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>Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.</li><li>Brent crude jumped over 5% this morning as the Strait of Hormuz remains closed—positive for upstream energy (PTTEP, PTT) but negative for oil-sensitive sectors such as transport (PSL, AAV), tourism (ERW, MINT), and construction materials (TASCO, SCC).</li><li>Today’s XD effect is expected to drag the SET Index by ~2.99 points, led by SCB (Bt9.28/share) and CPAXT (Bt0.53/share).</li></ul>

Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.Brent crude jumped over 5% this morning as the Strait of Hormuz remains closed—positive for upstream energy (PTTEP, PTT) but negative for oil-sensitive sectors such as transport (PSL, AAV), tourism (ERW, MINT), and construction materials (TASCO, SCC).Today’s XD effect is expected to drag the SET Index by ~2.99 points, led by SCB (Bt9.28/share) and CPAXT (Bt0.53/share).

Krungthai XSpring Zoom Eng. April 20, 2026

<ul><li>Expectations for a second round of US–Iran negotiations—after the first round failed over nuclear disagreements—are supporting global equity sentiment.</li><li>The 1Q26 earnings season begins with TISCO today (expected net profit of Bt1.66bn, +0.8% YoY, +0.9% QoQ).</li><li>The Cabinet approved low-interest loans for households to support energy transition (solar installation, EV purchases), positive for financials (TIDLOR, MTC) and power (GUNKUL, GULF).</li></ul>

Expectations for a second round of US–Iran negotiations—after the first round failed over nuclear disagreements—are supporting global equity sentiment.The 1Q26 earnings season begins with TISCO today (expected net profit of Bt1.66bn, +0.8% YoY, +0.9% QoQ).The Cabinet approved low-interest loans for households to support energy transition (solar installation, EV purchases), positive for financials (TIDLOR, MTC) and power (GUNKUL, GULF).

Krungthai XSpring Zoom Eng. April 16, 2026

<ul><li>The March FOMC Minutes signal a broadly neutral stance.</li><li>The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.</li><li>The Thai equity market rose by 20.6 points (+1.41%) yesterday to close at 1,485.03, supported by easing tensions in the Middle East after the US and Iran announced a two-week ceasefire, along with renewed foreign fund inflows.</li></ul>

The March FOMC Minutes signal a broadly neutral stance.The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.The Thai equity market rose by 20.6 points (+1.41%) yesterday to close at 1,485.03, supported by easing tensions in the Middle East after the US and Iran announced a two-week ceasefire, along with renewed foreign fund inflows.

Krungthai XSpring Zoom Eng. April 9, 2026

<ul><li>The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.</li><li>The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.</li><li>Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.</li></ul>

The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring Zoom Eng. April 7, 2026

<ul><li>The SET Index is expected to rebound today, with support at 1,386/1,361 points and resistance at 1,400/1,420 points.</li><li>Trump signaled progress in US–Iran negotiations and ordered a five-day delay (expected until March 28) in attacks on Iran’s power plants and energy infrastructure.</li><li>Following the royal endorsement of the Prime Minister on March 20, the Cabinet Secretariat is currently vetting the backgrounds and qualifications of the new cabinet members.</li></ul>

The SET Index is expected to rebound today, with support at 1,386/1,361 points and resistance at 1,400/1,420 points.Trump signaled progress in US–Iran negotiations and ordered a five-day delay (expected until March 28) in attacks on Iran’s power plants and energy infrastructure.Following the royal endorsement of the Prime Minister on March 20, the Cabinet Secretariat is currently vetting the backgrounds and qualifications of the new cabinet members.

Krungthai XSpring Zoom Eng. March 24, 2026

United States

Biglari Holdings Inc. operates as a holding company. The Company, through its subsidiaries, invests in food and insurance companies. Biglari Holdings serves clients in the State of Texas.

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Biglari Holdings (BH US)

Krungthai XSpring Zoom Eng. April 20, 2026

Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.Brent crude jumped over 5% this morning as the Strait of Hormuz...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 16, 2026

Expectations for a second round of US–Iran negotiations—after the first round failed over nuclear disagreements—are supporting global equity...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 9, 2026

The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 7, 2026

Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 24, 2026

Trump signaled progress in US–Iran negotiations and ordered a five-day delay (expected until March 28) in attacks on Iran’s power plants and energy...

Krungthai XSpring

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