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 Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.</li><li>External factors are assessed as slightly positive, following signals from the US that it remains open to negotiations beyond August 1.</li><li>Continued foreign net buying is also supporting sentiment, driven by uncertainty surrounding the yen, after Japan’s ruling coalition may lose its majority in both the lower and upper houses. </li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.External factors are assessed as slightly positive, following signals from the US that it remains open to negotiations beyond August 1.Continued foreign net buying is also supporting sentiment, driven by uncertainty surrounding the yen, after Japan’s ruling coalition may lose its majority in both the lower and upper houses. 

<ul><li>The SET Index is expected to continue a sideways-up trend today, with the support at 1,182/1,168 points and the resistance at 1,200/1,214 points.</li><li>Domestic factors are slightly positive, supported by optimism over trade negotiations between Thailand and the US, which helped drive the market up by 3.5% to 1,198 points — close to KTX’s previous estimate of 1,189 points in a scenario where the reciprocal tariff rate is below 18% (see the KTX AHEAD report dated July 7).</li><li>This is also supported by continuous buying from foreign investors.</li></ul>

The SET Index is expected to continue a sideways-up trend today, with the support at 1,182/1,168 points and the resistance at 1,200/1,214 points.Domestic factors are slightly positive, supported by optimism over trade negotiations between Thailand and the US, which helped drive the market up by 3.5% to 1,198 points — close to KTX’s previous estimate of 1,189 points in a scenario where the reciprocal tariff rate is below 18% (see the KTX AHEAD report dated July 7).This is also supported by continuous buying from foreign investors.

<ul><li>The SET Index is expected to move slightly sideways up today, with the support levels at 1,143 and 1,128 points and the resistance levels at 1,163 and 1,173 points.</li><li>External factors are slightly positive — despite concerns over potential dismissal of the Fed Chair weighing on global financial markets, the resulting appreciation of the baht could help attract foreign capital inflows into Thailand.</li><li>Domestic factors are slightly positive to neutral, following progress in Thailand-US trade negotiations. </li></ul>

The SET Index is expected to move slightly sideways up today, with the support levels at 1,143 and 1,128 points and the resistance levels at 1,163 and 1,173 points.External factors are slightly positive — despite concerns over potential dismissal of the Fed Chair weighing on global financial markets, the resulting appreciation of the baht could help attract foreign capital inflows into Thailand.Domestic factors are slightly positive to neutral, following progress in Thailand-US trade negotiations. 

KTX Zoom: Track the Progress of Thailand-US Trade Negotiations - JULY 17, 2025

<ul><li>The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.</li><li>If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.</li><li>However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). </li></ul>

The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). 

Special Report: Reciprocal Tariff - JULY 9, 2025

<ul><li>Ceasefire negotiations between Israel and Iran showed signs of progress, prompting a strong rally across Asian bourses, including the SET.</li><li>The SET Index recorded the highest gain among regional markets, fueled by robust buying in blue-chip stocks, such as DELTA, ADVANC, AOT, GULF, CPALL, and leading banking names.</li><li>This surge pushed the index back above the 1,100-point mark for the first time in four days.</li></ul>

Ceasefire negotiations between Israel and Iran showed signs of progress, prompting a strong rally across Asian bourses, including the SET.The SET Index recorded the highest gain among regional markets, fueled by robust buying in blue-chip stocks, such as DELTA, ADVANC, AOT, GULF, CPALL, and leading banking names.This surge pushed the index back above the 1,100-point mark for the first time in four days.

Thailand

Delta Electronics (Thailand) Public Co. Ltd. manufactures and distributes power supplies, electronic equipment, and components such as DC fans, EMI filters, and solenoids. The company also provides solutions including EV chargers, industrial automation, data center infrastructure, and smart energy management. Headquartered in Samut Prakan, Thailand, the company was established in 1988.

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Delta Electronics (Thailand) (DELTA TB)

KTX Zoom - JULY 21, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.

Krungthai XSpring

KTX Zoom - JULY 18, 2025

The SET Index is expected to continue a sideways-up trend today, with the support at 1,182/1,168 points and the resistance at 1,200/1,214 points.

Krungthai XSpring

KTX Zoom: Track the Progress of Thailand-US Trade Negotiations - JULY 17, 2025

The SET Index is expected to move slightly sideways up today, with the support levels at 1,143 and 1,128 points and the resistance levels at 1,163...

Krungthai XSpring

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

Technical Analysis - JUNE 25, 2025

Ceasefire negotiations between Israel and Iran showed signs of progress, prompting a strong rally across Asian bourses, including the SET.

Krungthai XSpring

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