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 SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.</li><li>DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.</li><li>The index remains on track to test the resistance at 1,221 points.</li></ul>

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.The index remains on track to test the resistance at 1,221 points.

<ul><li>The SET Index initially surged to 1,231.02 points, supported by optimism surrounding the US-China trade negotiations.</li><li>However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC, PTTGC, IVL, and DELTA, which continued to gain.</li><li>Despite the strong start, profit-taking pressure eventually weighed on the index, prompting a pullback.</li></ul>

The SET Index initially surged to 1,231.02 points, supported by optimism surrounding the US-China trade negotiations.However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC, PTTGC, IVL, and DELTA, which continued to gain.Despite the strong start, profit-taking pressure eventually weighed on the index, prompting a pullback.

<ul><li>Although most Asian bourses soared, the SET faced profit-taking pressure early in the morning session due to the upcoming long holiday and a lack of new positive catalysts.</li><li>This led to selling in large-cap stocks.</li><li>However, optimism surrounding the China-US trade negotiations attracted buying interest in the afternoon, particularly in DELTA, energy, and China play stocks, enabling the index to rebound and close up 0.99% from the previous wee</li></ul>

Although most Asian bourses soared, the SET faced profit-taking pressure early in the morning session due to the upcoming long holiday and a lack of new positive catalysts.This led to selling in large-cap stocks.However, optimism surrounding the China-US trade negotiations attracted buying interest in the afternoon, particularly in DELTA, energy, and China play stocks, enabling the index to rebound and close up 0.99% from the previous wee

<ul><li>The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.</li><li>Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.</li><li>Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.</li></ul>

The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

<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. 

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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