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>After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.</li><li>We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.</li><li>Valuations remain broadly attractive following a significant de-rating since 2023. </li></ul>

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.Valuations remain broadly attractive following a significant de-rating since 2023. 

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

<ul><li>SSSG momentum remains weak, while domestic political uncertainty poses risks of delays in government investment disbursements.</li><li>The property market continues to be sluggish, and the upcoming minimum wage hike adds further pressure.</li><li>As a result, we have revised down our 2025-27E earnings forecasts for the home improvement retail segment by an average of 26% per year, resulting in a flat earnings outlook for the sector over the next three years. </li></ul>

SSSG momentum remains weak, while domestic political uncertainty poses risks of delays in government investment disbursements.The property market continues to be sluggish, and the upcoming minimum wage hike adds further pressure.As a result, we have revised down our 2025-27E earnings forecasts for the home improvement retail segment by an average of 26% per year, resulting in a flat earnings outlook for the sector over the next three years. 

Commerce (Retail Business) - JULY 1, 2025

<ul><li>The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.</li><li>As a result, the SET struggled to maintain its rebound. However, the index traded sideways within a narrow range, supported by gains in ADVANC, PTTEP, banking shares, and Chinese DR stocks, which mirrored the Hang Seng's rebound.</li><li>Meanwhile, foreign investors turned net buyers.</li></ul>

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.As a result, the SET struggled to maintain its rebound. However, the index traded sideways within a narrow range, supported by gains in ADVANC, PTTEP, banking shares, and Chinese DR stocks, which mirrored the Hang Seng's rebound.Meanwhile, foreign investors turned net buyers.

<ul><li>The rebound in Asian bourses, combined with the absence of negative factors, allowed the SET to recover quickly and remain in positive territory throughout the day.</li><li>The gains in DELTA, HMPRO, and banking stocks provided support, despite cautious trading sentiment driven by concerns over reciprocal tariffs, as reflected in the low trading volume.</li><li>Meanwhile, foreign investors continued to sell.</li></ul>

The rebound in Asian bourses, combined with the absence of negative factors, allowed the SET to recover quickly and remain in positive territory throughout the day.The gains in DELTA, HMPRO, and banking stocks provided support, despite cautious trading sentiment driven by concerns over reciprocal tariffs, as reflected in the low trading volume.Meanwhile, foreign investors continued to sell.

<ul><li>The Monetary Policy Committee (MPC) has decided to temporarily ease loan- to-value (LTV) regulations, setting the ceiling for the ratio at 100%, effective from May 1, 2025, to June 30, 2026.</li><li>The measure is expected to boost purchasing power in the housing market, benefiting property developers by driving presales and clearing existing inventory.</li><li>It will also provide banks with greater flexibility in granting housing loans.</li></ul>

The Monetary Policy Committee (MPC) has decided to temporarily ease loan- to-value (LTV) regulations, setting the ceiling for the ratio at 100%, effective from May 1, 2025, to June 30, 2026.The measure is expected to boost purchasing power in the housing market, benefiting property developers by driving presales and clearing existing inventory.It will also provide banks with greater flexibility in granting housing loans.

Special Report: Stimulus Measures for the Property Sector - MARCH 21, 2025

Thailand

Dohome Public Company Limited operates as a furnishing store. The Company retails hardware, tools, agricultural machinery, furniture, hvac equipment, and other related products. Dohome serves customers in Thailand.

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Dohome PCL (DOHOME TB)

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of...

Krungthai XSpring

Commerce (Retail Business) - JULY 1, 2025

SSSG momentum remains weak, while domestic political uncertainty poses risks of delays in government investment disbursements.

Krungthai XSpring

Technical Analysis - MARCH 28, 2025

The announcement of a 25% tariff on imported cars by the US, coupled with concerns over reciprocal tariffs, led to subdued trading sentiment.

Krungthai XSpring

Technical Analysis - MARCH 27, 2025

The rebound in Asian bourses, combined with the absence of negative factors, allowed the SET to recover quickly and remain in positive territory...

Krungthai XSpring

Special Report: Stimulus Measures for the Property Sector - MARCH 21, 2025

The Monetary Policy Committee (MPC) has decided to temporarily ease loan- to-value (LTV) regulations, setting the ceiling for the ratio at 100%,...

Krungthai XSpring

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