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.

Equity Bottom-Up

<ul>
<li>TU has fallen out of the ranking criteria, with a holding-period return of -3.9%.</li>
<li>We add BJC, RBF and TCAP to the portfolio.</li>
<li>Strong rebounds in electronics component stocks (HANA, KCE), together with gains in CRC and BCP, lifted the portfolio's average return by 0.60%, outperforming the SET, which fell 0.47% amid selling pressure in DELTA.</li>
</ul>


TU has fallen out of the ranking criteria, with a holding-period return of -3.9%.
We add BJC, RBF and TCAP to the portfolio.
Strong rebounds in electronics component stocks (HANA, KCE), together with gains in CRC and BCP, lifted the portfolio's average return by 0.60%, outperforming the SET, which fell 0.47% amid selling pressure in DELTA.


KTX TACTICAL PICKS - September 10, 2026 (Eng.)

Technical Analysis

<ul><li>Asian markets remained cautious amid the US-Iran conflict and uncertainty over the Fed's interest-rate outlook.</li><li>The index continues to consolidate around support at 1,587 points, remaining in a base-building phase.</li><li>We expect the index to continue trading sideways while awaiting fresh catalysts.</li></ul>

Asian markets remained cautious amid the US-Iran conflict and uncertainty over the Fed's interest-rate outlook.The index continues to consolidate around support at 1,587 points, remaining in a base-building phase.We expect the index to continue trading sideways while awaiting fresh catalysts.

Krungthai XSpring Technical Eng. - September 2, 2026

<ul>
<li>We added BJC and TCAP, replacing CCET and CENTEL (+0.4% holding return), which no longer meet our ranking criteria.</li>
<li>The portfolio gained 1.6%, outperforming the SET (+0.6%).</li>
<li>Growth was driven by a broad rally led by energy names, offsetting weakness in AMATA, KTB, and PTT.</li>
</ul>


We added BJC and TCAP, replacing CCET and CENTEL (+0.4% holding return), which no longer meet our ranking criteria.
The portfolio gained 1.6%, outperforming the SET (+0.6%).
Growth was driven by a broad rally led by energy names, offsetting weakness in AMATA, KTB, and PTT.


KTX Tactical Picks - August 26, 2026 (Eng.)

Thematic (Sector/Industry)

<ul><li>After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.</li><li>We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.</li><li>Valuations remain broadly attractive following a significant de-rating since 2023. </li></ul>

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.Valuations remain broadly attractive following a significant de-rating since 2023. 

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

<ul><li>KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.</li><li>Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.</li><li>On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).</li></ul>

KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).

Thailand

Berli Jucker Public Company Limited is a diversified company manufacturing, distributing, and servicing in packaging, consumer goods, healthcare, and technical supply chains. Its products include glass packaging, aluminum cans, plastic packaging, tissue papers, personal care products, and various food and beverages. The company is headquartered in Bangkok, Thailand, and was founded in 1882.

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Berli Jucker (BJC TB)

KTX TACTICAL PICKS - September 10, 2026 (Eng.)

TU has fallen out of the ranking criteria, with a holding-period return of -3.9%. We add BJC, RBF and TCAP to the portfolio. Strong rebounds in...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 2, 2026

Asian markets remained cautious amid the US-Iran conflict and uncertainty over the Fed's interest-rate outlook. The index continues to consolidate...

Krungthai XSpring

KTX Tactical Picks - August 26, 2026 (Eng.)

We added BJC and TCAP, replacing CCET and CENTEL (+0.4% holding return), which no longer meet our ranking criteria. The portfolio gained 1.6%,...

Krungthai XSpring

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of...

Krungthai XSpring

Monthly Report: May 2025

Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific...

Krungthai XSpring

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