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 began the day with a modest rebound, supported by gains in DELTA, AOT, and tourism-related stocks.</li><li>However, persistent concerns over the Israel-Iran conflict, a global economic slowdown, and, more critically, ongoing domestic political uncertainty weighed heavily on sentiment.</li><li>As a result, the index declined sharply in the afternoon, with blue-chip stocks tumbling, continued foreign outflows, and low trading volume amplifying the drop.</li></ul>

The SET began the day with a modest rebound, supported by gains in DELTA, AOT, and tourism-related stocks.However, persistent concerns over the Israel-Iran conflict, a global economic slowdown, and, more critically, ongoing domestic political uncertainty weighed heavily on sentiment.As a result, the index declined sharply in the afternoon, with blue-chip stocks tumbling, continued foreign outflows, and low trading volume amplifying the drop.

<ul><li>The hospital sector’s 2Q25E earnings outlook is weak, expected to decline QoQ due to a high number of public holidays, before improving and reaching the year’s peak in 3Q25E in line with seasonal trends.</li><li>Core profit is projected to grow at a 6% CAGR over the next two years, with our investment rating maintained at Neutral.</li><li>In the short term, we favor social security-focused hospitals like BCH, as they are unaffected by the reversal of AdjRW&gt;2 revenue in 2Q25E. </li></ul>

The hospital sector’s 2Q25E earnings outlook is weak, expected to decline QoQ due to a high number of public holidays, before improving and reaching the year’s peak in 3Q25E in line with seasonal trends.Core profit is projected to grow at a 6% CAGR over the next two years, with our investment rating maintained at Neutral.In the short term, we favor social security-focused hospitals like BCH, as they are unaffected by the reversal of AdjRW&gt;2 revenue in 2Q25E. 

Health Care Services - 2Q25E Profit Expected to Decline QoQ Due to Seasonality

<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.

Thailand

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

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Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

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