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.

Macroeconomics

<ul><li>The Thai CPI rose in October, while the Fed hiked rates by 75 bps, widening the real rate spread from -0.86% to -2.06%.</li><li>In view of the above, we expect the MPC to hike rates by 25 bps.</li><li>A rate hike of over 0.25% would make paying down household debt — which now accounts for 90% of GDP — more difficult.</li></ul>

The Thai CPI rose in October, while the Fed hiked rates by 75 bps, widening the real rate spread from -0.86% to -2.06%.In view of the above, we expect the MPC to hike rates by 25 bps.A rate hike of over 0.25% would make paying down household debt — which now accounts for 90% of GDP — more difficult.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605 points.</li><li>Global equity markets are being pressured by concerns that the Fed will expedite rate hikes to tackle inflation; US bond yields have continued to increase, which is negative to growth stocks.</li><li>Investors expect the Fed to hike the fed funds rate by 0.75% in the upcoming FOMC meeting in September.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605 points.Global equity markets are being pressured by concerns that the Fed will expedite rate hikes to tackle inflation; US bond yields have continued to increase, which is negative to growth stocks.Investors expect the Fed to hike the fed funds rate by 0.75% in the upcoming FOMC meeting in September.

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

Equity Bottom-Up

<ul><li>We re-add KTB to the portfolio, as the market expects its two-year earnings growth to achieve a at 5% CAGR.</li><li>We suggest selling BLA and TCAP due to the number of shares exceeding the specified criteria, with holding period returns of -4.0% and -5.2%, respectively.</li><li>Starting today, the KTX Tactical Port will be released in the afternoon each day, allowing for portfolio adjustments within the same trading day.</li></ul>

We re-add KTB to the portfolio, as the market expects its two-year earnings growth to achieve a at 5% CAGR.We suggest selling BLA and TCAP due to the number of shares exceeding the specified criteria, with holding period returns of -4.0% and -5.2%, respectively.Starting today, the KTX Tactical Port will be released in the afternoon each day, allowing for portfolio adjustments within the same trading day.

Krungthai Xspring KTX TACTICAL PICKS - February 28, 2025 (Eng.)

Blue Sky Alternative Investments / Equity Bottom-Up

Blue Sky Alternative Investments (BLA AU)

<ul><li>BLA has been added to the portfolio.</li><li>The company is expected to deliver strong profit growth in 2025E, driven by a shift toward high-margin products and the continued fall of the combined ratio.</li><li>Starting today, the KTX Tactical Port will be released in the afternoon each day, allowing for portfolio adjustments within the same trading day.</li></ul>

BLA has been added to the portfolio.The company is expected to deliver strong profit growth in 2025E, driven by a shift toward high-margin products and the continued fall of the combined ratio.Starting today, the KTX Tactical Port will be released in the afternoon each day, allowing for portfolio adjustments within the same trading day.

Australia

Blue Sky Alternative Investments Limited is a diversified fund manager of alternative investments. The Company specializes in providing 'expansion capital' to rapidly expanding Australian companies. Blue Sky Alternative Investments invests across Private Equity, Private Real Estate, Hedge Funds and Water alternative asset classes.

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Blue Sky Alternative Investments (BLA AU)

MPC Not Ready for Severe Rate Hikes

The Thai CPI rose in October, while the Fed hiked rates by 75 bps, widening the real rate spread from -0.86% to -2.06%. In view of the above, we...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

Krungthai Xspring KTX TACTICAL PICKS - February 28, 2025 (Eng.)

We re-add KTB to the portfolio, as the market expects its two-year earnings growth to achieve a at 5% CAGR. We suggest selling BLA and TCAP due to...

Krungthai XSpring

KTX Tactical Picks

BLA has been added to the portfolio. The company is expected to deliver strong profit growth in 2025E, driven by a shift toward high-margin...

Krungthai XSpring

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