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>SPP power-plant stocks fell sharply today (BGRIM –6–7%, GPSC –5%), likely due to reports that the Consumer Council has filed a lawsuit with the Central Administrative Court against the National Energy Policy Council (NEPC) and the Energy Regulatory Commission (ERC).</li><li>The Central Administrative Court should take 1–2 months to decide whether to accept the case, after which the agencies must submit explanations within 30 days before fact-finding and judicial review begin.</li><li>We keep our top picks in companies with mainly IPP portfolios—lower in policy risk than SPPs—and strong exposure to US CCGT.</li></ul>

SPP power-plant stocks fell sharply today (BGRIM –6–7%, GPSC –5%), likely due to reports that the Consumer Council has filed a lawsuit with the Central Administrative Court against the National Energy Policy Council (NEPC) and the Energy Regulatory Commission (ERC).The Central Administrative Court should take 1–2 months to decide whether to accept the case, after which the agencies must submit explanations within 30 days before fact-finding and judicial review begin.We keep our top picks in companies with mainly IPP portfolios—lower in policy risk than SPPs—and strong exposure to US CCGT.

POWER: Consumer Council Files Suit to Scrap Adder, Claiming It Burdens Power Bills - Overweight

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,266/1,250 points and the resistance at 1,278/1,287 points.</li><li>The US: US equities extended their decline (S&amp;P 500 –0.83%, NASDAQ –1.21%), driven by a global shift into risk-off mode ahead of the October Fed minutes.</li><li>Japan: Japan’s 20-year bond yield climbed to 2.77%, the highest since 1999, while the yen weakened past 155 yen/USD, marking an 11-month low.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,266/1,250 points and the resistance at 1,278/1,287 points.The US: US equities extended their decline (S&amp;P 500 –0.83%, NASDAQ –1.21%), driven by a global shift into risk-off mode ahead of the October Fed minutes.Japan: Japan’s 20-year bond yield climbed to 2.77%, the highest since 1999, while the yen weakened past 155 yen/USD, marking an 11-month low.

Krungthai XSpring Zoom Eng. November 19, 2025

<ul><li>Isares Rattanadilok Na Phuket, Vice Chairman of the Federation of Thai Industries (FTI), urged the government to reduce the electricity tariff for the upcoming period (Jan–Apr 2026) to below Bt3.84/unit, citing lower LNG prices and a strengthening baht.</li><li>The new electricity tariff is currently undergoing public hearings (Nov 10–23).</li><li>We believe that government subsidies on electricity tariffs may pose downside risk to the IU margins of SPPs.</li></ul>

Isares Rattanadilok Na Phuket, Vice Chairman of the Federation of Thai Industries (FTI), urged the government to reduce the electricity tariff for the upcoming period (Jan–Apr 2026) to below Bt3.84/unit, citing lower LNG prices and a strengthening baht.The new electricity tariff is currently undergoing public hearings (Nov 10–23).We believe that government subsidies on electricity tariffs may pose downside risk to the IU margins of SPPs.

Power: FTI Urges The Government To Cut The Electricity Tariff To Below Bt3.84/Unit.

<ul><li>Foreign investors turned net buyers again, though it may be short-term trading.</li><li>The SET Index is expected to move sideways today, with the support at 1,266/1,250 and the resistance at 1,287/1,300.</li><li>Thailand’s softer 3Q25 GDP was primarily driven by contractions in government spending and public investment, while other components continued to expand.</li></ul>

Foreign investors turned net buyers again, though it may be short-term trading.The SET Index is expected to move sideways today, with the support at 1,266/1,250 and the resistance at 1,287/1,300.Thailand’s softer 3Q25 GDP was primarily driven by contractions in government spending and public investment, while other components continued to expand.

Krungthai XSpring Zoom Eng. November 18, 2025

<ul><li>Most Asian bourses rebounded after the US government shutdown was resolved.</li><li>The index has been moving within a narrow sideways range and is approaching the BB Bottom line.</li><li>We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.</li></ul>

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is approaching the BB Bottom line.We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.

Krungthai XSpring Technical Eng. November 14, 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.

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BCPG PCL (BCPG TB)

POWER: Consumer Council Files Suit to Scrap Adder, Claiming It Burdens Power Bills - Overweight

The Central Administrative Court should take 1–2 months to decide whether to accept the case, after which the agencies must submit explanations...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 19, 2025

The SET Index is expected to trade sideways today, with the support at 1,266/1,250 points and the resistance at 1,278/1,287 points.

Krungthai XSpring

Power: FTI Urges The Government To Cut The Electricity Tariff To Below Bt3.84/Unit.

Isares Rattanadilok Na Phuket, Vice Chairman of the Federation of Thai Industries (FTI), urged the government to reduce the electricity tariff for...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 18, 2025

Thailand’s softer 3Q25 GDP was primarily driven by contractions in government spending and public investment, while other components continued to...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 14, 2025

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is...

Krungthai XSpring

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