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 came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.</li><li>The index pulled back toward the 1,330–1,296 support range.</li><li>We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.</li></ul>

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.The index pulled back toward the 1,330–1,296 support range.We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.

Krungthai XSpring Technical Eng. January 27, 2026

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The heavy flood in Bangkok creates a one-off demand surge in home appliance - <a href="https://www.smartkarma.com/entities/home-product-center-public-co-ltd" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a> is set to benefit from this. </li>
<li>Currently trades at around 13x PER, lower than the historical 20x while generating a 20% ROE. </li>
<li>It is also a better-run company to the peers, such as <a href="https://www.smartkarma.com/entities/dohome-public-company-limited" target="_blank" data-smartkarma-citation="entities:27331:1" rel="noopener">Dohome (DOHOME TB)</a> .</li>
</ul>


The heavy flood in Bangkok creates a one-off demand surge in home appliance - Home Product Center (HMPRO TB) is set to benefit from this. 
Currently trades at around 13x PER, lower than the historical 20x while generating a 20% ROE. 
It is also a better-run company to the peers, such as Dohome (DOHOME TB) .


<ul>
<li>KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively. DOHOME has been added to the portfolio.</li>
<li>A strong rebound in electronics stocks lifted the portfolio's average return by 0.31%, outperforming the SET, which fell 0.20% amid selling pressure in banking, transportation and energy stocks.</li>
</ul>


KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively. DOHOME has been added to the portfolio.
A strong rebound in electronics stocks lifted the portfolio's average return by 0.31%, outperforming the SET, which fell 0.20% amid selling pressure in banking, transportation and energy stocks.


<ul><li>SET Index today is expected to fluctuate with a slight downward bias.</li><li>Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.</li><li>Monitor the Bank of Thailand’s (BOT) October monthly economic report.</li></ul>

SET Index today is expected to fluctuate with a slight downward bias.Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.Monitor the Bank of Thailand’s (BOT) October monthly economic report.

Krungthai XSpring Zoom Eng. November 28, 2025

<ul><li>Asian bourses surged as optimism grew that the US government shutdown might soon end, while investors shifted their focus to 3Q25 earnings results and economic stimulus measures.</li><li>The index continued to hover around the 1,300-point level, forming a solid base.</li><li>Hence, we maintain a buy-on-dip strategy, acknowledging that subdued trading volume may lead to continued short-term fluctuations.</li></ul>

Asian bourses surged as optimism grew that the US government shutdown might soon end, while investors shifted their focus to 3Q25 earnings results and economic stimulus measures.The index continued to hover around the 1,300-point level, forming a solid base.Hence, we maintain a buy-on-dip strategy, acknowledging that subdued trading volume may lead to continued short-term fluctuations.

Krungthai XSpring Technical Eng. November 11, 2025

Thailand

Dohome Public Company Limited is a Thai retailer and wholesaler of construction materials, office equipment, and household products. The company offers a wide range of items, including steel sections, cement, tools, electrical appliances, and home decorations. Dohome was founded in 1983 and is headquartered in Pathum Thani, Thailand.

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Dohome (DOHOME TB)

Krungthai XSpring Technical Eng. January 27, 2026

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions

Krungthai XSpring

Homepro (HMPRO): Flood Beneficiary

Post the heavy flood in Thailand, the Thai will need to refurbish their homes - enter Homepro. Paying 6% dividend with 23% ROE and trading at 14x...

Henry Soediarko

KTX Tactical Picks

KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively....

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 28, 2025

SET Index today is expected to fluctuate with a slight downward bias. Foreign investors switched to net selling Thai stocks yesterday, totaling THB...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 11, 2025

Asian bourses surged as optimism grew that the US government shutdown might soon end, while investors shifted their focus to 3Q25 earnings results...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)