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>The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ.</li><li>However, our outlook has turned more negative compared to 4Q24 due to rising economic uncertainty, particularly as it pertains to the US reciprocal tariff measures.</li><li>We have revised down our 2025-27E earnings forecasts for the banking sector by 3-7% to reflect these risks, along with the expected impact of interest rate cuts anticipated in 2H25E.</li></ul>

The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ.However, our outlook has turned more negative compared to 4Q24 due to rising economic uncertainty, particularly as it pertains to the US reciprocal tariff measures.We have revised down our 2025-27E earnings forecasts for the banking sector by 3-7% to reflect these risks, along with the expected impact of interest rate cuts anticipated in 2H25E.

Banks Taking a Defensive Stance to Cope With Volatility, As Economic Visibility Remains Unclear

Equity Bottom-Up

<ul><li>(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected.</li><li>We expect the SET to rebound and test resistance at 1,578 points, as the market has priced in the Fed's latest rate hike, while its future rate-hike signals were less hawkish than expected.</li><li>We recommend selectively investing in stocks with solid fundamentals.</li></ul>

(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected.We expect the SET to rebound and test resistance at 1,578 points, as the market has priced in the Fed's latest rate hike, while its future rate-hike signals were less hawkish than expected.We recommend selectively investing in stocks with solid fundamentals.

Krungthai XSpring Zoom Eng. September 17, 2026

Technical Analysis

<ul><li>The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.</li><li>Although the index failed to continue its upward momentum, the decline did not negatively affect the overall price pattern.</li><li>We maintain our recommendation of sell on rises, buy on dips.</li></ul>

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.Although the index failed to continue its upward momentum, the decline did not negatively affect the overall price pattern.We maintain our recommendation of sell on rises, buy on dips.

<ul><li>The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum stocks.</li><li>The index attempted to stay above the 1,250-point mark but failed, indicating risk of further decline toward the support level at 1,236 points.</li><li>We recommend wait & see until the index returns above 1,250 points and has a reversal signal.</li></ul>

The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum stocks.The index attempted to stay above the 1,250-point mark but failed, indicating risk of further decline toward the support level at 1,236 points.We recommend wait & see until the index returns above 1,250 points and has a reversal signal.

<ul><li>The 10-year US Treasury yield approached 5%, its highest level in three years, amid inflation concerns as Brent crude continued to trade above USD105/bbl.</li><li>We expect the SET Index to trend lower and test its next support at around 1,584 points, pressured by US dollar strength and the 10-year US Treasury yield approaching 5%.</li><li>DELTA's parent company plans to raise USD1.5bn by issuing bonds convertible into DELTA shares.</li></ul>

The 10-year US Treasury yield approached 5%, its highest level in three years, amid inflation concerns as Brent crude continued to trade above USD105/bbl.We expect the SET Index to trend lower and test its next support at around 1,584 points, pressured by US dollar strength and the 10-year US Treasury yield approaching 5%.DELTA's parent company plans to raise USD1.5bn by issuing bonds convertible into DELTA shares.

Krungthai XSpring Zoom Eng. September 15, 2026

Australia

BHP Billiton PLC is an international resources company.  The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production.  Dually-listed company with BHP AU.

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BHP Billiton Plc (ADR) (BBL US)

Banks Taking a Defensive Stance to Cope With Volatility, As Economic Visibility Remains Unclear

The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ. However, our outlook has turned more...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 17, 2026

(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected. We expect the SET to rebound and...

Krungthai XSpring

Technical Analysis

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading...

Krungthai XSpring

Recommendation: Wait & See

The SET managed to rebound in line with Asian bourses, but the rise was not smooth as it was hindered by declines in banking and petroleum...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 15, 2026

The 10-year US Treasury yield approached 5%, its highest level in three years, amid inflation concerns as Brent crude continued to trade above...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)