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>Several Asian bourses were closed for the Lunar New Year holiday, but the SET rebounded quickly, supported by expectations of political stability and stronger-than-expected 4Q25 GDP growth.</li><li>The index surged sharply after easing its overbought condition for just one day, suggesting that the risk of further consolidation remains, as it is still hovering near overbought territory and has formed a second consecutive black candlestick.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the index is expected to fluctuate quickly despite the positive sentiment.</li></ul>

Several Asian bourses were closed for the Lunar New Year holiday, but the SET rebounded quickly, supported by expectations of political stability and stronger-than-expected 4Q25 GDP growth.The index surged sharply after easing its overbought condition for just one day, suggesting that the risk of further consolidation remains, as it is still hovering near overbought territory and has formed a second consecutive black candlestick.Therefore, we recommend buying on dips and selling on rallies, as the index is expected to fluctuate quickly despite the positive sentiment.

Krungthai XSpring Technical Eng. February 17, 2026

<ul><li>The SET Index is expected to trade in a sideway-up range today, though with lighter momentum than yesterday.</li><li>The US: US equities continued to recover (S&amp;P 500 +0.47%, NASDAQ +0.9%), led by further gains in technology stocks.</li><li>Thailand: Unofficial election results indicate that the Bhumjaithai Party is likely to lead the next government.</li></ul>

The SET Index is expected to trade in a sideway-up range today, though with lighter momentum than yesterday.The US: US equities continued to recover (S&amp;P 500 +0.47%, NASDAQ +0.9%), led by further gains in technology stocks.Thailand: Unofficial election results indicate that the Bhumjaithai Party is likely to lead the next government.

Krungthai XSpring Zoom Eng. February 10, 2026

<ul><li>The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.</li><li>We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.</li><li>Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.</li></ul>

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.

Krungthai XSpring Zoom Eng. January 29, 2026

<ul><li>Power capacity growth is lagging surging DC/AI demand, reflected in PJM’s higher DC load share versus other regions (12.5% in 2025E, 18%/22% in 2028–30E) and rising electricity prices, leading to policy risk and divergent medium- to long-term impacts on capacity prices (post mid-2028) under PJM Policy Briefs and White House-led Emergency Auctions.</li><li>Last Friday, PJM and stakeholders discussed price-control measures focused on keeping DCs connected to the grid while gradually reforming market structures.</li><li>Accordingly, capacity price intervention in PJM over the next 3–5 years appears likely, with differing outcomes by policy path.</li></ul>

Power capacity growth is lagging surging DC/AI demand, reflected in PJM’s higher DC load share versus other regions (12.5% in 2025E, 18%/22% in 2028–30E) and rising electricity prices, leading to policy risk and divergent medium- to long-term impacts on capacity prices (post mid-2028) under PJM Policy Briefs and White House-led Emergency Auctions.Last Friday, PJM and stakeholders discussed price-control measures focused on keeping DCs connected to the grid while gradually reforming market structures.Accordingly, capacity price intervention in PJM over the next 3–5 years appears likely, with differing outcomes by policy path.

Energy (Power Plant): DC Load And Electricity Prices Rise, Increasing Post-2028 Policy Risks

<ul><li>Investment sentiment remains negative, but capital outflows are expected to be limited.</li><li>SET Index today is expected to move sideways to down, with support at 1,270/1,250 and resistance at 1,283/1,300.</li><li>Today’s dominant ideas include the US preparing to raise tariffs on Europe following the Greenland issue.</li></ul>

Investment sentiment remains negative, but capital outflows are expected to be limited.SET Index today is expected to move sideways to down, with support at 1,270/1,250 and resistance at 1,283/1,300.Today’s dominant ideas include the US preparing to raise tariffs on Europe following the Greenland issue.

Krungthai XSpring Zoom Eng. January 19, 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)

Krungthai XSpring Technical Eng. February 17, 2026

Several Asian bourses were closed for the Lunar New Year holiday, but the SET rebounded quickly, supported by expectations of political stability...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 10, 2026

The SET Index is expected to trade in a sideway-up range today, though with lighter momentum than yesterday. The US: US equities continued to...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 29, 2026

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows. We view the Fed’s restrained messaging as...

Krungthai XSpring

Energy (Power Plant): DC Load And Electricity Prices Rise, Increasing Post-2028 Policy Risks

Last Friday, PJM and stakeholders discussed price-control measures focused on keeping DCs connected to the grid while gradually reforming market...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 19, 2026

SET Index today is expected to move sideways to down, with support at 1,270/1,250 and resistance at 1,283/1,300. Today’s dominant ideas include the...

Krungthai XSpring

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