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>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%).

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,160/1,164 points and the support at 1,147/1,142 points (10-day EMA).</li><li>In the short term, the index remains in a rally phase after hitting a new low for the year at 1,056.41 points on April 8.</li><li>There are signs of a potential medium-term trend reversal from bearish to bullish, forming patterns such as a bullish flag, double bottom, or W-shape.</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,160/1,164 points and the support at 1,147/1,142 points (10-day EMA).In the short term, the index remains in a rally phase after hitting a new low for the year at 1,056.41 points on April 8.There are signs of a potential medium-term trend reversal from bearish to bullish, forming patterns such as a bullish flag, double bottom, or W-shape.

KTX Zoom: US Earnings Results & Durable Goods Orders - APRIL 24, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,150/1,157 points (25-day EMA) and the support at 1,134/1,127 points.</li><li>In the short term, the index remains in a consolidation phase, with the key support levels at 1,116/1,105/1,093 points, respectively, following a continued rally from this year’s new low of 1,118.96 points on April 11.</li><li>To confirm a medium-term trend reversal into an uptrend, the index would need to form a double bottom or W-shaped pattern. </li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,150/1,157 points (25-day EMA) and the support at 1,134/1,127 points.In the short term, the index remains in a consolidation phase, with the key support levels at 1,116/1,105/1,093 points, respectively, following a continued rally from this year’s new low of 1,118.96 points on April 11.To confirm a medium-term trend reversal into an uptrend, the index would need to form a double bottom or W-shaped pattern. 

KTX Zoom: Composite PMIs of the US, EU, and JP - APRIL 23, 2025

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.</li><li>In the short term, there is a possibility of a correction (pullback) toward 1,116/1,105/1,093 points after a continuous rally from this year’s new low at 1,118.96 points on April 11.</li><li>This would help confirm a shift in the medium- term trend to an uptrend (bottoming out with higher lows) through a double-bottom or W-shaped pattern. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.In the short term, there is a possibility of a correction (pullback) toward 1,116/1,105/1,093 points after a continuous rally from this year’s new low at 1,118.96 points on April 11.This would help confirm a shift in the medium- term trend to an uptrend (bottoming out with higher lows) through a double-bottom or W-shaped pattern. 

Thailand

Berli Jucker PCL is a large Thai conglomerate whose business spans various industries. The Company's operations include the distribution and manufacturing of its own products plus contract distribution and manufacturing for other firms. BJC's core lines of business are packaging, consumer, healthcare, technical and other businesses.

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Berli Jucker (BJC TB)

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

KTX Zoom: US Earnings Results & Durable Goods Orders - APRIL 24, 2025

We recommend selling into rallies for short-term trading, but accumulate for long-term investors, as this year’s downtrend appears to have come to...

Krungthai XSpring

KTX Zoom: Composite PMIs of the US, EU, and JP - APRIL 23, 2025

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,150/1,157 points (25-day EMA) and the support at...

Krungthai XSpring

KTX Zoom - APRIL 22, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.

Krungthai XSpring

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