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 general election scheduled for early February 2026 could see the Bhumjaithai Party or the People’s Party emerge as the leading party in forming the next government, provided either secures the largest number of seats with a clear margin over the runner-up.</li><li>Our analysis indicates that if the Bhumjaithai Party, the Pheu Thai Party, or the People’s Party leads the government, the market could trade at MRP levels of -0.75 S.D., -0.5 S.D., and +0.25 S.D., respectively.</li><li>We expect consumer staples, retail, power generation, and financial sectors to benefit from campaign-related policy momentum.</li></ul>

The general election scheduled for early February 2026 could see the Bhumjaithai Party or the People’s Party emerge as the leading party in forming the next government, provided either secures the largest number of seats with a clear margin over the runner-up.Our analysis indicates that if the Bhumjaithai Party, the Pheu Thai Party, or the People’s Party leads the government, the market could trade at MRP levels of -0.75 S.D., -0.5 S.D., and +0.25 S.D., respectively.We expect consumer staples, retail, power generation, and financial sectors to benefit from campaign-related policy momentum.

Special Report: Upside For The SET Index Hinges On The Continuity Of Government Execution

<ul><li>The US is closely monitoring the baht, limiting downside pressure on the currency.</li><li>The SET Index is expected to trade sideways to slightly higher today, with support at 1,330/1,311 and resistance at 1,346/1,355.</li><li>The US Treasury will continue to closely monitor countries on its Monitoring List, including China, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland.</li></ul>

The US is closely monitoring the baht, limiting downside pressure on the currency.The SET Index is expected to trade sideways to slightly higher today, with support at 1,330/1,311 and resistance at 1,346/1,355.The US Treasury will continue to closely monitor countries on its Monitoring List, including China, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland.

Krungthai XSpring Zoom Eng. January 30, 2026

<ul><li>The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.</li><li>We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.</li><li>Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.</li></ul>

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.

Krungthai XSpring Zoom Eng. January 29, 2026

<ul><li>The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.</li><li>Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.</li><li>Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.</li></ul>

The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

<ul><li>The US: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.</li><li>Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.</li><li>Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.</li></ul>

The US: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.

Krungthai XSpring Zoom Eng. January 22, 2026

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Special Report: Upside For The SET Index Hinges On The Continuity Of Government Execution

The general election scheduled for early February 2026 could see the Bhumjaithai Party or the People’s Party emerge as the leading party in forming...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 30, 2026

The SET Index is expected to trade sideways to slightly higher today, with support at 1,330/1,311 and resistance at 1,346/1,355.

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 29, 2026

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows. We view the Fed’s restrained messaging as...

Krungthai XSpring

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 22, 2026

Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)