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.

Technical Analysis

Stars Microelectronics / Technical Analysis

<ul>
<li>The index continued to move sideways within its broader uptrend.</li>
<li>We view this as a healthy base-building process rather than a bearish signal, as the index has consistently held above support at 1,600 points.</li>
<li>We therefore view any pullback as an accumulation opportunity, as we expect the index to eventually resume its advance.</li>
</ul>


The index continued to move sideways within its broader uptrend.
We view this as a healthy base-building process rather than a bearish signal, as the index has consistently held above support at 1,600 points.
We therefore view any pullback as an accumulation opportunity, as we expect the index to eventually resume its advance.


Krungthai XSpring Technical Eng. August 24, 2026

Advanced Info Service / Technical Analysis

<ul><li>Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology stocks.</li><li>Moreover, the 1,600-point support level has previously triggered technical rebounds, allowing the index to recover quickly.</li><li>As the index continues to show a pattern of advancing and then pulling back, we maintain our recommendation to buy on weakness.</li></ul>

Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology stocks.Moreover, the 1,600-point support level has previously triggered technical rebounds, allowing the index to recover quickly.As the index continues to show a pattern of advancing and then pulling back, we maintain our recommendation to buy on weakness.

Krungthai XSpring Technical Eng. August 20, 2026

<ul><li>We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.</li><li>The absence of a sharp decline suggests that the uptrend remains intact.</li><li>We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.</li></ul>

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.The absence of a sharp decline suggests that the uptrend remains intact.We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.

Krungthai XSpring Technical Eng. August 19, 2026

Cross Asset Strategy

<ul><li>2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.</li><li>1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).</li><li>As a result, there remains slight upside risk to the 2026 earnings estimates.</li></ul>

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).As a result, there remains slight upside risk to the 2026 earnings estimates.

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

<ul><li>Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).</li><li>The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).</li><li>The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).</li></ul>

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).

Krungthai XSpring Zoom Eng. August 18, 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. August 24, 2026

The index continued to move sideways within its broader uptrend. We view this as a healthy base-building process rather than a bearish signal, as...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 20, 2026

Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2026

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited. The absence of a sharp decline suggests that...

Krungthai XSpring

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 18, 2026

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks...

Krungthai XSpring

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