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>We take a neutral view on the government’s “Quick Big Win” clean energy policy.</li><li>By contrast, we expect the 2.0GW Direct PPA program (beyond PDP), which is B2B, to be the main focus for producers.</li><li>We maintain a “Neutral rating on the power sector and keep our top picks: GULF (Buy; 26E FV Bt62.25), backed by a strong business portfolio, resilient earnings, and high growth potential (via debt leverage/M&amp;A), and BCPG (Buy; 26E FV Bt10.00), supported by solid medium- to long-term earnings from its US CCGT projects.</li></ul>

We take a neutral view on the government’s “Quick Big Win” clean energy policy.By contrast, we expect the 2.0GW Direct PPA program (beyond PDP), which is B2B, to be the main focus for producers.We maintain a “Neutral rating on the power sector and keep our top picks: GULF (Buy; 26E FV Bt62.25), backed by a strong business portfolio, resilient earnings, and high growth potential (via debt leverage/M&amp;A), and BCPG (Buy; 26E FV Bt10.00), supported by solid medium- to long-term earnings from its US CCGT projects.

Energy (Power): Neutral View on Quick Big Win Clean Energy; Focus on Direct PPA Pending Clarity

<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

<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 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)

Energy (Power): Neutral View on Quick Big Win Clean Energy; Focus on Direct PPA Pending Clarity

We maintain a “Neutral rating on the power sector and keep our top picks: GULF (Buy; 26E FV Bt62.25), backed by a strong business portfolio,...

Krungthai XSpring

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

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

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