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: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.</li><li>Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.</li><li>Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.</li></ul>

The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.

Krungthai XSpring Zoom Eng. October 24, 2025

<ul><li>The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.</li><li>We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.</li><li>Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.</li></ul>

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.

Krungthai XSpring Zoom Eng. October 20, 2025

<ul><li>The SET Index is expected to trade sideways down today, with the support at 1,250/1,236 and the resistance at 1,268/1,280.</li><li>External factors are viewed as neutral, with renewed US–China tensions offset by the Fed’s signal to inject liquidity.</li><li>Domestically, the outlook is slightly positive ahead of today’s Economic Cabinet meeting, which may unveil a four-month economic stimulus plan.</li></ul>

The SET Index is expected to trade sideways down today, with the support at 1,250/1,236 and the resistance at 1,268/1,280.External factors are viewed as neutral, with renewed US–China tensions offset by the Fed’s signal to inject liquidity.Domestically, the outlook is slightly positive ahead of today’s Economic Cabinet meeting, which may unveil a four-month economic stimulus plan.

Krungthai XSpring Zoom Eng. October 15, 2025

<ul><li>The SET Index is expected to trade sideways up today, though momentum is likely to moderate.</li><li>The Cabinet has approved the Khon La Khrueng Plus scheme with a total budget of Bt44bn (in line with expectations).</li><li>The MPC meeting will be held today, with the outcome expected around 2:00 p.m. Bloomberg Consensus expects the policy rate to be cut from 1.50% to 1.25%, the lowest level in three years.</li></ul>

The SET Index is expected to trade sideways up today, though momentum is likely to moderate.The Cabinet has approved the Khon La Khrueng Plus scheme with a total budget of Bt44bn (in line with expectations).The MPC meeting will be held today, with the outcome expected around 2:00 p.m. Bloomberg Consensus expects the policy rate to be cut from 1.50% to 1.25%, the lowest level in three years.

Krungthai XSpring Zoom Eng. October 8, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 points and the support at 1,285/1,268 points.</li><li>Crude oil prices rebounded this morning (WTI +1.17%, Brent +1.1%) after OPEC+ agreed to raise its production quota for November by 137k barrels per day, keeping it unchanged from October.</li><li>Thailand's September inflation data will be released today, with consensus expecting a contraction of –0.63% YoY, slightly narrower than August's –0.79% YoY.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 points and the support at 1,285/1,268 points.Crude oil prices rebounded this morning (WTI +1.17%, Brent +1.1%) after OPEC+ agreed to raise its production quota for November by 137k barrels per day, keeping it unchanged from October.Thailand's September inflation data will be released today, with consensus expecting a contraction of –0.63% YoY, slightly narrower than August's –0.79% YoY.

Krungthai XSpring Zoom Eng. October 6, 2025

Thailand

Bangchak Corporation Public Company Limited operates as an energy company. The Company offers petroleum exploration and production, biomass, crude oil, and solar energy. Bangchak markets its products in Thailand.

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Bangchak Corporation (BCP TB)

Krungthai XSpring Zoom Eng. October 24, 2025

The SET Index is expected to trade in a sideways-up pattern today, with the resistance at 1,314 and 1,334 points, and support at 1,300 and 1,280...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 20, 2025

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 15, 2025

Domestically, the outlook is slightly positive ahead of today’s Economic Cabinet meeting, which may unveil a four-month economic stimulus plan.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 8, 2025

The MPC meeting will be held today, with the outcome expected around 2:00 p.m. Bloomberg Consensus expects the policy rate to be cut from 1.50% to...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 6, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 points and the support at 1,285/1,268 points.

Krungthai XSpring

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