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.

Equity Bottom-Up

Delta Electronics (Thailand) / Equity Bottom-Up

<ul><li>The SG&amp;A-to-sales ratio rose to 14.3% from 12.6%, as higher PE revenue increased royalty payments to the parent firm.</li><li>DELTA posted a net profit of Bt7.4bn, including about Bt1bn in compensation from a commercial contract dispute. We believe DELTA’s true core profit was no more than Bt5.8bn, roughly in line with the market’s estimate but down YoY due to the impact of the global minimum tax.</li><li>GPM hit a record 28.4%, boosted by high-margin PE products. Excluding the inventory write-back of at least Bt600mn, GPM would be around 27%, still showing strong improvement.</li></ul>

The SG&amp;A-to-sales ratio rose to 14.3% from 12.6%, as higher PE revenue increased royalty payments to the parent firm.DELTA posted a net profit of Bt7.4bn, including about Bt1bn in compensation from a commercial contract dispute. We believe DELTA’s true core profit was no more than Bt5.8bn, roughly in line with the market’s estimate but down YoY due to the impact of the global minimum tax.GPM hit a record 28.4%, boosted by high-margin PE products. Excluding the inventory write-back of at least Bt600mn, GPM would be around 27%, still showing strong improvement.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Earnings Jumped On One-Off Gains

Cross Asset Strategy

<ul><li>Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.</li><li>China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.</li><li>The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).</li></ul>

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).

Krungthai XSpring Zoom Eng. July 15, 2026

Technical Analysis

<ul>
<li>Fund inflows have become the key driver behind the market's strong advance, although they have also increased the potential for heightened volatility, much like the influence of DELTA's price movements.</li>
<li>Nevertheless, the bullish price pattern remains intact.</li>
<li>However, we continue to recommend buying on weakness, as the index is likely to experience periodic profit-taking while awaiting fresh positive catalysts to drive the next leg of the rally.</li>
</ul>


Fund inflows have become the key driver behind the market's strong advance, although they have also increased the potential for heightened volatility, much like the influence of DELTA's price movements.
Nevertheless, the bullish price pattern remains intact.
However, we continue to recommend buying on weakness, as the index is likely to experience periodic profit-taking while awaiting fresh positive catalysts to drive the next leg of the rally.


Krungthai XSpring Technical Eng. July 13, 2026

<ul><li>A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost for speculative buying in technology stocks across Asian markets.</li><li>Thailand is scheduled to hold trade talks with the US on July 15–17, with the aim of keeping the Section 301 import tariff at 10%.</li><li>The Thai baht is expected to strengthen toward Bt33.14 per US dollar, which could attract further foreign fund inflows.</li></ul>

A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost for speculative buying in technology stocks across Asian markets.Thailand is scheduled to hold trade talks with the US on July 15–17, with the aim of keeping the Section 301 import tariff at 10%.The Thai baht is expected to strengthen toward Bt33.14 per US dollar, which could attract further foreign fund inflows.

Krungthai XSpring Zoom Eng. July 13, 2026

Kiatnakin Phatra Bank / Technical Analysis

<ul><li>The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight.</li><li>The breakout has also established 1,600 as a key support level, while technical indicators have moderated following the recent rally, leaving room for further upside.</li><li>We continue to recommend buying on weakness, as the market awaits fresh catalysts after recent gains were driven primarily by sustained foreign buying.</li></ul>

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight.The breakout has also established 1,600 as a key support level, while technical indicators have moderated following the recent rally, leaving room for further upside.We continue to recommend buying on weakness, as the market awaits fresh catalysts after recent gains were driven primarily by sustained foreign buying.

Krungthai XSpring Technical Eng. July 10, 2026

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)

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Earnings Jumped On One-Off Gains

GPM hit a record 28.4%, boosted by high-margin PE products. Excluding the inventory write-back of at least Bt600mn, GPM would be around 27%, still...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 15, 2026

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY. China's...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 13, 2026

Fund inflows have become the key driver behind the market's strong advance, although they have also increased the potential for heightened...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 13, 2026

A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 10, 2026

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight. The...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)