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>SET Index today is expected to fluctuate with a slight downward bias.</li><li>Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.</li><li>Monitor the Bank of Thailand’s (BOT) October monthly economic report.</li></ul>

SET Index today is expected to fluctuate with a slight downward bias.Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.Monitor the Bank of Thailand’s (BOT) October monthly economic report.

Krungthai XSpring Zoom Eng. November 28, 2025

<ul><li>The SET Index today is expected to have some recovery, with resistance at 1,275 / 1,285 points and support at 1,260 / 1,250 points.</li><li>Although the sentiment from abroad remains positive and foreign fund flows continue to come in, it is advisable to exercise more caution in investing as fund flows tend to weaken.</li><li>The outlook is neutral, as the situation regarding flooding in the southern region appears to be easing, which may help reduce market concerns.</li></ul>

The SET Index today is expected to have some recovery, with resistance at 1,275 / 1,285 points and support at 1,260 / 1,250 points.Although the sentiment from abroad remains positive and foreign fund flows continue to come in, it is advisable to exercise more caution in investing as fund flows tend to weaken.The outlook is neutral, as the situation regarding flooding in the southern region appears to be easing, which may help reduce market concerns.

Krungthai Xspring Zoom Eng. November 27, 2025

<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.

Thailand

BCPG is a leading renewable energy company in Asia-Pacific, involved in solar, hydropower, wind, and natural gas businesses. The company also provides smart energy solutions, including blockchain-based energy trading, energy management systems, district cooling, battery solutions, and decarbonization solutions. Headquartered in Bangkok, Thailand, BCPG was founded on July 17, 2015.

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BCPG (BCPG TB)

Krungthai XSpring Zoom Eng. November 28, 2025

SET Index today is expected to fluctuate with a slight downward bias. Foreign investors switched to net selling Thai stocks yesterday, totaling THB...

Krungthai XSpring

Krungthai Xspring Zoom Eng. November 27, 2025

The SET Index today is expected to have some recovery, with resistance at 1,275 / 1,285 points and support at 1,260 / 1,250 points.

Krungthai XSpring

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

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