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>Asian bourses continued to rebound, as did the SET amid quiet trading.</li><li>The index rebounded for the third consecutive day with large cap stock taking the lead, such as banking shares, which alleviated the pressure from low volume.</li><li>We recommend buying on weakness, selling on strength until the index stands above 1,600 points, believing that medium to large cap shares are on the market's radar.</li></ul>

Asian bourses continued to rebound, as did the SET amid quiet trading.The index rebounded for the third consecutive day with large cap stock taking the lead, such as banking shares, which alleviated the pressure from low volume.We recommend buying on weakness, selling on strength until the index stands above 1,600 points, believing that medium to large cap shares are on the market's radar.

Cross Asset Strategy

<ul><li>We expect the SET Index to move sideways, with the support at 1,580/1,550 points and resistance at 1,627/1,660 points.</li><li>For long-term investment, we recommend accumulating reopening plays and high dividend plays.</li><li>Short-term factors affecting the SET in November include reports of 3Q22 GDP, central bank meetings (FOMC, BoE and the MPC), global summits (G-20, APEC), the results of the US midterm election (November 8), and earnings results.</li></ul>

We expect the SET Index to move sideways, with the support at 1,580/1,550 points and resistance at 1,627/1,660 points.For long-term investment, we recommend accumulating reopening plays and high dividend plays.Short-term factors affecting the SET in November include reports of 3Q22 GDP, central bank meetings (FOMC, BoE and the MPC), global summits (G-20, APEC), the results of the US midterm election (November 8), and earnings results.

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,580/1,588 points and the support at 1,562/1,556 points.</li><li>Negative momentum may be generated by investors reducing their holdings of Thai equities ahead of the long weekend in order to reduce risks related to the US CPI for September, which will be released on Thursday.</li><li>Today's highlights include the release of the IMF's global economic growth projections, which are expected to be revised down again following the previous revision in July (negative to exports); and Japan's official reopening for the first day (positive to the aviation sector and AOT).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,580/1,588 points and the support at 1,562/1,556 points.Negative momentum may be generated by investors reducing their holdings of Thai equities ahead of the long weekend in order to reduce risks related to the US CPI for September, which will be released on Thursday.Today's highlights include the release of the IMF's global economic growth projections, which are expected to be revised down again following the previous revision in July (negative to exports); and Japan's official reopening for the first day (positive to the aviation sector and AOT).

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>Our bottom line is that we could not be bearish as long as the IWM is above $208, the IWC is above $134-$135, and the S&amp;P 500 is above 4495.</li>
<li>These support levels have held strong, and we are now seeing the aforementioned risk-off signals starting to abate.</li>
<li>This is an encouraging sign and we remain constructive as long as the above support levels hold.</li>
</ul>


Our bottom line is that we could not be bearish as long as the IWM is above $208, the IWC is above $134-$135, and the S&amp;P 500 is above 4495.
These support levels have held strong, and we are now seeing the aforementioned risk-off signals starting to abate.
This is an encouraging sign and we remain constructive as long as the above support levels hold.


Risk-Off Signals Abating; Cyclicals Reassert as Rates Rise; Buying Fertilizer and Copper Stocks

Market dynamics remain healthy which suggests a new broad-based bull market is not far off. With that said, we are still waiting for confirmation in the form of breakouts or bullish price inflections on the broad global indexes (ACWI-US, ACWX-US, EFA-US, and EEM-US) in order to turn bullish.<ul type="disc">
<li>
Actionable Theme: Major Autos/Auto Parts. Global automobile stocks display bullish price and RS inflections with many breaking out to new highs -- add exposure... see pages 3 and 5-6.</li>
<li>
Actionable Theme: Financials. There continues to be a plethora of attractive Financial stocks globally, ranging from banks and insurance to financial services -- add exposure... see pages 4 and 6-14.</li>
</ul>

Market dynamics remain healthy which suggests a new broad-based bull market is not far off. With that said, we are still waiting for confirmation in the form of breakouts or bullish price inflections on the broad global indexes (ACWI-US, ACWX-US, EFA-US, and EEM-US) in order to turn bullish.

Actionable Theme: Major Autos/Auto Parts. Global automobile stocks display bullish price and RS inflections with many breaking out to new highs -- add exposure... see pages 3 and 5-6.

Actionable Theme: Financials. There continues to be a plethora of attractive Financial stocks globally, ranging from banks and insurance to financial services -- add exposure... see pages 4 and 6-14.


Buying Global Financials & Autos/Auto Parts

Canada

Brookfield Asset Management Ltd. operates as an investment management firm. The Company focuses on property development, renewable energy, infrastructure, insurance, and private equity. Brookfield Asset Management serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Brookfield Asset Management Lt (BAM US)

Technical Analysis

Asian bourses continued to rebound, as did the SET amid quiet trading. The index rebounded for the third consecutive day with large cap stock...

Krungthai XSpring

Monthly Report: November 2022

We expect the SET Index to move sideways, with the support at 1,580/1,550 points and resistance at 1,627/1,660 points. For long-term investment,...

Krungthai XSpring

Market Outlook and Recommendations

The SET Index is expected to move sideways down, with the resistance at 1,580/1,588 points and the support at 1,562/1,556 points. Negative...

Krungthai XSpring

Risk-Off Signals Abating; Cyclicals Reassert as Rates Rise; Buying Fertilizer and Copper Stocks

Risk-off signals are abating which is an encouraging sign. Charts Highlighted: IWM, IWC, JETS, BAM, CBRE, INVH, JLL, HHC, JOE, MMI, APTS, CTO, AMT,...

Vermilion Research

Buying Global Financials & Autos/Auto Parts

Global automobile stocks display bullish price and RS inflections with many breaking out to new highs. Financials are attractive globally, ranging...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)