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 Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.</li><li>The US: US equities edged higher (S&amp;P500 +0.06%, NASDAQ +0.39%), with gains led by technology stocks.</li><li>Thailand: Finance Minister Ekniti Nitithanprapas reaffirmed that the government will accelerate economic stimulus through consumption, particularly via the “Khon La Khrueng Plus” co-payment scheme.</li></ul>

The SET Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.The US: US equities edged higher (S&amp;P500 +0.06%, NASDAQ +0.39%), with gains led by technology stocks.Thailand: Finance Minister Ekniti Nitithanprapas reaffirmed that the government will accelerate economic stimulus through consumption, particularly via the “Khon La Khrueng Plus” co-payment scheme.

Krungthai XSpring Zoom Eng. October 3, 2025

<ul><li>We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.</li><li>Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 2, 2025 (Eng.)

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,284/1,300 and the support at 1,268/1,250.</li><li>Thailand’s S&amp;P Global Manufacturing PMI rose to 54.6 in September, the highest in 28 months and above expectations of 52.4.</li><li>The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to the FedWatch Tool.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,284/1,300 and the support at 1,268/1,250.Thailand’s S&amp;P Global Manufacturing PMI rose to 54.6 in September, the highest in 28 months and above expectations of 52.4.The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to the FedWatch Tool.

Krungthai XSpring Zoom Eng. October 2, 2025

Equity Bottom-Up

<ul><li>The company set an ambitious target to double EBITDA growth by 2028E (from the current baseline of Bt40.0bn), supported by projects in the pipeline, EBITDA uplift initiatives, and new high-return investments.</li><li>The company reorganized into five new core business groups, adding trading business as a new flagship, which is expected to drive EBITDA uplift over the next three years:</li><li>The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&amp;P) and R&amp;M &amp; biofuels businesses.</li></ul>

The company set an ambitious target to double EBITDA growth by 2028E (from the current baseline of Bt40.0bn), supported by projects in the pipeline, EBITDA uplift initiatives, and new high-return investments.The company reorganized into five new core business groups, adding trading business as a new flagship, which is expected to drive EBITDA uplift over the next three years:The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&amp;P) and R&amp;M &amp; biofuels businesses.

BANGCHAK CORPORATION Plc. (BCP): BCP Hosted the Investor Forum 'Crafting The Future' Late Last Week

<ul><li>The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260 points.</li><li>The US stocks rose (S&amp;P 500 +0.59%, NASDAQ +0.44%) after September economic data came in as expected.</li><li>Mr. Siripong Angkasakulkiat, Deputy Leader of the Bhumjaithai Party, outlined preliminary details of the “Khon La Khrueng 2025” or “Khon La Khrueng Plus” Phase 1 program.</li></ul>

The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260 points.The US stocks rose (S&amp;P 500 +0.59%, NASDAQ +0.44%) after September economic data came in as expected.Mr. Siripong Angkasakulkiat, Deputy Leader of the Bhumjaithai Party, outlined preliminary details of the “Khon La Khrueng 2025” or “Khon La Khrueng Plus” Phase 1 program.

Krungthai XSpring Zoom Eng. September 29, 2025

Thailand

BCPG Public Company Limited produces and distributes electricity generated from renewable energy. The Company specializes in solar power with a focuses on the investment, development, and management of renewable power plants.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BCPG PCL (BCPG TB)

Krungthai XSpring Zoom Eng. October 3, 2025

The SET Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.

Krungthai XSpring

KTX Tactical Picks - October 2, 2025 (Eng.)

Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 2, 2025

The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to...

Krungthai XSpring

BANGCHAK CORPORATION Plc. (BCP): BCP Hosted the Investor Forum 'Crafting The Future' Late Last Week

The company plans total CAPEX of Bt35.0bn during 2026–28E, with a focus on investments in upstream (E&P) and R&M & biofuels businesses.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 29, 2025

The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)