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.

Equity Bottom-Up

<ul><li>The SET Index is expected to trend upward today.</li><li>Foreign investors were net buyers of Bt4.49bn yesterday – the highest since May 8 – and have accumulated net purchases of Bt11.13bn month-to-date in July.</li><li>We remain positive on the improving trend of Chinese arrivals, with the potential for China to reclaim the top tourist source spot from Malaysia within 1-2 weeks.</li></ul>

The SET Index is expected to trend upward today.Foreign investors were net buyers of Bt4.49bn yesterday – the highest since May 8 – and have accumulated net purchases of Bt11.13bn month-to-date in July.We remain positive on the improving trend of Chinese arrivals, with the potential for China to reclaim the top tourist source spot from Malaysia within 1-2 weeks.

The US Nears Trade Agreement With Europe; Thailand Prepares Next Round of Economic Stimulus

<ul><li>The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107 points.</li><li>Technically, the trend remains bearish, with a possibility of retesting this year's low at 1,056.41 points (recorded on April 8).</li><li>The market is being weighed down by negative factors, especially domestic ones.</li></ul>

The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107 points.Technically, the trend remains bearish, with a possibility of retesting this year's low at 1,056.41 points (recorded on April 8).The market is being weighed down by negative factors, especially domestic ones.

Political Uncertainty Weighing on the Market

<ul><li>KTX expects the SET Index to move with volatility, with the resistance at 1,178/1,200 points and the support at 1,144/1,114 points.</li><li>Historical statistics over the past five years (2020-2024) show a 100% probability that the SET Index would close negative in June, with an average decline of -2.33%, a maximum drop of -3.32% in 2024, and a minimum decline of -0.28% in 2020.</li><li>In May 2025, the SET Index declined by 4%, reflecting continued market volatility.</li></ul>

KTX expects the SET Index to move with volatility, with the resistance at 1,178/1,200 points and the support at 1,144/1,114 points.Historical statistics over the past five years (2020-2024) show a 100% probability that the SET Index would close negative in June, with an average decline of -2.33%, a maximum drop of -3.32% in 2024, and a minimum decline of -0.28% in 2020.In May 2025, the SET Index declined by 4%, reflecting continued market volatility.

Outlook: Volatile, With a Focus on Clarity Regarding US Tariff Measures

Central Pacific Financial Corp / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204 points.</li><li>As such, the medium- to long-term view remains bullish, and any weakness is seen as a buying opportunity — we recommend investing in selective stocks.</li><li>Today's FOMC meeting is thus expected to maintain the current rate (in line with the consensus).</li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204 points.As such, the medium- to long-term view remains bullish, and any weakness is seen as a buying opportunity — we recommend investing in selective stocks.Today's FOMC meeting is thus expected to maintain the current rate (in line with the consensus).

<ul><li>KBANK has been re-added to the portfolio.</li><li>We estimate its net profit growth at a CAGR of 5.2% during 2025-27E, supported by provisions returning to normal levels.</li><li>The average portfolio return increased by 0.20%, outperforming the SET Index (-0.55%), driven by a strong gain in SCB (+3.1%) and stocks in the meat sector (BTG, CPF).</li></ul>

KBANK has been re-added to the portfolio.We estimate its net profit growth at a CAGR of 5.2% during 2025-27E, supported by provisions returning to normal levels.The average portfolio return increased by 0.20%, outperforming the SET Index (-0.55%), driven by a strong gain in SCB (+3.1%) and stocks in the meat sector (BTG, CPF).

United States

Central Pacific Financial Corp, through its Central Pacific Bank subsidiary, provides a variety of banking services and products.  Services include personal and business deposit instruments, commercial and consumer loans, credit and debit card services, merchant services, traveler's checks, safe deposit boxes, and trust services.   Central Pacific operates in Hawaii.

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Central Pacific Financial Corp (CPF US)

The US Nears Trade Agreement With Europe; Thailand Prepares Next Round of Economic Stimulus

The SET Index is expected to trend upward today. Foreign investors were net buyers of Bt4.49bn yesterday – the highest since May 8 – and have...

Krungthai XSpring

Political Uncertainty Weighing on the Market

The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107...

Krungthai XSpring

Outlook: Volatile, With a Focus on Clarity Regarding US Tariff Measures

KTX expects the SET Index to move with volatility, with the resistance at 1,178/1,200 points and the support at 1,144/1,114 points. Historical...

Krungthai XSpring

US FOMC Meeting

Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204...

Krungthai XSpring

KTX Tactical Picks

KBANK has been re-added to the portfolio. We estimate its net profit growth at a CAGR of 5.2% during 2025-27E, supported by provisions returning...

Krungthai XSpring

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