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 up (rising with intermittent pullbacks), with the resistance levels at 1,112/1,120 points and the support at 1,100/1,094 points.</li><li>External factors are neutral — although US markets rose, the gain was largely due to easing tensions in the Middle East, while Fed Chair Powell signaled no urgency to cut policy rates.</li><li>Domestic factors are positive, following the Cabinet's approval of the Bt115bn economic stimulus package yesterday (as expected), along with emerging optimism regarding Thailand-US trade negotiations and anticipation ahead of the MPC meeting. </li></ul>

The SET Index is expected to trade sideways up (rising with intermittent pullbacks), with the resistance levels at 1,112/1,120 points and the support at 1,100/1,094 points.External factors are neutral — although US markets rose, the gain was largely due to easing tensions in the Middle East, while Fed Chair Powell signaled no urgency to cut policy rates.Domestic factors are positive, following the Cabinet's approval of the Bt115bn economic stimulus package yesterday (as expected), along with emerging optimism regarding Thailand-US trade negotiations and anticipation ahead of the MPC meeting. 

<ul><li>The SET Index is expected to rebound, with the support levels at 1,053/1,040 points and the resistance levels at 1,072/1,083 points.</li><li>Technically, the trend remains bearish (downtrend), but there is a short-term chance of a rebound, as a bullish reversal pattern known as a “hammer” has formed after the index hit a new low of 1,053.79 points yesterday before recovering in the afternoon.</li><li>This suggests a potential trend reversal, but only if today’s candlestick closes with a large green body — otherwise, it may just be a temporary pullback before further decline. </li></ul>

The SET Index is expected to rebound, with the support levels at 1,053/1,040 points and the resistance levels at 1,072/1,083 points.Technically, the trend remains bearish (downtrend), but there is a short-term chance of a rebound, as a bullish reversal pattern known as a “hammer” has formed after the index hit a new low of 1,053.79 points yesterday before recovering in the afternoon.This suggests a potential trend reversal, but only if today’s candlestick closes with a large green body — otherwise, it may just be a temporary pullback before further decline. 

<ul><li>The stability of Paetongtarn’s government has begun to falter following the release of an audio recording of a conversation between the Thai prime minister and the Cambodian leader, which led to the withdrawal of the Bhumjaithai Party from the coalition government.</li><li>Although external pressure directed at the prime minister has intensified, it is believed that a Cabinet reshuffle within the remaining coalition — whose parliamentary majority slightly exceeds half — will be the preferred course of action, as the Pheu Thai Party is not yet prepared for a new election.</li><li>This approach is expected to help maintain stability, at least until the passage of the fiscal year 2026 Budget Bill. Meanwhile, the likelihood of dissolving Parliament remains low.</li></ul>

The stability of Paetongtarn’s government has begun to falter following the release of an audio recording of a conversation between the Thai prime minister and the Cambodian leader, which led to the withdrawal of the Bhumjaithai Party from the coalition government.Although external pressure directed at the prime minister has intensified, it is believed that a Cabinet reshuffle within the remaining coalition — whose parliamentary majority slightly exceeds half — will be the preferred course of action, as the Pheu Thai Party is not yet prepared for a new election.This approach is expected to help maintain stability, at least until the passage of the fiscal year 2026 Budget Bill. Meanwhile, the likelihood of dissolving Parliament remains low.

<ul><li>The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.</li><li>From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).</li><li>External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. 

<ul><li>The SET Index is expected to move in a sideways-down trend, with the support levels at 1,105 and 1,100 points and the resistance levels at 1,123 and 1,130 points.</li><li>The technical indicators remain in a downward direction, and the index may decline further toward 1,094 points (the gap opened on April 9).</li><li>External factors are negative, as the US may intervene in the Israel-Iran conflict, potentially pushing up oil prices and benefiting oil-linked stocks such as PTTEP and TOP.</li></ul>

The SET Index is expected to move in a sideways-down trend, with the support levels at 1,105 and 1,100 points and the resistance levels at 1,123 and 1,130 points.The technical indicators remain in a downward direction, and the index may decline further toward 1,094 points (the gap opened on April 9).External factors are negative, as the US may intervene in the Israel-Iran conflict, potentially pushing up oil prices and benefiting oil-linked stocks such as PTTEP and TOP.

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)

KTX Zoom - JUNE 25, 2025

The SET Index is expected to trade sideways up (rising with intermittent pullbacks), with the resistance levels at 1,112/1,120 points and the...

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KTX Zoom - JUNE 24, 2025

The SET Index is expected to rebound, with the support levels at 1,053/1,040 points and the resistance levels at 1,072/1,083 points.

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Ktx Ahead - June 23, 2025

This approach is expected to help maintain stability, at least until the passage of the fiscal year 2026 Budget Bill. Meanwhile, the likelihood of...

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KTX Zoom - JUNE 23, 2025

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.

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KTX Zoom - JUNE 18, 2025

The SET Index is expected to move in a sideways-down trend, with the support levels at 1,105 and 1,100 points and the resistance levels at 1,123...

Krungthai XSpring

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