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 with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

<ul><li>The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.</li><li>Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.</li><li>The next step is royal endorsement, followed by the appointment of the new Cabinet.</li></ul>

The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.The next step is royal endorsement, followed by the appointment of the new Cabinet.

Krungthai XSpring Zoom Eng. September 8, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.</li><li>The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.</li><li>The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.

Krungthai XSpring Zoom Eng. September 4, 2025

<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

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 Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 8, 2025

Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 4, 2025

The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to...

Krungthai XSpring

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

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