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 banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control, despite NIM pressure weighing on interest income.</li><li>Provisions increased to cushion uncertainties, while asset quality remained stable to slightly improved.</li><li>Sector-wide strategies remain aligned, focusing on quality growth, cost discipline, and proactive provisioning to navigate uncertainties.</li></ul>

The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control, despite NIM pressure weighing on interest income.Provisions increased to cushion uncertainties, while asset quality remained stable to slightly improved.Sector-wide strategies remain aligned, focusing on quality growth, cost discipline, and proactive provisioning to navigate uncertainties.

Banking: Thai Banks Under Pressure: Prioritizing Quality, Tightening Risk Control...

<ul><li>Risks from the conflict in Iran remain elevated, but we believe the situation may be approaching its peak and that markets have already priced in much of the negative factors.</li><li>The key turning point will likely be the upcoming FOMC meeting next week.</li><li>We recommend a selective investment strategy, focusing on defensive stocks with relatively low volatility and domestic plays supported mainly by Thailand’s domestic economic growth.</li></ul>

Risks from the conflict in Iran remain elevated, but we believe the situation may be approaching its peak and that markets have already priced in much of the negative factors.The key turning point will likely be the upcoming FOMC meeting next week.We recommend a selective investment strategy, focusing on defensive stocks with relatively low volatility and domestic plays supported mainly by Thailand’s domestic economic growth.

KTX AHEAD: Watch The FOMC Meeting: Will The Fed Prioritize Growth Or Inflation?

<ul><li>The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking and risk-reduction selling.</li><li>The index moved within a volatile range over the past week but still showed resilience by withstanding negative factors, including Middle East tensions and fund outflows, while remaining above the 1,400-point support level.</li><li>Therefore, we maintain a positive outlook on the index, expecting downside to be limited or the index to move sideways while awaiting positive catalysts.</li></ul>

The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking and risk-reduction selling.The index moved within a volatile range over the past week but still showed resilience by withstanding negative factors, including Middle East tensions and fund outflows, while remaining above the 1,400-point support level.Therefore, we maintain a positive outlook on the index, expecting downside to be limited or the index to move sideways while awaiting positive catalysts.

Krungthai XSpring Technical Eng. March 16, 2026

<ul><li>Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.</li><li>The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.</li><li>Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.</li></ul>

Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.

Krungthai XSpring Technical Eng. March 12, 2026

<ul><li>The SET Index is expected to face renewed pressure today, with support at 1,400/1,384 points and resistance at 1,420/1,431 points.</li><li>The MPC minutes signal that Thailand’s policy rate at 1.00% has likely reached its bottom.</li><li>We maintain our fair index level at 1,413 points and also see 1,340–1,350 points should provide relatively strong support.</li></ul>

The SET Index is expected to face renewed pressure today, with support at 1,400/1,384 points and resistance at 1,420/1,431 points.The MPC minutes signal that Thailand’s policy rate at 1.00% has likely reached its bottom.We maintain our fair index level at 1,413 points and also see 1,340–1,350 points should provide relatively strong support.

Krungthai XSpring Zoom Eng. March 12, 2026

Thailand

Bangkok Bank Public Company Limited is one of Thailand's largest commercial banks, offering a comprehensive range of commercial and retail banking solutions. These services include corporate finance, SME lending, conventional banking, syndicated loans, trade finance, personal loans, and digital banking services. The bank is headquartered in Bangkok, Thailand, and was founded in 1944.

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Bangkok Bank (BBL/F TB)

Banking: Thai Banks Under Pressure: Prioritizing Quality, Tightening Risk Control...

The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control...

Krungthai XSpring

KTX AHEAD: Watch The FOMC Meeting: Will The Fed Prioritize Growth Or Inflation?

Risks from the conflict in Iran remain elevated, but we believe the situation may be approaching its peak and that markets have already priced in...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 16, 2026

The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 12, 2026

The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 12, 2026

The SET Index is expected to face renewed pressure today, with support at 1,400/1,384 points and resistance at 1,420/1,431 points.

Krungthai XSpring

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