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 climbed in line with other Asian bourses, supported by perceived political stability, while DELTA, TRUE, GULF and BH posted gains.</li><li>The index is facing pressure from overbought conditions and remains significantly above the 5- and 10-day EMA lines.</li><li>We recommend gradually taking profits and waiting to re-enter on weakness.</li></ul>

The SET climbed in line with other Asian bourses, supported by perceived political stability, while DELTA, TRUE, GULF and BH posted gains.The index is facing pressure from overbought conditions and remains significantly above the 5- and 10-day EMA lines.We recommend gradually taking profits and waiting to re-enter on weakness.

Krungthai XSpring Technical Eng. February 12, 2026

<ul><li>Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.</li><li>Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.</li><li>Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.</li></ul>

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. December 26, 2025

<ul><li>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.</li><li>The index stayed firmly above the 1,250–1,230 support zone and began to rebound.</li><li>However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.</li></ul>

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.The index stayed firmly above the 1,250–1,230 support zone and began to rebound.However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.

Krungthai XSpring Technical Eng. December 2, 2025

<ul><li>The SET rose for the second consecutive day, moving in line with other Asian markets, supported by growing expectations that the Fed will cut interest rates and easing concerns over the US–China trade conflict.</li><li>We maintain our recommendation to buy on dips during periods of low trading volume, as the index may remain volatile and prone to quick pullbacks.</li><li>The index continues to climb gradually, with intraday pullbacks and light trading volume.</li></ul>

The SET rose for the second consecutive day, moving in line with other Asian markets, supported by growing expectations that the Fed will cut interest rates and easing concerns over the US–China trade conflict.We maintain our recommendation to buy on dips during periods of low trading volume, as the index may remain volatile and prone to quick pullbacks.The index continues to climb gradually, with intraday pullbacks and light trading volume.

Krungthai XSpring Technical Eng. October 22, 2025

Malaysia

EA Holdings BHD, through subsidiaries, develops computer software, researches and sells identification systems, and offers information and communications technology (ICT) services.  The Company develops business intelligence, data warehousing and automated invoice processing software; researches radio frequency identification systems; and ICT system and infrastructure integration.

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Ea Holdings Bhd (EAHB MK)

Krungthai XSpring Technical Eng. February 12, 2026

The SET climbed in line with other Asian bourses, supported by perceived political stability, while DELTA, TRUE, GULF and BH posted gains.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 26, 2025

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.

Krungthai XSpring

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 2, 2025

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 22, 2025

We maintain our recommendation to buy on dips during periods of low trading volume, as the index may remain volatile and prone to quick pullbacks.

Krungthai XSpring

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