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>As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.</li><li>Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.</li><li>Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.</li></ul>

As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.

<ul><li>Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.</li><li>The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.</li><li>The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.</li></ul>

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.

Krungthai XSpring Zoom Eng. February 26, 2026

<ul><li>The SET surged as fund inflows extended for the fourth consecutive day (with only two net selling sessions so far this month).</li><li>The index has surged 63.5 points over the past four sessions and 168.29 points so far this month, pushing it into overbought territory.</li><li>Therefore, we recommend buying on weakness and selling into strength.</li></ul>

The SET surged as fund inflows extended for the fourth consecutive day (with only two net selling sessions so far this month).The index has surged 63.5 points over the past four sessions and 168.29 points so far this month, pushing it into overbought territory.Therefore, we recommend buying on weakness and selling into strength.

Krungthai XSpring Technical Eng. February 20, 2026

<ul><li>However, the SET maintained its positive momentum, supported by continued fund inflows, 4Q25 earnings results, and political developments.</li><li>The index was volatile, briefly slipping into negative territory during intraday trading.</li><li>Nonetheless, we recommend buying on weakness and selling on strength, as the index still has room to advance—particularly while fund inflows persist.</li></ul>

However, the SET maintained its positive momentum, supported by continued fund inflows, 4Q25 earnings results, and political developments.The index was volatile, briefly slipping into negative territory during intraday trading.Nonetheless, we recommend buying on weakness and selling on strength, as the index still has room to advance—particularly while fund inflows persist.

Krungthai XSpring Technical Eng. February 19, 2026

<ul><li>Asian bourses were closed for the Lunar New Year, except for the Tokyo market, which edged lower.</li><li>However, this had little impact on the SET, as the index continued to rise on positive political sentiment and expectations of fund inflows, which strengthened the rally—particularly in the afternoon session.</li><li>Strong buying interest flowed into CPALL, GULF, TRUE, DELTA, and banking stocks, driving broader market gains, while foreign investors remained net buyers.</li></ul>

Asian bourses were closed for the Lunar New Year, except for the Tokyo market, which edged lower.However, this had little impact on the SET, as the index continued to rise on positive political sentiment and expectations of fund inflows, which strengthened the rally—particularly in the afternoon session.Strong buying interest flowed into CPALL, GULF, TRUE, DELTA, and banking stocks, driving broader market gains, while foreign investors remained net buyers.

Krungthai XSpring Technical Eng. February 18, 2026

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)

Special Report: 4Q25 Earnings Summary

Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 26, 2026

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%

Krungthai XSpring

Krungthai XSpring Technical Eng. February 20, 2026

The SET surged as fund inflows extended for the fourth consecutive day (with only two net selling sessions so far this month).

Krungthai XSpring

Krungthai XSpring Technical Eng. February 19, 2026

However, the SET maintained its positive momentum, supported by continued fund inflows, 4Q25 earnings results, and political developments.

Krungthai XSpring

Krungthai XSpring Technical Eng. February 18, 2026

Strong buying interest flowed into CPALL, GULF, TRUE, DELTA, and banking stocks, driving broader market gains, while foreign investors remained net...

Krungthai XSpring

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