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.

Cross Asset Strategy

<ul><li>2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.</li><li>1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).</li><li>As a result, there remains slight upside risk to the 2026 earnings estimates.</li></ul>

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).As a result, there remains slight upside risk to the 2026 earnings estimates.

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

Technical Analysis

<ul><li>The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.</li><li>This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.</li><li>We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.</li></ul>

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.

Krungthai XSpring Technical Eng. August 18, 2026

Kiatnakin Phatra Bank / Technical Analysis

<ul><li>The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight.</li><li>The breakout has also established 1,600 as a key support level, while technical indicators have moderated following the recent rally, leaving room for further upside.</li><li>We continue to recommend buying on weakness, as the market awaits fresh catalysts after recent gains were driven primarily by sustained foreign buying.</li></ul>

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight.The breakout has also established 1,600 as a key support level, while technical indicators have moderated following the recent rally, leaving room for further upside.We continue to recommend buying on weakness, as the market awaits fresh catalysts after recent gains were driven primarily by sustained foreign buying.

Krungthai XSpring Technical Eng. July 10, 2026

Thematic (Sector/Industry)

<ul><li>The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.</li><li>The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.</li><li>We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.</li></ul>

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.

Krungthai XSpring Technical Eng. June 4, 2026

<ul><li>Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.</li><li>The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.</li><li>Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.</li></ul>

Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.

Thailand

Cal-Comp Electronics (Thailand) provides electronics manufacturing services (EMS) for original equipment manufacturing (OEM) and original design manufacturing (ODM) markets. The company manufactures computer peripherals like printers and external hard drives, telecommunication products such as set-top boxes and Bluetooth headsets, and smart appliances. Headquartered in Bangkok, Thailand, the company was established on December 4, 1989.

Cal-Comp Electronics (Thailand) (CCET TB)

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Cal-Comp Electronics (Thailand) (CCET TB)

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2026

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce,...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 10, 2026

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight. The...

Krungthai XSpring

Krungthai XSpring Technical Eng. June 4, 2026

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 2, 2026

Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)