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>US GDP grew by 3.0% QoQ in 2Q24, raising the annual growth rate to 3.1% YoY (up from 2.9% YoY in 1Q24).</li><li>Given these factors, we recommend selling if the index moves within the 1,410-1,457 point range and waiting to buy back when the index corrects to the 1,360-1,410 point range.</li><li>Japan's economy is showing signs of a recovery, with annualized GDP growth for 2Q24 rebounding to 2.9% YoY, up from -2.4% YoY in 1Q24.</li></ul>

US GDP grew by 3.0% QoQ in 2Q24, raising the annual growth rate to 3.1% YoY (up from 2.9% YoY in 1Q24).Given these factors, we recommend selling if the index moves within the 1,410-1,457 point range and waiting to buy back when the index corrects to the 1,360-1,410 point range.Japan's economy is showing signs of a recovery, with annualized GDP growth for 2Q24 rebounding to 2.9% YoY, up from -2.4% YoY in 1Q24.

Keep a Close Watch on Three Major Central Bank Meetings

<ul><li>The US unemployment rate for August is anticipated to be 4.2%.</li><li>The consensus expects Japan's real cash earnings (wages) for July 2024E to have grown by 3.1% YoY (data to be released on September 5), slowing slightly after reaching a record high of 4.5% YoY in June.</li><li>At the same time, the KTX USDTHB Carry Trade tool suggests that the baht's appreciation has become more constrained (we estimate it may exceed Bt34.0/USD).</li></ul>

The US unemployment rate for August is anticipated to be 4.2%.The consensus expects Japan's real cash earnings (wages) for July 2024E to have grown by 3.1% YoY (data to be released on September 5), slowing slightly after reaching a record high of 4.5% YoY in June.At the same time, the KTX USDTHB Carry Trade tool suggests that the baht's appreciation has become more constrained (we estimate it may exceed Bt34.0/USD).

SET Index Range Refined as Baht's Appreciation Becomes More Constrained

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Yen weakened 0.8% while bond futures surged after BOJ postponed debt-buying details</li>
<li>Shareholders endorsed Musk's compensation and Tesla's incorporation shift to Texas</li>
<li>G7 to use profits from frozen Russian assets for $50 billion in loans to Ukraine</li>
</ul>


Yen weakened 0.8% while bond futures surged after BOJ postponed debt-buying details
Shareholders endorsed Musk's compensation and Tesla's incorporation shift to Texas
G7 to use profits from frozen Russian assets for $50 billion in loans to Ukraine


#19Business Buzz: BOJ Yen Drop, Tesla's $56B Pay Deal, G7's Ukraine Support

Japan Specialist

Mark Chadwick

<ul>
<li>
OVERSEAS:  SPX +0.1%, eakes out gains; BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication); TSLA at 2 year low-we are focused on deliveries</li>
<li>
JAPAN:  NKY Futs vs Cash -0.9% - mainly due to yen strengthening; BOJ's change reverberates across markets;  Positive 3Q Takashimaya preview positive read for Inbound; Courts support Nuke restarts</li>
<li>
DAILY NUGGETS: The BOJ has started on the path towards policy normalisation, SIX MONTHS EARLY. No issues with the move - the shift was poorly communicated, or rather, NOT COMMUNICATED.  </li>
</ul>



OVERSEAS:  SPX +0.1%, eakes out gains; BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication); TSLA at 2 year low-we are focused on deliveries

JAPAN:  NKY Futs vs Cash -0.9% - mainly due to yen strengthening; BOJ's change reverberates across markets;  Positive 3Q Takashimaya preview positive read for Inbound; Courts support Nuke restarts

DAILY NUGGETS: The BOJ has started on the path towards policy normalisation, SIX MONTHS EARLY. No issues with the move - the shift was poorly communicated, or rather, NOT COMMUNICATED.  


Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.</li>
<li>
Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.</li>
<li>
Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.</li>
</ul>



Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.

Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.

Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.


Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

Japan

The Bank of Japan serves as Japan's central bank who seeks to maintain price stability and to ensure the stability of the nation's financial system.  The Bank issues and maintains bills, executes monetary policy, acts as clearing house for nation's banks, administrates treasury, issues government bonds, intervenes foreign exchange markets, and provides economic data and statistics.

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Bank Of Japan (8301 JP)

Keep a Close Watch on Three Major Central Bank Meetings

US GDP grew by 3.0% QoQ in 2Q24, raising the annual growth rate to 3.1% YoY (up from 2.9% YoY in 1Q24). Given these factors, we recommend selling...

Krungthai XSpring

SET Index Range Refined as Baht's Appreciation Becomes More Constrained

The US unemployment rate for August is anticipated to be 4.2%. The consensus expects Japan's real cash earnings (wages) for July 2024E to have...

Krungthai XSpring

#19Business Buzz: BOJ Yen Drop, Tesla's $56B Pay Deal, G7's Ukraine Support

Yen weakens, bond futures surge after BOJ delay; Musk's comp approved, Tesla moves to Texas; G7 to aid Ukraine with frozen Russian assets profits.

Nimish Maheshwari

Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication). NKY Futs vs Cash -0.9% Positive 3Q Takashimaya preview...

Mark Chadwick

Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. The BoJ announces its decisions flexibly, usually...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Keep a Close Watch on Three Major Central Bank Meetings

US GDP grew by 3.0% QoQ in 2Q24, raising the annual growth rate to 3.1% YoY (up from 2.9% YoY in 1Q24). Given these factors, we recommend selling...

Krungthai XSpring

SET Index Range Refined as Baht's Appreciation Becomes More Constrained

The US unemployment rate for August is anticipated to be 4.2%. The consensus expects Japan's real cash earnings (wages) for July 2024E to have...

Krungthai XSpring

#19Business Buzz: BOJ Yen Drop, Tesla's $56B Pay Deal, G7's Ukraine Support

​Yen weakens, bond futures surge after BOJ delay; Musk's comp approved, Tesla moves to Texas; G7 to aid Ukraine with frozen Russian assets profits.

Nimish Maheshwari

Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication). NKY Futs vs Cash -0.9% Positive 3Q Takashimaya preview...

Mark Chadwick

Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. The BoJ announces its decisions flexibly, usually...

Gaudenz Schneider

Yen weakens, bond futures surge after BOJ delay; Musk's comp approved, Tesla moves to Texas; G7 to aid Ukraine with frozen Russian assets profits.