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 index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly.</li><li>Positive sentiment remains supported by continued fund inflows, while the RSI is still comfortably below the overbought zone and the MACD has crossed above its signal line.</li><li>Accordingly, we continue to recommend buying on dips, with a focus on domestic plays and laggard stocks, which we believe will remain in investors' focus.</li></ul>

The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly.Positive sentiment remains supported by continued fund inflows, while the RSI is still comfortably below the overbought zone and the MACD has crossed above its signal line.Accordingly, we continue to recommend buying on dips, with a focus on domestic plays and laggard stocks, which we believe will remain in investors' focus.

Krungthai XSpring Technical Eng. July 3, 2026

Thematic (Sector/Industry)

<ul><li>Crude oil prices remain below USD80/bbl as shipping through the Strait of Hormuz has resumed normal operations.</li><li>The government is set to launch the "Thailand Fast Pass" initiative this afternoon to remove legal and investment bottlenecks.</li><li>The Joint Public-Private Consultative Committee aims to drive GDP growth above 3% through enhanced trade and investment development.</li></ul>

Crude oil prices remain below USD80/bbl as shipping through the Strait of Hormuz has resumed normal operations.The government is set to launch the "Thailand Fast Pass" initiative this afternoon to remove legal and investment bottlenecks.The Joint Public-Private Consultative Committee aims to drive GDP growth above 3% through enhanced trade and investment development.

Krungthai XSpring Zoom Eng. June 23, 2026

<ul><li>The MPC's cumulative six policy rate cuts (totalling 150 bps) since late 2024, which have brought the policy rate to its lowest level in three years, have already provided substantial support against the risk of a slowdown in the Thai economy.</li><li>This suggests that interest rates have already bottomed out.</li><li>On the other hand, the MPC may revise its inflation forecast lower, as the year-to-date (YTD) average crude oil price has remained below its previous assumption.</li></ul>

The MPC's cumulative six policy rate cuts (totalling 150 bps) since late 2024, which have brought the policy rate to its lowest level in three years, have already provided substantial support against the risk of a slowdown in the Thai economy.This suggests that interest rates have already bottomed out.On the other hand, the MPC may revise its inflation forecast lower, as the year-to-date (YTD) average crude oil price has remained below its previous assumption.

KTX AHEAD: Stronger-Than-Expected Growth Confirms Rate Trough, Favoring Domestic Plays

<ul><li>The US launched retaliatory strikes in southern Iran, citing self-defense after an Iranian drone reportedly shot down a US military helicopter.</li><li>The BOI has approved more than Bt623bn of investment projects in 5M26, with the majority coming from US and Chinese hyperscalers.</li><li>Bank Indonesia unexpectedly raised its policy rate by 25bps to support the rupiah.</li></ul>

The US launched retaliatory strikes in southern Iran, citing self-defense after an Iranian drone reportedly shot down a US military helicopter.The BOI has approved more than Bt623bn of investment projects in 5M26, with the majority coming from US and Chinese hyperscalers.Bank Indonesia unexpectedly raised its policy rate by 25bps to support the rupiah.

Krungthai XSpring Zoom Eng. June 10, 2026

<ul><li>We believe the BOT’s fee reduction measures will have only a limited and manageable impact on the banking sector’s earnings.</li><li>KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top picks.</li><li>The Bank of Thailand (BOT) announced new regulations on June 2, 2026, introducing service fee standards and reducing fees on 19 items across four key areas: deposits, electronic cards, payment services, and SME lending.</li></ul>

We believe the BOT’s fee reduction measures will have only a limited and manageable impact on the banking sector’s earnings.KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top picks.The Bank of Thailand (BOT) announced new regulations on June 2, 2026, introducing service fee standards and reducing fees on 19 items across four key areas: deposits, electronic cards, payment services, and SME lending.

Banking: Fee Structure Adjustment: Limited Impact On Earnings - Overweight

Australia

BHP Group Plc operates as a resource mining company. The Company focuses on minerals, metals, petroleum products, and oil and gas extraction and processing activities, as well as provides marketing services. BHP Group serves customers worldwide.

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BHP Group UK (BHPBF US)

Krungthai XSpring Technical Eng. July 3, 2026

The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly. Positive sentiment remains supported by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 23, 2026

The Joint Public-Private Consultative Committee aims to drive GDP growth above 3% through enhanced trade and investment development.

Krungthai XSpring

KTX AHEAD: Stronger-Than-Expected Growth Confirms Rate Trough, Favoring Domestic Plays

On the other hand, the MPC may revise its inflation forecast lower, as the year-to-date (YTD) average crude oil price has remained below its...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 10, 2026

The US launched retaliatory strikes in southern Iran, citing self-defense after an Iranian drone reportedly shot down a US military helicopter.

Krungthai XSpring

Banking: Fee Structure Adjustment: Limited Impact On Earnings - Overweight

KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top...

Krungthai XSpring

Price Gauge

52-week Range

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