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>Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.</li><li>The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.</li><li>The index is expected to rebound, but the upside is likely limited with higher volatility.</li></ul>

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.The index is expected to rebound, but the upside is likely limited with higher volatility.

Krungthai XSpring Technical Eng. November 21, 2025

<ul><li>Despite pressure on the SET from concerns that the Fed may delay rate cuts, continued selling in the technology sector, and ongoing fund outflows—along with the lack of positive catalysts—the index continued to move within a narrow range.</li><li>The index tested the support at 1,263 points and managed to rebound for consecutive sessions.</li><li>With trading volume remaining thin, it is difficult to gauge the index’s short-term trend.</li></ul>

Despite pressure on the SET from concerns that the Fed may delay rate cuts, continued selling in the technology sector, and ongoing fund outflows—along with the lack of positive catalysts—the index continued to move within a narrow range.The index tested the support at 1,263 points and managed to rebound for consecutive sessions.With trading volume remaining thin, it is difficult to gauge the index’s short-term trend.

Krungthai XSpring Technical Eng. November 20, 2025

<ul><li>Asian bourses fell in tandem with the Dow Jones, pressured by fading prospects of a Fed rate cut and renewed selling in technology shares.</li><li>The index is now at a critical juncture, as any further pullback would increase the risk of slipping into a downtrend.</li><li>We expect it to hold above 1,266 points to preserve the current sideways pattern.</li></ul>

Asian bourses fell in tandem with the Dow Jones, pressured by fading prospects of a Fed rate cut and renewed selling in technology shares.The index is now at a critical juncture, as any further pullback would increase the risk of slipping into a downtrend.We expect it to hold above 1,266 points to preserve the current sideways pattern.

Krungthai XSpring Technical Eng. November 19, 2025

<ul><li>Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.</li><li>37% of companies reported earnings above expectations, 23% below expectations, and 40% in line with expectations.</li><li>Sectors that delivered relatively strong results included CONS, AUTO, ETRON, and BANK, while the CONMAT sector was relatively weak.</li></ul>

Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.37% of companies reported earnings above expectations, 23% below expectations, and 40% in line with expectations.Sectors that delivered relatively strong results included CONS, AUTO, ETRON, and BANK, while the CONMAT sector was relatively weak.

Special Report: 3Q25 Results Softened, But Most Were Not Worse Than Expected.

<ul><li>The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.</li><li>Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.</li><li>The next step is royal endorsement, followed by the appointment of the new Cabinet.</li></ul>

The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.The next step is royal endorsement, followed by the appointment of the new Cabinet.

Krungthai XSpring Zoom Eng. September 8, 2025

South Korea

CK Solution Co.,Ltd. provides electric vehicle battery solutions. The Company produces and sells dry room system, clean room system, and other products. CK Solution markets its products worldwide.

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CK Solution (480370 KS)

Krungthai XSpring Technical Eng. November 21, 2025

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 20, 2025

The index tested the support at 1,263 points and managed to rebound for consecutive sessions. With trading volume remaining thin, it is difficult...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 19, 2025

Asian bourses fell in tandem with the Dow Jones, pressured by fading prospects of a Fed rate cut and renewed selling in technology shares.

Krungthai XSpring

Special Report: 3Q25 Results Softened, But Most Were Not Worse Than Expected.

Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.37% of companies reported earnings above expectations, 23% below expectations

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 8, 2025

Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor...

Krungthai XSpring

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