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>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

<ul><li>The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,250/1,240 and the resistance at 1,263/1,273.</li><li>The US financial markets were volatile, with equities initially declining, bond yields rising, and the US Dollar Index weakening, as investors awaited a ruling from the US Supreme Court regarding tariff hikes imposed under former President Trump’s use of the International Emergency Economic Powers Act (IEEPA).</li><li>Crude oil prices continued to rise last Friday, reaching a one-month high, with WTI up 2.56% and Brent gaining 2.34%.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,250/1,240 and the resistance at 1,263/1,273.The US financial markets were volatile, with equities initially declining, bond yields rising, and the US Dollar Index weakening, as investors awaited a ruling from the US Supreme Court regarding tariff hikes imposed under former President Trump’s use of the International Emergency Economic Powers Act (IEEPA).Crude oil prices continued to rise last Friday, reaching a one-month high, with WTI up 2.56% and Brent gaining 2.34%.

Krungthai XSpring Zoom Eng. January 12, 2026

<ul><li>KTX expects the SET Index in January 2026 to trade in a sideways to sideways-up range, supported by a generally positive macro environment that helps sustain market confidence.</li><li>The SET Index is currently trading at a premium of around 5% to its fair value of 1,321 points (based on an earnings yield gap of 5.6%), suggesting that valuations remain relatively tight.</li><li>We recommend emphasizing high-dividend stocks to help mitigate market volatility.</li></ul>

KTX expects the SET Index in January 2026 to trade in a sideways to sideways-up range, supported by a generally positive macro environment that helps sustain market confidence.The SET Index is currently trading at a premium of around 5% to its fair value of 1,321 points (based on an earnings yield gap of 5.6%), suggesting that valuations remain relatively tight.We recommend emphasizing high-dividend stocks to help mitigate market volatility.

Monthly Report: JANUARY 2026: Outlook: Sideways With An Upward Bias

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BCPG (BCPG TB)

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

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 12, 2026

The SET Index is expected to trade sideways today, with the support at 1,250/1,240 and the resistance at 1,263/1,273.The US financial markets were...

Krungthai XSpring

Monthly Report: JANUARY 2026: Outlook: Sideways With An Upward Bias

KTX expects the SET Index in January 2026 to trade in a sideways to sideways-up range, supported by a generally positive macro environment that...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)