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.

Cross Asset Strategy

<ul><li>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

Technical Analysis

Kiatnakin Phatra Bank / Technical Analysis

<ul><li>The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased.</li><li>We maintain our recommendation for selective buying as market leadership continues to rotate among leading stocks.</li><li>The MACD histogram could also turn positive.</li></ul>

The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased.We maintain our recommendation for selective buying as market leadership continues to rotate among leading stocks.The MACD histogram could also turn positive.

<ul><li>Despite weakness in technology stocks, most Asian markets rose as the US 10-year bond yield declined.</li><li>The SET also rebounded quickly, supported by buying in power, transportation and oil stocks, alongside strong gains in KCE, HANA, SMT and CCET.</li><li>We recommend selective buying amid ongoing sector rotation, while anticipating selling pressure at higher levels.</li></ul>

Despite weakness in technology stocks, most Asian markets rose as the US 10-year bond yield declined.The SET also rebounded quickly, supported by buying in power, transportation and oil stocks, alongside strong gains in KCE, HANA, SMT and CCET.We recommend selective buying amid ongoing sector rotation, while anticipating selling pressure at higher levels.

<ul><li>The SET could extend its gains after Fitch Ratings upgraded the outlooks of five banks to "Stable."</li><li>The SET's rebound to above 1,600 points after a pullback signals buying interest at this level.</li><li>We recommend buying near support.</li></ul>

The SET could extend its gains after Fitch Ratings upgraded the outlooks of five banks to "Stable."The SET's rebound to above 1,600 points after a pullback signals buying interest at this level.We recommend buying near support.

Equity Bottom-Up

<ul><li>The 10-year US Treasury yield approached 5%, its highest level in three years, amid inflation concerns as Brent crude continued to trade above USD105/bbl.</li><li>We expect the SET Index to trend lower and test its next support at around 1,584 points, pressured by US dollar strength and the 10-year US Treasury yield approaching 5%.</li><li>DELTA's parent company plans to raise USD1.5bn by issuing bonds convertible into DELTA shares.</li></ul>

The 10-year US Treasury yield approached 5%, its highest level in three years, amid inflation concerns as Brent crude continued to trade above USD105/bbl.We expect the SET Index to trend lower and test its next support at around 1,584 points, pressured by US dollar strength and the 10-year US Treasury yield approaching 5%.DELTA's parent company plans to raise USD1.5bn by issuing bonds convertible into DELTA shares.

Krungthai XSpring Zoom Eng. September 15, 2026

India

Delta Corp Limited is a dominant Indian public company specializing in gaming and hospitality. The company operates offshore and land-based casinos under the Deltin Casinos & Hotels brand, primarily in Goa, Sikkim, and Nepal, offering live and electronic gaming. It also owns and manages luxury hotels and resorts in Goa and Daman. Headquartered in Mumbai, Maharashtra, India, Delta Corp was incorporated in 1990.

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Delta (DELTA IN)

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

Recommendation: Selective Buy

The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased. We maintain our recommendation for selective buying...

Krungthai XSpring

Technical Analysis

Despite weakness in technology stocks, most Asian markets rose as the US 10-year bond yield declined. The SET also rebounded quickly, supported by...

Krungthai XSpring

Recommendation: Buying near Support

The SET could extend its gains after Fitch Ratings upgraded the outlooks of five banks to "Stable." The SET's rebound to above 1,600 points after...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 15, 2026

The 10-year US Treasury yield approached 5%, its highest level in three years, amid inflation concerns as Brent crude continued to trade above...

Krungthai XSpring

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