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 KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li><li>We recommend adding CENTEL and THANI to the portfolio.</li><li>Selling in banking and retail (CRC) stocks limited the portfolio's average return to +0.38%, underperforming the SET (+0.42%), which was supported by rebounds in large-cap stocks across several key sectors.</li></ul>

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.We recommend adding CENTEL and THANI to the portfolio.Selling in banking and retail (CRC) stocks limited the portfolio's average return to +0.38%, underperforming the SET (+0.42%), which was supported by rebounds in large-cap stocks across several key sectors.

KTX Tactical Picks - September 21, 2026 (Eng.)

Technical Analysis

<ul><li>The SET Index declined in line with markets in Tokyo, Taiwan, and South Korea, as rising oil prices amid the Middle East conflict and concerns over a potential Fed rate hike weighed on sentiment.</li><li>We continue to recommend buying on dips and selling into strength.</li><li>Investors should accumulate stocks near the support area, focusing on domestic plays.</li></ul>

The SET Index declined in line with markets in Tokyo, Taiwan, and South Korea, as rising oil prices amid the Middle East conflict and concerns over a potential Fed rate hike weighed on sentiment.We continue to recommend buying on dips and selling into strength.Investors should accumulate stocks near the support area, focusing on domestic plays.

Krungthai XSpring Technical Eng. - September 15, 2026

Cross Asset Strategy

<ul>
<li>Crude prices remain elevated on tight supply.</li>
<li>US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.</li>
<li>Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).</li>
</ul>


Crude prices remain elevated on tight supply.
US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.
Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).


<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


<ul><li>Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in the SET after its sharp decline.</li><li>The modest rebound following the sharp decline suggests that selling pressure at higher levels continues to limit gains, leaving the index vulnerable to further weakness.</li><li>We recommend buying on weakness near key support levels, as the index is likely to trade sideways.</li></ul>

Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in the SET after its sharp decline.The modest rebound following the sharp decline suggests that selling pressure at higher levels continues to limit gains, leaving the index vulnerable to further weakness.We recommend buying on weakness near key support levels, as the index is likely to trade sideways.

Thailand

Central Plaza Hotel Public Co. Ltd. operates in the hospitality and food businesses. The company manages and owns a diverse portfolio of hotels and resorts under multiple brands in Thailand and internationally, alongside a quick-service restaurant segment through its subsidiary Central Restaurant Group. It was established in 1980 and is headquartered in Bangkok, Thailand.

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Central Plaza Hotel (CENTEL TB)

KTX Tactical Picks - September 21, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. We recommend...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 15, 2026

The SET Index declined in line with markets in Tokyo, Taiwan, and South Korea, as rising oil prices amid the Middle East conflict and concerns...

Krungthai XSpring

SET Index Outlook

Crude prices remain elevated on tight supply. US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US...

Krungthai XSpring

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

Recommendation: Buy On Weakness

Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

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