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.

Cross Asset Strategy

<ul><li>We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.</li><li>The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.</li><li>The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.</li></ul>

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.

Thematic (Sector/Industry)

<ul><li>The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside domestic retail fuel prices.</li><li>The Ministry of Finance views the end of the Middle East conflict as supportive of the Thai economy.</li><li>Foreign investors turned net buyers in the Thai bond market, with net inflows of Bt11.24bn.</li></ul>

The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside domestic retail fuel prices.The Ministry of Finance views the end of the Middle East conflict as supportive of the Thai economy.Foreign investors turned net buyers in the Thai bond market, with net inflows of Bt11.24bn.

Krungthai XSpring Zoom Eng. June 16, 2026

<ul><li>The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.</li><li>Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.</li><li>The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.</li></ul>

The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.

<ul><li>The SET Index outlook today is expected to move sideways to sideways-up, with support at 1,450/1,436 and resistance at 1,467/1,487.</li><li>The US: US equity markets advanced (S&amp;P +0.54%, NASDAQ +0.77%) as markets priced in easing Middle East tensions, following a report by The New York Times that the US had sent a negotiation proposal to Iran, released after the previous US market close.</li><li>Thailand: The Finance Minister outlined relief measures following the removal of the Bt33/liter diesel price cap and the shift to a market-based pricing mechanism.</li></ul>

The SET Index outlook today is expected to move sideways to sideways-up, with support at 1,450/1,436 and resistance at 1,467/1,487.The US: US equity markets advanced (S&amp;P +0.54%, NASDAQ +0.77%) as markets priced in easing Middle East tensions, following a report by The New York Times that the US had sent a negotiation proposal to Iran, released after the previous US market close.Thailand: The Finance Minister outlined relief measures following the removal of the Bt33/liter diesel price cap and the shift to a market-based pricing mechanism.

Krungthai XSpring Zoom Eng. March 26, 2026

<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

Thailand

Bangkok Expressway and Metro Public Company Limited (BEM) is a Thai public transportation company that constructs, operates, and manages expressways and rapid rail transit systems. It operates multiple metro lines and expressways in Bangkok, and also engages in commercial development activities such as retail space rental and advertising within its transportation networks. The company is headquartered in Bangkok, Thailand, and was founded in 1998, with the current entity formed by a merger in 2015.

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Bangkok Expressway and Metro (BEM TB)

Krungthai XSpring Zoom Eng. July 6, 2026

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 16, 2026

The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 12, 2026

The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 26, 2026

Thailand: The Finance Minister outlined relief measures following the removal of the Bt33/liter diesel price cap and the shift to a market-based...

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

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