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 war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.</li><li>The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.</li><li>The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.</li></ul>

The war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.

Krungthai XSpring Technical Eng. March 4, 2026

<ul><li>The 4Q25 earnings season for Thai listed companies clearly reflects a “two-track economy.”</li><li>This divergence is driven by accelerating digital adoption across industries—particularly in electronics and data centers—where earnings have surged structurally, moving beyond the traditional commodity cycle toward a new economy model.</li><li>Against this backdrop, we favor cyclical and value stocks positioned to benefit from economic normalization and capital gains potential.</li></ul>

The 4Q25 earnings season for Thai listed companies clearly reflects a “two-track economy.”This divergence is driven by accelerating digital adoption across industries—particularly in electronics and data centers—where earnings have surged structurally, moving beyond the traditional commodity cycle toward a new economy model.Against this backdrop, we favor cyclical and value stocks positioned to benefit from economic normalization and capital gains potential.

KTX Ahead: Paradigm Shift From Digital Transformation...

<ul><li>The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.</li><li>The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.</li><li>We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.</li></ul>

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.

Krungthai XSpring Technical Eng. February 26, 2026

<ul><li>The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.</li><li>US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.</li><li>The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.</li></ul>

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.

Krungthai XSpring Zoom Eng. February 23, 2026

<ul><li>The SET Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.</li><li>The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.</li><li>The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.</li></ul>

The SET Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.

Krungthai XSpring Zoom Eng. February 20, 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)

Krungthai XSpring Technical Eng. March 4, 2026

The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at...

Krungthai XSpring

KTX Ahead: Paradigm Shift From Digital Transformation...

This divergence is driven by accelerating digital adoption across industries—particularly in electronics and data centers—where earnings have...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 26, 2026

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 20, 2026

The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund...

Krungthai XSpring

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