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

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to increase, with the resistance at 1,398/1,405 points and the support at 1,380/1,370 points, based on the recovery pattern after it formed an upward gap for a second day.</li><li>The short-term target is 1,430 points.</li><li>The SET Index is anticipated to experience a further rebound this week, driven by several factors.</li></ul>

Technically, the SET Index is expected to increase, with the resistance at 1,398/1,405 points and the support at 1,380/1,370 points, based on the recovery pattern after it formed an upward gap for a second day.The short-term target is 1,430 points.The SET Index is anticipated to experience a further rebound this week, driven by several factors.

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

Risk in the SET Is Worth the Reward

Technically, the SET Index is expected to increase, with the resistance at 1,398/1,405 points and the support at 1,380/1,370 points, based on the...

Krungthai XSpring

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