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, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.</li><li>The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.</li><li>We expect the index to test the 1,500 resistance, supported by positive indicator signals.</li></ul>

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.We expect the index to test the 1,500 resistance, supported by positive indicator signals.

Krungthai XSpring Technical Eng. April 9, 2026

<ul><li>The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.</li><li>The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.</li><li>Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.</li></ul>

The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring Zoom Eng. April 7, 2026

<ul><li>The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.</li><li>We recommend buying on weakness, as the index has the potential to rebound quickly.</li><li>Many global markets were closed for Good Friday.</li></ul>

The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.We recommend buying on weakness, as the index has the potential to rebound quickly.Many global markets were closed for Good Friday.

Krungthai XSpring Technical Eng. April 7, 2026

<ul><li>KTX expects the SET Index to recover, as focus shifts back to domestic positives, including economic stimulus from the new government and the upcoming MPC meeting.</li><li>Meanwhile, geopolitical pressure from the Middle East should ease amid improving developments, helping limit downside risks.</li><li>Central bank meetings: Markets are pricing in potential rate hikes by the Bank of Japan (Apr 27–28) and European Central Bank (Apr 29) with probabilities of 55.4% and 69.7%, respectively.</li></ul>

KTX expects the SET Index to recover, as focus shifts back to domestic positives, including economic stimulus from the new government and the upcoming MPC meeting.Meanwhile, geopolitical pressure from the Middle East should ease amid improving developments, helping limit downside risks.Central bank meetings: Markets are pricing in potential rate hikes by the Bank of Japan (Apr 27–28) and European Central Bank (Apr 29) with probabilities of 55.4% and 69.7%, respectively.

Monthly Report: April 2026: Outlook: Easing Pressure From External Factors

Equity Bottom-Up

<ul><li>2Q25 net profit was Bt6.8bn, in line with expectations, including a foreign exchange loss of Bt237mn.</li><li>The CVS business recorded sales of Bt118bn (+5% YoY, +3% QoQ) with SSSG of -0.8% (strongest in April but weakened in May-June due to the rainy season, fewer tourists, and the domestic economic slowdown, leading to a 4% YoY drop in daily customer traffic per store, despite a 3.5% increase in average spending per bill).</li><li>The 3Q outlook is the low season for the CVS business, during which the company typically runs sales promotions to stimulate demand.</li></ul>

2Q25 net profit was Bt6.8bn, in line with expectations, including a foreign exchange loss of Bt237mn.The CVS business recorded sales of Bt118bn (+5% YoY, +3% QoQ) with SSSG of -0.8% (strongest in April but weakened in May-June due to the rainy season, fewer tourists, and the domestic economic slowdown, leading to a 4% YoY drop in daily customer traffic per store, despite a 3.5% increase in average spending per bill).The 3Q outlook is the low season for the CVS business, during which the company typically runs sales promotions to stimulate demand.

CP ALL Plc. (CPALL): 2Q25 Core Profit Grew 14% YoY but Declined 7% QoQ...

Thailand

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

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CP ALL (CPALL-R TB)

Krungthai XSpring Technical Eng. April 9, 2026

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 7, 2026

Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 7, 2026

We recommend buying on weakness, as the index has the potential to rebound quickly. Many global markets were closed for Good Friday.

Krungthai XSpring

Monthly Report: April 2026: Outlook: Easing Pressure From External Factors

KTX expects the SET Index to recover, as focus shifts back to domestic positives, including economic stimulus from the new government and the...

Krungthai XSpring

CP ALL Plc. (CPALL): 2Q25 Core Profit Grew 14% YoY but Declined 7% QoQ...

The 3Q outlook is the low season for the CVS business, during which the company typically runs sales promotions to stimulate demand.

Krungthai XSpring

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