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>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). 

<ul><li>The SET moved within a narrow range as the market awaited clarity on reciprocal tariffs.</li><li>Both large- and small-cap stocks fluctuated in a tight range with low trading volume, resulting in a sluggish market atmosphere throughout the day.</li><li>However, the index began to receive positive support from fund inflows.</li></ul>

The SET moved within a narrow range as the market awaited clarity on reciprocal tariffs.Both large- and small-cap stocks fluctuated in a tight range with low trading volume, resulting in a sluggish market atmosphere throughout the day.However, the index began to receive positive support from fund inflows.

<ul><li>The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.</li><li>At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.</li><li>However, trading volume was light.</li></ul>

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.However, trading volume was light.

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,177 points (10-day EMA) and 1,185 points, and the support at 1,160 and 1,155 points.</li><li>In the medium term, the index remains in a downward trend in a zig-zag pattern, aiming to find the bottom within the range of 1,100 to 1,506 points.</li><li>In the short term, the trend is still downward, returning to a new low followed by a rebound pattern. </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,177 points (10-day EMA) and 1,185 points, and the support at 1,160 and 1,155 points.In the medium term, the index remains in a downward trend in a zig-zag pattern, aiming to find the bottom within the range of 1,100 to 1,506 points.In the short term, the trend is still downward, returning to a new low followed by a rebound pattern. 

KTX Zoom - US Reciprocal Tariffs: APRIL 2, 2025

<ul><li>The combined 1Q25E net profit of the six banks under our coverage is expected at Bt44bn, a slight increase YoY due to lower provisioning being offset by weaker loan portfolios and narrower NIM.</li><li>However, it should improve QoQ, bolstered by a recovery in loan growth along with lower provisions and expenses.</li><li>We maintain an Overweight rating on the banking sector, expecting credit costs to normalize. </li></ul>

The combined 1Q25E net profit of the six banks under our coverage is expected at Bt44bn, a slight increase YoY due to lower provisioning being offset by weaker loan portfolios and narrower NIM.However, it should improve QoQ, bolstered by a recovery in loan growth along with lower provisions and expenses.We maintain an Overweight rating on the banking sector, expecting credit costs to normalize. 

Banking - Expect 1Q25E Banking Sector Profit to Increase YoY and QoQ

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)

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

Technical Analysis - APRIL 3, 2025

Both large- and small-cap stocks fluctuated in a tight range with low trading volume, resulting in a sluggish market atmosphere throughout the day.

Krungthai XSpring

Technical Analysis - APRIL 2, 2025

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs. At the same time, the index...

Krungthai XSpring

KTX Zoom - US Reciprocal Tariffs: APRIL 2, 2025

Technically, the SET Index is expected to move sideways, with the resistance at 1,177 points (10-day EMA) and 1,185 points, and the support at...

Krungthai XSpring

Banking - Expect 1Q25E Banking Sector Profit to Increase YoY and QoQ

The combined 1Q25E net profit of the six banks under our coverage is expected at Bt44bn, a slight increase YoY due to lower provisioning being...

Krungthai XSpring

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