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>For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).</li><li>Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.</li><li>We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.</li></ul>

For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

<ul><li>The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.</li><li>The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.</li><li>We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.</li></ul>

The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.

Krungthai XSpring Technical Eng. September 23, 2025

<ul><li>Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.</li><li>The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.</li><li>Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.</li></ul>

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

<ul><li>The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.</li><li>The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.</li><li>Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.</li></ul>

The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.

Banking: Virtual Banks and the Thai Banking Landscape

<ul><li>The SET Index today is expected to remain volatile, with the support levels at 1,250/1,231 points and the resistance levels at 1,260/1,273 points.</li><li>Domestic factors are expected to be slightly positive, as the Thailand Focus 2025 event is likely to generate positive sentiment for stocks of participating companies, including CPALL, CPF, CPAXT, TRUE, KTB, BAM, MINT, THAI, BDMS, and SCB.</li><li>The removal of a Fed Governor by Trump caused volatility in US financial markets.</li></ul>

The SET Index today is expected to remain volatile, with the support levels at 1,250/1,231 points and the resistance levels at 1,260/1,273 points.Domestic factors are expected to be slightly positive, as the Thailand Focus 2025 event is likely to generate positive sentiment for stocks of participating companies, including CPALL, CPF, CPAXT, TRUE, KTB, BAM, MINT, THAI, BDMS, and SCB.The removal of a Fed Governor by Trump caused volatility in US financial markets.

Krungthai XSpring Zoom Eng. August 27, 2025

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 23, 2025

The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a...

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund...

Krungthai XSpring

Banking: Virtual Banks and the Thai Banking Landscape

The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 27, 2025

The SET Index today is expected to remain volatile, with the support levels at 1,250/1,231 points and the resistance levels at 1,260/1,273 points.

Krungthai XSpring

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