</li><li>We maintain our recommendation for selective buying, as positive momentum leaves the index poised for further gains.</li></ul>

The SET fluctuated within a narrow range as investors awaited banks' 3Q26 earnings and US inflation data, before closing higher, led by PTTEP, PTT, TOP, BCP, SCC, GULF and ADVANC.Foreign investors remained net buyers for a second consecutive day.We maintain our recommendation for selective buying, as positive momentum leaves the index poised for further gains.

Cross Asset Strategy

<ul><li>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

<ul>
<li>Crude prices remain elevated on tight supply.</li>
<li>US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.</li>
<li>Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).</li>
</ul>


Crude prices remain elevated on tight supply.
US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.
Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).


<ul>
<li>(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.</li>
<li>(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.</li>
<li>(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.</li>
</ul>


(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.
(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.
(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.


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)

Long-Term Yields Keep Surging, Driving Global De-Rating; SET Risks Further Correction

Weak US labor market signals are easing core inflation pressure, but surging oil prices continue to fuel headline inflation, preventing Fed...

Krungthai XSpring

Recommendation: Selective Buy

The SET fluctuated within a narrow range as investors awaited banks' 3Q26 earnings and US inflation data, before closing higher, led by PTTEP,...

Krungthai XSpring

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

SET Index Outlook

Crude prices remain elevated on tight supply. US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US...

Krungthai XSpring

SET Index Outlook

(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)