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>US: US stock markets rebounded (S&amp;P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.</li><li>S&amp;P Global reported Thailand's January Manufacturing PMI at 52.7, moderating from 57.4 in December 2025 (below the consensus estimate of 58).</li><li>Foreign investors remained net sellers of Thai equities for the third consecutive day, though the selling pressure eased significantly to just THB 297 million.</li></ul>

US: US stock markets rebounded (S&amp;P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.S&amp;P Global reported Thailand's January Manufacturing PMI at 52.7, moderating from 57.4 in December 2025 (below the consensus estimate of 58).Foreign investors remained net sellers of Thai equities for the third consecutive day, though the selling pressure eased significantly to just THB 297 million.

Krungthai XSpring Zoom Eng. February 3, 2026

<ul><li>The SET weakened in line with other Asian bourses as tech stocks tumbled, fund outflows persisted, and new positive catalysts were lacking.</li><li>In the short term, the index is expected to remain in consolidation and is unlikely to fall sharply.</li><li>Therefore, we recommend buying on weakness, as the index is expected to rebound with large-cap stocks continuing to take turns leading the market.</li></ul>

The SET weakened in line with other Asian bourses as tech stocks tumbled, fund outflows persisted, and new positive catalysts were lacking.In the short term, the index is expected to remain in consolidation and is unlikely to fall sharply.Therefore, we recommend buying on weakness, as the index is expected to rebound with large-cap stocks continuing to take turns leading the market.

Krungthai XSpring Technical Eng. February 3, 2026

<ul><li>The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.</li><li>The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.</li><li>We expect the index to trade within a narrow range with rebound potential.</li></ul>

The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.We expect the index to trade within a narrow range with rebound potential.

Krungthai XSpring Technical Eng. January 30, 2026

<ul><li>The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.</li><li>The index has entered a short-term consolidation phase after a continued pullback and is trending toward the key support at 1,300 points.</li><li>We therefore expect the index to see limited downside or move sideways while awaiting clearer reversal signals.</li></ul>

The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.The index has entered a short-term consolidation phase after a continued pullback and is trending toward the key support at 1,300 points.We therefore expect the index to see limited downside or move sideways while awaiting clearer reversal signals.

Krungthai XSpring Technical Eng. February 2, 2026

<ul><li>The US financial markets reacted with slight volatility and both the 10-year and 2-year Treasury yields rose from 4.24% to 4.26%.</li><li>While the economy shows a continued expansion trend, valuations remain stretched.</li><li>The Bank of Thailand (BOT) reported that the economy continued to expand in December, driven by growth in exports, private investment, and private consumption.</li></ul>

The US financial markets reacted with slight volatility and both the 10-year and 2-year Treasury yields rose from 4.24% to 4.26%.While the economy shows a continued expansion trend, valuations remain stretched.The Bank of Thailand (BOT) reported that the economy continued to expand in December, driven by growth in exports, private investment, and private consumption.

Krungthai XSpring Zoom Eng. February 2, 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 Zoom Eng. February 3, 2026

US: US stock markets rebounded (S&P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.

Krungthai XSpring

Krungthai XSpring Technical Eng. February 3, 2026

The SET weakened in line with other Asian bourses as tech stocks tumbled, fund outflows persisted, and new positive catalysts were lacking.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 30, 2026

The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 2, 2026

The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 2, 2026

The US financial markets reacted with slight volatility and both the 10-year and 2-year Treasury yields rose from 4.24% to 4.26%.

Krungthai XSpring

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