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.

Technical Analysis

<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.

Equity Bottom-Up

<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

Macroeconomics

<ul><li>KTX expects the real interest rate to decline to 0.93% (vs. 1.0% last month), marking the lowest level in Asia.</li><li>With the Thai 10Y bond yield hitting a three-year low, the broadening gap between dividend yields and corporate bond yields has turned positive, suggesting that investment should shift from corporate bonds to equities.</li><li>Stocks with a high dividend yield spread over corporate bond yields are particularly attractive.</li></ul>

KTX expects the real interest rate to decline to 0.93% (vs. 1.0% last month), marking the lowest level in Asia.With the Thai 10Y bond yield hitting a three-year low, the broadening gap between dividend yields and corporate bond yields has turned positive, suggesting that investment should shift from corporate bonds to equities.Stocks with a high dividend yield spread over corporate bond yields are particularly attractive.

Economic Update: Inflation in January 2025

<ul><li>Asian bourses moved in mixed directions amid concerns over Donald Trump's tax policies and China's economic slowdown.</li><li>However, the SET faced additional pressure from the depreciation of the baht, a lower-than-expected CPI, and sharp declines in power plant, ICT, petroleum, and hospital stocks.</li><li>As a result, we believe the index could experience a technical rebound from the support area.</li></ul>

Asian bourses moved in mixed directions amid concerns over Donald Trump's tax policies and China's economic slowdown.However, the SET faced additional pressure from the depreciation of the baht, a lower-than-expected CPI, and sharp declines in power plant, ICT, petroleum, and hospital stocks.As a result, we believe the index could experience a technical rebound from the support area.

<ul><li>The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July.</li><li>Crude oil prices surged to nearly USD110/bbl after the Houthis seized a port city in Yemen, disrupting shipping in the Red Sea.</li><li>Data center investment in Thailand is expected to reach around Bt570bn during 2026-30, benefiting infrastructure plays (WHA, GULF and WHAUP).</li></ul>

The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July.Crude oil prices surged to nearly USD110/bbl after the Houthis seized a port city in Yemen, disrupting shipping in the Red Sea.Data center investment in Thailand is expected to reach around Bt570bn during 2026-30, benefiting infrastructure plays (WHA, GULF and WHAUP).

Krungthai XSpring Zoom Eng. September 11, 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)

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

Economic Update: Inflation in January 2025

KTX expects the real interest rate to decline to 0.93% (vs. 1.0% last month), marking the lowest level in Asia. With the Thai 10Y bond yield...

Krungthai XSpring

Technical Analysis

Asian bourses moved in mixed directions amid concerns over Donald Trump's tax policies and China's economic slowdown. However, the SET faced...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 11, 2026

The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July. Crude...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)