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>The SET Index is expected to trade sideways today, with the support levels at 1,313/1,300 points and the resistance at 1,322/1,332 points.</li><li>For low-risk investors, we recommend parking funds in defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC).</li><li>We expect live swine prices to continue rising and stabilize within the Bt60–65/kg range, which is a positive signal for the profit margins of swine producers (TFG, BTG, CPF).</li></ul>

The SET Index is expected to trade sideways today, with the support levels at 1,313/1,300 points and the resistance at 1,322/1,332 points.For low-risk investors, we recommend parking funds in defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC).We expect live swine prices to continue rising and stabilize within the Bt60–65/kg range, which is a positive signal for the profit margins of swine producers (TFG, BTG, CPF).

Krungthai XSpring Zoom Eng. November 7, 2025

<ul><li>The SET attempted to rebound but encountered selling pressure throughout the day, eventually closing lower.</li><li>The higher high, higher low pattern remains intact as long as the index stays above the uptrend line support at 1,273.</li><li>Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have been mixed.</li></ul>

The SET attempted to rebound but encountered selling pressure throughout the day, eventually closing lower.The higher high, higher low pattern remains intact as long as the index stays above the uptrend line support at 1,273.Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have been mixed.

Krungthai XSpring Technical Eng. November 3, 2025

<ul><li>The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.</li><li>The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.</li><li>We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).</li></ul>

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).

Krungthai XSpring Zoom Eng. October 27, 2025

<ul><li>The SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.</li><li>Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.</li><li>The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

<ul><li>The “Khon La Khrueng Plus” scheme, a short-term economic stimulus measure the government aims to roll out quickly to support 4Q25E economic growth, will directly benefit small retailers and restaurants.</li><li>The Cabinet has approved the program with a total budget of Bt44.4bn (in line with expectations), representing 0.24% of GDP.</li><li>The Minister of Finance expects additional stimulus measures to follow, aiming to raise 4Q25E economic growth by at least 1% (compared to an estimated 0.3% without economic stimulus).</li></ul>

The “Khon La Khrueng Plus” scheme, a short-term economic stimulus measure the government aims to roll out quickly to support 4Q25E economic growth, will directly benefit small retailers and restaurants.The Cabinet has approved the program with a total budget of Bt44.4bn (in line with expectations), representing 0.24% of GDP.The Minister of Finance expects additional stimulus measures to follow, aiming to raise 4Q25E economic growth by at least 1% (compared to an estimated 0.3% without economic stimulus).

Special Report: Khon La Khrueng Plus To Boost Year-End Purchasing Power

United Kingdom

BTG plc licenses, develops and commercializes pharmaceuticals and has a pipeline of development programs targeting neurological and other disorders, including varicose veins. The Company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products.

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BTG PLC (BTG LN)

Krungthai XSpring Zoom Eng. November 7, 2025

The SET Index is expected to trade sideways today, with the support levels at 1,313/1,300 points and the resistance at 1,322/1,332 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. November 3, 2025

Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 27, 2025

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.

Krungthai XSpring

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than...

Krungthai XSpring

Special Report: Khon La Khrueng Plus To Boost Year-End Purchasing Power

The Minister of Finance expects additional stimulus measures to follow, aiming to raise 4Q25E economic growth by at least 1% (compared to an...

Krungthai XSpring

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