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 tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

<ul><li>The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.</li><li>The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.</li><li>We therefore continue to expect the index to move sideways to slightly upward.</li></ul>

The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect the index to move sideways to slightly upward.

Krungthai XSpring Technical Eng. December 15, 2025

<ul><li>Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.</li><li>The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.</li><li>We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.</li></ul>

Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.

Krungthai XSpring Technical Eng. December 11, 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

<ul>
<li>As first discussed back in May (see <a href="https://skr.ma/LAfHm" target="_blank" rel="noopener">here</a>), shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice.</li>
<li>Pledging in those shares - in what I call the Prakitchaiwattana Complex - have been static, to down, in the month of October.</li>
<li>Recent big-ish moves were seen in <a href="https://www.smartkarma.com/entities/siam-city-cement-pcl" target="_blank" data-smartkarma-citation="entities:346:1" rel="noopener">Siam City Cement (SCCC TB)</a> (up), <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway and Metro (BEM TB)</a> (up); <a href="https://www.smartkarma.com/entities/nakhonluang-capital-pcl" target="_blank" data-smartkarma-citation="entities:26954:1" rel="noopener">Next Capital (NCAP TB)</a> (down) and <a href="https://www.smartkarma.com/entities/banpu-public-co-ltd" target="_blank" data-smartkarma-citation="entities:15363:1" rel="noopener">Banpu Public (BANPU TB)</a> (down).</li>
</ul>


As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
Pledging in those shares - in what I call the Prakitchaiwattana Complex - have been static, to down, in the month of October.
Recent big-ish moves were seen in Siam City Cement (SCCC TB) (up), Bangkok Expressway and Metro (BEM TB) (up); Next Capital (NCAP TB) (down) and Banpu Public (BANPU TB) (down).


Thailand

Bangkok Expressway and Metro PCL is a transportation company. The Company combines toll and metro line networks. Bangkok Expressway and Metro is based in Thailand.

Price Gauge
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Bangkok Expressway and Metro (BEM TB)

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 15, 2025

The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 11, 2025

The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a...

Krungthai XSpring

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Thai Pledged Shares In October 2025

This insight is primarily about pledged tables. Recent big-ish moves were seen in Siam City Cement (up), Bangkok Expressway and Metro (up); Next...

David Blennerhassett

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