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 moved volatile within a narrow range, pressured by selling in PTTEP, AOT, ADVANC, and banking stocks, which dragged the index lower.</li><li>The index remained above the 1,280-point level, suggesting continued potential for a rebound toward 1,300 points.</li><li>Therefore, we expect the index to remain in a rebound phase toward 1,300 points and continue to recommend selective speculative positioning.</li></ul>

The SET moved volatile within a narrow range, pressured by selling in PTTEP, AOT, ADVANC, and banking stocks, which dragged the index lower.The index remained above the 1,280-point level, suggesting continued potential for a rebound toward 1,300 points.Therefore, we expect the index to remain in a rebound phase toward 1,300 points and continue to recommend selective speculative positioning.

Krungthai XSpring Technical Eng. January 8, 2026

<ul><li>Although Asian bourses continued to rise in line with the US market, supported by a stronger baht and the absence of negative catalysts, the SET unexpectedly declined.</li><li>The pullback did not alter the overall price pattern, as the index remains in a phase of testing the 1,280-point resistance.</li><li>We maintain a positive outlook on the index, as it still has the opportunity to move back above the 1,280-point level.</li></ul>

Although Asian bourses continued to rise in line with the US market, supported by a stronger baht and the absence of negative catalysts, the SET unexpectedly declined.The pullback did not alter the overall price pattern, as the index remains in a phase of testing the 1,280-point resistance.We maintain a positive outlook on the index, as it still has the opportunity to move back above the 1,280-point level.

Krungthai XSpring Technical Eng. January 7, 2026

<ul><li>The rebound in technology stocks lifted Asian bourses, triggering a sharp rally in DELTA.</li><li>The index staged a swift rebound on rising volume with no meaningful pullback, making the move above 1,280 points technically positive and opening the door for a retest of the 1,300 level.</li><li>We recommend selective speculation, as blue-chip stocks are leading the market and trading volume shows signs of picking up.</li></ul>

The rebound in technology stocks lifted Asian bourses, triggering a sharp rally in DELTA.The index staged a swift rebound on rising volume with no meaningful pullback, making the move above 1,280 points technically positive and opening the door for a retest of the 1,300 level.We recommend selective speculation, as blue-chip stocks are leading the market and trading volume shows signs of picking up.

Krungthai XSpring Technical Eng. January 6, 2026

<ul><li>As the index moved closer to year-end with no new catalysts, above the 1,250-point level.</li><li>With persistently quiet trading and the final trading day of the year approaching, the index is likely to move within a narrow range as investors remain on the sidelines.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the index has rebounded from the 1,250-point support level and is expected to continue moving sideways.</li></ul>

As the index moved closer to year-end with no new catalysts, above the 1,250-point level.With persistently quiet trading and the final trading day of the year approaching, the index is likely to move within a narrow range as investors remain on the sidelines.Therefore, we recommend buying on dips and selling on rallies, as the index has rebounded from the 1,250-point support level and is expected to continue moving sideways.

Krungthai XSpring Technical Eng. December 30, 2025

<ul><li>Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.</li><li>Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.</li><li>Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.</li></ul>

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. December 26, 2025

Thailand

Banpu is an international versatile energy provider with three core businesses: energy resources (coal and gas), energy generation (thermal and renewable power plants), and energy technology (solar energy solutions, energy storage, and e-mobility). The company operates across 10 countries in the Asia-Pacific region, including Thailand, Indonesia, China, and Australia. It was founded in Bangkok, Thailand, in 1983.

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Banpu (BANPU TB)

Krungthai XSpring Technical Eng. January 8, 2026

The SET moved volatile within a narrow range, pressured by selling in PTTEP, AOT, ADVANC, and banking stocks, which dragged the index lower.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 7, 2026

Although Asian bourses continued to rise in line with the US market, supported by a stronger baht and the absence of negative catalysts, the SET...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 6, 2026

The index staged a swift rebound on rising volume with no meaningful pullback, making the move above 1,280 points technically positive and opening...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 30, 2025

With persistently quiet trading and the final trading day of the year approaching, the index is likely to move within a narrow range as investors...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 26, 2025

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.

Krungthai XSpring

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