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 rebounded in line with Asian bourses, even as the market awaited earnings results from banking stocks.</li><li>Although the recovery outlook remains unclear, the emergence of a Harami signal suggests the index is likely to continue rebounding.</li><li>We therefore recommend buying on dips, as the rebound occurred on light volume and clearer positive signals are still needed.</li></ul>

The SET rebounded in line with Asian bourses, even as the market awaited earnings results from banking stocks.Although the recovery outlook remains unclear, the emergence of a Harami signal suggests the index is likely to continue rebounding.We therefore recommend buying on dips, as the rebound occurred on light volume and clearer positive signals are still needed.

Krungthai XSpring Technical Eng. January 15, 2026

<ul>
<li>The SET managed only a brief rebound before being dragged lower by declines in DELTA, BDMS, BH, CPALL, SAWAD, and GPSC.</li>
<li>The index continued to break below key support levels, leaving the former base at 1,230 points as the last line of defense.</li>
<li>Nevertheless, we recommend buying on weakness, as we continue to expect the index to hold above 1,230 points.</li>
</ul>


The SET managed only a brief rebound before being dragged lower by declines in DELTA, BDMS, BH, CPALL, SAWAD, and GPSC.
The index continued to break below key support levels, leaving the former base at 1,230 points as the last line of defense.
Nevertheless, we recommend buying on weakness, as we continue to expect the index to hold above 1,230 points.


Krungthai XSpring Technical Eng. January 14, 2026

<ul><li>The SET halted its decline and rebounded after a surge in DELTA.</li><li>The index stabilized above the 1,250-point support, keeping the price pattern positive and reaffirming the 1,250–1,240 zone as a strong support area.</li><li>We therefore maintain our buy-on-dips recommendation and believe that DELTA’s price movements will continue to have a significant influence on the index.</li></ul>

The SET halted its decline and rebounded after a surge in DELTA.The index stabilized above the 1,250-point support, keeping the price pattern positive and reaffirming the 1,250–1,240 zone as a strong support area.We therefore maintain our buy-on-dips recommendation and believe that DELTA’s price movements will continue to have a significant influence on the index.

Krungthai XSpring Technical Eng. January 12, 2026

<ul><li>KTX expects the SET Index in January 2026 to trade in a sideways to sideways-up range, supported by a generally positive macro environment that helps sustain market confidence.</li><li>The SET Index is currently trading at a premium of around 5% to its fair value of 1,321 points (based on an earnings yield gap of 5.6%), suggesting that valuations remain relatively tight.</li><li>We recommend emphasizing high-dividend stocks to help mitigate market volatility.</li></ul>

KTX expects the SET Index in January 2026 to trade in a sideways to sideways-up range, supported by a generally positive macro environment that helps sustain market confidence.The SET Index is currently trading at a premium of around 5% to its fair value of 1,321 points (based on an earnings yield gap of 5.6%), suggesting that valuations remain relatively tight.We recommend emphasizing high-dividend stocks to help mitigate market volatility.

Monthly Report: JANUARY 2026: Outlook: Sideways With An Upward Bias

<ul><li>The SET fell sharply after DELTA plunged following a big-lot transaction priced below the market, dragging the index down by 23.5 points.</li><li>The index retreated rapidly and is now hovering near the key support level of 1,250 points, which has previously triggered multiple technical rebounds.</li><li>Therefore, we recommend buying on weakness, expecting the index to hold above the 1,250-point level and present an opportunity for a technical rebound.</li></ul>

The SET fell sharply after DELTA plunged following a big-lot transaction priced below the market, dragging the index down by 23.5 points.The index retreated rapidly and is now hovering near the key support level of 1,250 points, which has previously triggered multiple technical rebounds.Therefore, we recommend buying on weakness, expecting the index to hold above the 1,250-point level and present an opportunity for a technical rebound.

Krungthai XSpring Technical Eng. January 9, 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. January 15, 2026

Although the recovery outlook remains unclear, the emergence of a Harami signal suggests the index is likely to continue rebounding.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 14, 2026

The SET managed only a brief rebound before being dragged lower by declines in DELTA, BDMS, BH, CPALL, SAWAD, and GPSC. The index continued to...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 12, 2026

The index stabilized above the 1,250-point support, keeping the price pattern positive and reaffirming the 1,250–1,240 zone as a strong support area.

Krungthai XSpring

Monthly Report: JANUARY 2026: Outlook: Sideways With An Upward Bias

KTX expects the SET Index in January 2026 to trade in a sideways to sideways-up range, supported by a generally positive macro environment that...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 9, 2026

The SET fell sharply after DELTA plunged following a big-lot transaction priced below the market, dragging the index down by 23.5 points.

Krungthai XSpring

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