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>Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.</li>
<li>This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.</li>
<li>Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.</li>
</ul>


Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.
This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.
Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.


Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

Equity Bottom-Up

<ul>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>We have raised the portfolio's weighting in the energy sector through additions of BCP, GPSC, SPRC, and TOP, while also adding CENTEL.</li>
<li>The rebound in bank stocks lifted the portfolio's average return by 0.12%, broadly in line with the SET's 0.19% gain.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
We have raised the portfolio's weighting in the energy sector through additions of BCP, GPSC, SPRC, and TOP, while also adding CENTEL.
The rebound in bank stocks lifted the portfolio's average return by 0.12%, broadly in line with the SET's 0.19% gain.


KTX Tactical Picks - July 23, 2026 (Eng.)

<ul><li>A sharp rebound in energy stocks lifted our portfolio's average return by 2.62%, outperforming the SET Index's 0.88% gain.</li><li>Consequently, several of our holdings have hit our take-profit threshold of a holding-period return (HPR) exceeding 20%.</li><li>Additionally, we have replaced KBANK (HPR: -1.0%) with GLOBAL, as KBANK no longer meets our ranking criteria.</li></ul>

A sharp rebound in energy stocks lifted our portfolio's average return by 2.62%, outperforming the SET Index's 0.88% gain.Consequently, several of our holdings have hit our take-profit threshold of a holding-period return (HPR) exceeding 20%.Additionally, we have replaced KBANK (HPR: -1.0%) with GLOBAL, as KBANK no longer meets our ranking criteria.

KTX Tactical Picks - July 15, 2026 (Eng.)

<ul>
<li>No changes have been made to the investment positions in the KTX Tactical Picks portfolio today.</li>
<li>The portfolio benefited from the rebound in energy (BCP, GUNKUL, and TOP) and the ICT sector (TRUE), lifting its average return by 0.55%.</li>
<li>Meanwhile, the SET Index slipped 0.06%, pressured by electronics stocks amid the global selloff in technology shares.</li>
</ul>


No changes have been made to the investment positions in the KTX Tactical Picks portfolio today.
The portfolio benefited from the rebound in energy (BCP, GUNKUL, and TOP) and the ICT sector (TRUE), lifting its average return by 0.55%.
Meanwhile, the SET Index slipped 0.06%, pressured by electronics stocks amid the global selloff in technology shares.


KTX Tactical Picks - July 14, 2026 (Eng.)

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). </li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). 
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.


Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Thailand

Bangchak Corporation is a Thai energy conglomerate engaged in petroleum refining, marketing, and distribution of petroleum products, alongside renewable energy, biofuels, and green technologies. The company operates two world-class refineries and a network of over 2,000 service stations, while also investing in solar, wind, and hydropower. It was founded in 1984 and is headquartered in Bangkok, Thailand.

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Bangchak Corporation (BCP TB)

Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration. This could keep diesel crack spreads...

Krungthai XSpring

KTX Tactical Picks - July 23, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. We have raised...

Krungthai XSpring

KTX Tactical Picks - July 15, 2026 (Eng.)

A sharp rebound in energy stocks lifted our portfolio's average return by 2.62%, outperforming the SET Index's 0.88% gain. Consequently, several...

Krungthai XSpring

KTX Tactical Picks - July 14, 2026 (Eng.)

No changes have been made to the investment positions in the KTX Tactical Picks portfolio today. The portfolio benefited from the rebound in...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Ngern Tid Lor, I-TAIL, and Bangkok Chain Hospital could be added and Com7, Srisawad Corp , and KCE Electronics could be deleted according to the...

Janaghan Jeyakumar, CFA

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