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.

Cross Asset Strategy

<ul><li>The Thai equity market could benefit from external factors.</li><li>A weaker-than-expected US labor market would ease concerns over the Fed’s rate outlook, leading to lower US yields and a softer dollar.</li><li>WHa (KTX fair value: Bt5.20) stands to benefit first from new manufacturing relocations, supporting record-high land sales driven by EV, PCB, and data center demand.</li></ul>

The Thai equity market could benefit from external factors.A weaker-than-expected US labor market would ease concerns over the Fed’s rate outlook, leading to lower US yields and a softer dollar.WHa (KTX fair value: Bt5.20) stands to benefit first from new manufacturing relocations, supporting record-high land sales driven by EV, PCB, and data center demand.

KTX AHEAD: Watch: Weak US Jobs Could Lift Thai Equities

Thematic (Sector/Industry)

<ul><li>Although Asian stock markets traded mixed amid concerns over the prolonged Middle East conflict and profit-taking ahead of the weekend, the SET moved against the trend, led by gains in energy and petrochemical stocks, alongside strong foreign investor buying.</li><li>The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing signs of turning positive.</li><li>However, we recommend a buy-on-dips, sell-on-rallies strategy, as the index is likely to remain volatile and the situation in the Middle East should be closely monitored.</li></ul>

Although Asian stock markets traded mixed amid concerns over the prolonged Middle East conflict and profit-taking ahead of the weekend, the SET moved against the trend, led by gains in energy and petrochemical stocks, alongside strong foreign investor buying.The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing signs of turning positive.However, we recommend a buy-on-dips, sell-on-rallies strategy, as the index is likely to remain volatile and the situation in the Middle East should be closely monitored.

Krungthai XSpring Technical Eng. March 30, 2026

<ul><li>The SET Index outlook today is expected to move sideways to sideways-up, with support at 1,450/1,436 and resistance at 1,467/1,487.</li><li>The US: US equity markets advanced (S&amp;P +0.54%, NASDAQ +0.77%) as markets priced in easing Middle East tensions, following a report by The New York Times that the US had sent a negotiation proposal to Iran, released after the previous US market close.</li><li>Thailand: The Finance Minister outlined relief measures following the removal of the Bt33/liter diesel price cap and the shift to a market-based pricing mechanism.</li></ul>

The SET Index outlook today is expected to move sideways to sideways-up, with support at 1,450/1,436 and resistance at 1,467/1,487.The US: US equity markets advanced (S&amp;P +0.54%, NASDAQ +0.77%) as markets priced in easing Middle East tensions, following a report by The New York Times that the US had sent a negotiation proposal to Iran, released after the previous US market close.Thailand: The Finance Minister outlined relief measures following the removal of the Bt33/liter diesel price cap and the shift to a market-based pricing mechanism.

Krungthai XSpring Zoom Eng. March 26, 2026

<ul><li>The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with the US.</li><li>The index rebounded from support at 1,400, reinforcing the 1,400–1,386 support zone.</li><li>We recommend buying on weakness, as the index is likely to remain volatile while Middle East developments continue to influence market movements.</li></ul>

The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with the US.The index rebounded from support at 1,400, reinforcing the 1,400–1,386 support zone.We recommend buying on weakness, as the index is likely to remain volatile while Middle East developments continue to influence market movements.

Krungthai XSpring Technical Eng. March 25, 2026

<ul><li>The global economy remains pressured by war-driven oil price increases, keeping US bond yields elevated and attracting fund flows back to the US, which limits the SET Index’s short-term upside.</li><li>However, the resulting “double squeeze” cost environment in Japan is accelerating FDI relocation to Thailand, reinforcing its role as a relative safe haven.</li><li>The crisis between the two major powers is accelerating FDI inflows into Thailand, upgrading the country from a secondary manufacturing base to an “economic safe haven.”</li></ul>

The global economy remains pressured by war-driven oil price increases, keeping US bond yields elevated and attracting fund flows back to the US, which limits the SET Index’s short-term upside.However, the resulting “double squeeze” cost environment in Japan is accelerating FDI relocation to Thailand, reinforcing its role as a relative safe haven.The crisis between the two major powers is accelerating FDI inflows into Thailand, upgrading the country from a secondary manufacturing base to an “economic safe haven.”

KTX AHEAD: Geopolitical Risk May Accelerate A Major Production Relocation Wave.

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)

KTX AHEAD: Watch: Weak US Jobs Could Lift Thai Equities

The Thai equity market could benefit from external factors. A weaker-than-expected US labor market would ease concerns over the Fed’s rate...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 30, 2026

The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 26, 2026

Thailand: The Finance Minister outlined relief measures following the removal of the Bt33/liter diesel price cap and the shift to a market-based...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 25, 2026

The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with...

Krungthai XSpring

KTX AHEAD: Geopolitical Risk May Accelerate A Major Production Relocation Wave.

The crisis between the two major powers is accelerating FDI inflows into Thailand, upgrading the country from a secondary manufacturing base to an...

Krungthai XSpring

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