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 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

<ul><li>SET Index is expected to trade sideway down today, with the support at 1,283/1,268 and the resistance at 1,300/1,313.</li><li>The sharp US market sell-off—particularly in the technology sector—amid rising uncertainty over interest rate cuts is likely to pressure Asian and Thai equities today, especially electronics stocks.</li><li>We view the continued progress on Phase 2 as a positive signal and recommend gradually accumulating beneficiary stocks (CPALL, CPAXT, TFG).</li></ul>

SET Index is expected to trade sideway down today, with the support at 1,283/1,268 and the resistance at 1,300/1,313.The sharp US market sell-off—particularly in the technology sector—amid rising uncertainty over interest rate cuts is likely to pressure Asian and Thai equities today, especially electronics stocks.We view the continued progress on Phase 2 as a positive signal and recommend gradually accumulating beneficiary stocks (CPALL, CPAXT, TFG).

Krungthai XSpring Zoom Eng. November 14, 2025

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 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

Krungthai XSpring Zoom Eng. November 14, 2025

We view the continued progress on Phase 2 as a positive signal and recommend gradually accumulating beneficiary stocks (CPALL, CPAXT, TFG).

Krungthai XSpring

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