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>KTX has compiled the views of major US banks following US President Trump’s announcement of reciprocal tariffs on “Liberation Day.”</li><li>Overall, banks expressed a moderate level of concern. Asset quality remains stable, but some banks have begun setting aside provisions in advance, based on more negative assumptions.</li><li>Thai banks, however, are unlikely to escape the impact. </li></ul>

KTX has compiled the views of major US banks following US President Trump’s announcement of reciprocal tariffs on “Liberation Day.”Overall, banks expressed a moderate level of concern. Asset quality remains stable, but some banks have begun setting aside provisions in advance, based on more negative assumptions.Thai banks, however, are unlikely to escape the impact. 

<ul><li>Moody’s has revised Thailand’s credit rating outlook from “Stable” to “Negative,” along with five listed Thai banks — BBL, KBANK, KTB, SCB, and TTB — citing concerns over the potential economic impact of US import tariff hikes.</li><li>KTX views this revision as a long-term pressure factor and anticipates a possible credit rating downgrade from the current Baa1 within the next year, pending greater clarity on tariff implementation.</li><li>While the outlook downgrade presents a near-term headwind for the banking sector, KTX maintains a positive medium- to long-term view and recommends a gradual accumulation of bank stocks. </li></ul>

Moody’s has revised Thailand’s credit rating outlook from “Stable” to “Negative,” along with five listed Thai banks — BBL, KBANK, KTB, SCB, and TTB — citing concerns over the potential economic impact of US import tariff hikes.KTX views this revision as a long-term pressure factor and anticipates a possible credit rating downgrade from the current Baa1 within the next year, pending greater clarity on tariff implementation.While the outlook downgrade presents a near-term headwind for the banking sector, KTX maintains a positive medium- to long-term view and recommends a gradual accumulation of bank stocks. 

Economic Update: Moody’s Downgrades Thailand’s Outlook to “Negative”

<ul><li>Global bourses continued to decline amid escalating trade war concerns after the US imposed high import tariffs. Meanwhile, the SET faced additional pressure from risks related to a GDP.</li><li>contraction, pulling it down to a new low of 1,122.51 points.</li><li>Widespread selling was seen across multiple sectors, particularly in energy, banking, transportation, petroleum, electronics, and ICT.</li></ul>

Global bourses continued to decline amid escalating trade war concerns after the US imposed high import tariffs. Meanwhile, the SET faced additional pressure from risks related to a GDP.contraction, pulling it down to a new low of 1,122.51 points.Widespread selling was seen across multiple sectors, particularly in energy, banking, transportation, petroleum, electronics, and ICT.

<ul><li>KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.</li><li>A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.</li><li>If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. </li></ul>

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. 

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

<ul><li>Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10-day EMA) and 1,185 points.</li><li>The medium-term trend remains downward in a zig-zag down pattern as the index searches for the bottom within the broader range of 1,100-1,506 points.</li><li>In the short term, the index continues in a downtrend (forming new lows with occasional rebounds). </li></ul>

Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10-day EMA) and 1,185 points.The medium-term trend remains downward in a zig-zag down pattern as the index searches for the bottom within the broader range of 1,100-1,506 points.In the short term, the index continues in a downtrend (forming new lows with occasional rebounds). 

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)

Industry Update: Banking - MAY 8, 2025

KTX has compiled the views of major US banks following US President Trump’s announcement of reciprocal tariffs on “Liberation Day.”

Krungthai XSpring

Economic Update: Moody’s Downgrades Thailand’s Outlook to “Negative”

This is based on expectations of constructive trade negotiations and limited downside risks to interest rates. Our preferred accumulation targets...

Krungthai XSpring

Technical Analysis - APRIL 8, 2025

Global bourses continued to decline amid escalating trade war concerns after the US imposed high import tariffs. Meanwhile, the SET faced...

Krungthai XSpring

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.

Krungthai XSpring

KTX Zoom - APRIL 3, 2025

Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10...

Krungthai XSpring

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