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>Thailand is well-positioned to withstand global economic shocks, citing its economic resilience.</li><li>The Cabinet has approved a Bt400bn borrowing plan to ease cost-of-living pressures.</li><li>Thailand, India, Malaysia, and Mexico are among emerging markets better positioned than many peers to withstand future global economic shocks.</li></ul>

Thailand is well-positioned to withstand global economic shocks, citing its economic resilience.The Cabinet has approved a Bt400bn borrowing plan to ease cost-of-living pressures.Thailand, India, Malaysia, and Mexico are among emerging markets better positioned than many peers to withstand future global economic shocks.

<ul><li>Rising tensions within OPEC could lead to more liberalized oil production, potentially pushing global energy prices lower.</li><li>This backdrop is expected to stabilize the baht and sustain investor confidence in Thai assets, positioning the market to benefit from a recovery in consumption and tourism, driven by stronger Asian purchasing power.</li><li>We recommend WHA (KTX Fair Price: Bt4.98) to capture long-term FDI inflows, as a first beneficiary of new manufacturing relocations, with land sales likely to reach new highs driven by investment in EV and PCB sectors.</li></ul>

Rising tensions within OPEC could lead to more liberalized oil production, potentially pushing global energy prices lower.This backdrop is expected to stabilize the baht and sustain investor confidence in Thai assets, positioning the market to benefit from a recovery in consumption and tourism, driven by stronger Asian purchasing power.We recommend WHA (KTX Fair Price: Bt4.98) to capture long-term FDI inflows, as a first beneficiary of new manufacturing relocations, with land sales likely to reach new highs driven by investment in EV and PCB sectors.

The US Uses The Dollar To Pressure OPEC, Driving Short-Term Oil Price Spikes...

<ul><li>Iran’s attacks on the United Arab Emirates (UAE) and vessels in the Strait of Hormuz have disrupted shipping through the strait, keeping transportation constrained.</li><li>DELTA benefits from exiting Cash Balance, supported by a bright business outlook and strong demand for liquid cooling orders, with production set to begin in 2H26.</li><li>The US has launched “Project Freedom,” an operation to begin escorting select vessels not involved in the Iran conflict out of the Strait of Hormuz, starting from Monday.</li></ul>

Iran’s attacks on the United Arab Emirates (UAE) and vessels in the Strait of Hormuz have disrupted shipping through the strait, keeping transportation constrained.DELTA benefits from exiting Cash Balance, supported by a bright business outlook and strong demand for liquid cooling orders, with production set to begin in 2H26.The US has launched “Project Freedom,” an operation to begin escorting select vessels not involved in the Iran conflict out of the Strait of Hormuz, starting from Monday.

<ul><li>The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.</li><li>Crude oil prices continued to rally following a report by Axios that Donald Trump plans to maintain a blockade of Iranian ports until a clear nuclear agreement is reached.</li><li>The Board of Investment of Thailand reported that investment promotion applications in 1Q26 reached Bt1.02trn, surging 2.4x YoY.</li></ul>

The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.Crude oil prices continued to rally following a report by Axios that Donald Trump plans to maintain a blockade of Iranian ports until a clear nuclear agreement is reached.The Board of Investment of Thailand reported that investment promotion applications in 1Q26 reached Bt1.02trn, surging 2.4x YoY.

Krungthai XSpring Zoom Eng. April 30, 2026

<ul><li>The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and continues to trade above all short-term EMA lines.</li><li>When DELTA surged, the index rose, and when it weakened, the index fell. Eventually, DELTA rebounded from negative territory, allowing the index to reverse course and close slightly higher.</li><li>Therefore, we recommend buying on dips and selling into strength. Although the index is expected to trend higher, trading volume may decline during this period.</li></ul>

The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and continues to trade above all short-term EMA lines.When DELTA surged, the index rose, and when it weakened, the index fell. Eventually, DELTA rebounded from negative territory, allowing the index to reverse course and close slightly higher.Therefore, we recommend buying on dips and selling into strength. Although the index is expected to trend higher, trading volume may decline during this period.

Krungthai XSpring Technical Eng. April 29, 2026

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 Zoom Eng. May 6, 2026

Thailand, India, Malaysia, and Mexico are among emerging markets better positioned than many peers to withstand future global economic shocks.

Krungthai XSpring

The US Uses The Dollar To Pressure OPEC, Driving Short-Term Oil Price Spikes...

This backdrop is expected to stabilize the baht and sustain investor confidence in Thai assets, positioning the market to benefit from a recovery...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 5, 2026

Iran’s attacks on the United Arab Emirates (UAE) and vessels in the Strait of Hormuz have disrupted shipping through the strait, keeping...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 30, 2026

The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 29, 2026

The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)