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 tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

<ul><li>The US labor market continues to show signs of softening.</li><li>Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.</li><li>The Finance Minister said after discussions with the Election Commission (EC) that the government cannot proceed with the Khon La Khrueng Plus Phase 2 scheme, nor other economic stimulus measures, as the caretaker cabinet is constitutionally prohibited from committing budgetary spending.</li></ul>

The US labor market continues to show signs of softening.Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.The Finance Minister said after discussions with the Election Commission (EC) that the government cannot proceed with the Khon La Khrueng Plus Phase 2 scheme, nor other economic stimulus measures, as the caretaker cabinet is constitutionally prohibited from committing budgetary spending.

Krungthai XSpring Zoom Eng. December 17, 2025

<ul><li>The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.</li><li>The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.</li><li>The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.</li></ul>

The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.

Krungthai XSpring Zoom Eng. December 16, 2025

<ul><li>The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.</li><li>The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.</li><li>We therefore continue to expect the index to move sideways to slightly upward.</li></ul>

The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect the index to move sideways to slightly upward.

Krungthai XSpring Technical Eng. December 15, 2025

<ul><li>The US sets a 19% tariff rate on Thailand.</li><li>The US and Thailand issue a joint statement as a framework for the next stage of negotiations.</li><li>The US and Thailand conduct detailed negotiations in line with the joint statement.</li></ul>

The US sets a 19% tariff rate on Thailand.The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in line with the joint statement.

Krungthai XSpring Zoom Eng. December 15, 2025

Thailand

CP ALL Public Company Limited is a Thai retail company that operates 7-Eleven convenience stores under an exclusive license in Thailand, offering a wide range of food and non-food products, including frozen foods, bakery items, cosmetics, and health products. The company also engages in manufacturing and marketing food and bakery products, and provides various supporting businesses such as payment services, logistics, and educational services. CP ALL was established in 1988 and is headquartered in Bangkok, Thailand.

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CP ALL (CPALL TB)

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 17, 2025

Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 16, 2025

The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 15, 2025

The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 15, 2025

The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)