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>Although Asian bourses were pressured by declines in tech stocks in line with the US market, the SET rebounded strongly.</li><li>The index has moved into the key resistance zone at 1,350 points and has a chance to break above this level.</li><li>Accordingly, we recommend selective speculation, as leadership continues to rotate among large-cap stocks and trading volume remains robust.</li></ul>

Although Asian bourses were pressured by declines in tech stocks in line with the US market, the SET rebounded strongly.The index has moved into the key resistance zone at 1,350 points and has a chance to break above this level.Accordingly, we recommend selective speculation, as leadership continues to rotate among large-cap stocks and trading volume remains robust.

Krungthai XSpring Technical Eng. February 5, 2026

<ul><li>Commercial bank earnings in 4Q25 softened due to NIM pressure, continued YoY loan contraction, and weaker non-NII following a high investment-income base in 3Q25.</li><li>For 2025, sector earnings still grew 3% YoY, supported by non-NII and cost control, while 2026E profits are expected to decline around 7% amid NIM pressure and a high non-NII base.</li><li>We maintain an Overweight stance on the banking sector, favoring KBANK and KKP.</li></ul>

Commercial bank earnings in 4Q25 softened due to NIM pressure, continued YoY loan contraction, and weaker non-NII following a high investment-income base in 3Q25.For 2025, sector earnings still grew 3% YoY, supported by non-NII and cost control, while 2026E profits are expected to decline around 7% amid NIM pressure and a high non-NII base.We maintain an Overweight stance on the banking sector, favoring KBANK and KKP.

Banking: NIM Remained a Headwind to Earnings...

<ul><li>The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.</li><li>The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.</li><li>We expect the index to trade within a narrow range with rebound potential.</li></ul>

The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.We expect the index to trade within a narrow range with rebound potential.

Krungthai XSpring Technical Eng. January 30, 2026

<ul><li>The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.</li><li>The index has entered a short-term consolidation phase after a continued pullback and is trending toward the key support at 1,300 points.</li><li>We therefore expect the index to see limited downside or move sideways while awaiting clearer reversal signals.</li></ul>

The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.The index has entered a short-term consolidation phase after a continued pullback and is trending toward the key support at 1,300 points.We therefore expect the index to see limited downside or move sideways while awaiting clearer reversal signals.

Krungthai XSpring Technical Eng. February 2, 2026

<ul><li>Most Asian bourses advanced, except Indonesia, which fell sharply.</li><li>Despite disappointing 4Q25 earnings, buying in large-cap stocks helped the index look past these concerns.</li><li>The index is at a critical juncture and must break above 1,346 points to confirm a continued rebound.</li></ul>

Most Asian bourses advanced, except Indonesia, which fell sharply.Despite disappointing 4Q25 earnings, buying in large-cap stocks helped the index look past these concerns.The index is at a critical juncture and must break above 1,346 points to confirm a continued rebound.

Krungthai XSpring Technical Eng. January 29, 2026

Thailand

Bangkok Bank is one of the largest commercial banks in Thailand, offering a comprehensive range of commercial and retail banking solutions. These include corporate finance, SME lending, conventional banking services, syndicated loans, debt securities underwriting, trade finance, project finance, custodial services, and various personal banking products. The bank is headquartered in Bangkok, Thailand, and was founded in 1944.

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Bangkok Bank (BBL TB)

Krungthai XSpring Technical Eng. February 5, 2026

Accordingly, we recommend selective speculation, as leadership continues to rotate among large-cap stocks and trading volume remains robust.

Krungthai XSpring

Banking: NIM Remained a Headwind to Earnings...

Commercial bank earnings in 4Q25 softened due to NIM pressure, continued YoY loan contraction, and weaker non-NII following a high investment...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 30, 2026

The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 2, 2026

The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 29, 2026

Most Asian bourses advanced, except Indonesia, which fell sharply. Despite disappointing 4Q25 earnings, buying in large-cap stocks helped the index...

Krungthai XSpring

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