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>Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.</li><li>The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.</li><li>The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.</li></ul>

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.

Krungthai XSpring Zoom Eng. February 26, 2026

<ul><li>The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.</li><li>The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.</li><li>The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.</li></ul>

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.

Krungthai XSpring Zoom Eng. December 18, 2025

<ul><li>Although the market lacked fresh catalysts, Asian bourses rebounded following a strong rally in the Nasdaq.</li><li>We expect the index to be volatile due to profit-taking ahead of the long holiday.</li><li>These are clear bullish signals, indicating further upside potential.</li></ul>

Although the market lacked fresh catalysts, Asian bourses rebounded following a strong rally in the Nasdaq.We expect the index to be volatile due to profit-taking ahead of the long holiday.These are clear bullish signals, indicating further upside potential.

Krungthai XSpring Technical Eng. October 10, 2025

<ul><li>We expect the electricity tariff and the Ft for the September-December period to follow Scenario (III) proposed by the ERC, which assumes the lowest and flat stable rate compared to the previous period.</li><li>This scenario appears to be the most likely, though there is downside risk from potential government subsidy policies (awaiting Cabinet approval).</li><li>We maintain our view that electricity tariffs and Ft rates are on a downward trend during 2025-27E. </li></ul>

We expect the electricity tariff and the Ft for the September-December period to follow Scenario (III) proposed by the ERC, which assumes the lowest and flat stable rate compared to the previous period.This scenario appears to be the most likely, though there is downside risk from potential government subsidy policies (awaiting Cabinet approval).We maintain our view that electricity tariffs and Ft rates are on a downward trend during 2025-27E. 

Industry Update: Energy (Power) - JULY 18, 2025

<ul><li>The Energy Regulatory Commission (ERC) has extended the timeline for signing Power Purchase Agreements (PPA) under the 2022-30 Feed-in Tariff (FiT) scheme for renewable energy projects without fuel costs (RE. 2.1; with 2,145MW of awarded capacity announced in December 2024).</li><li>The original deadline for the PPA signing was July 29, 2025, but this is now pending a clearance order from the National Energy Policy Committee (NEPC).</li><li>This follows the NEPC resolution on December 25, 2024, to review the project’s accuracy. </li></ul>

The Energy Regulatory Commission (ERC) has extended the timeline for signing Power Purchase Agreements (PPA) under the 2022-30 Feed-in Tariff (FiT) scheme for renewable energy projects without fuel costs (RE. 2.1; with 2,145MW of awarded capacity announced in December 2024).The original deadline for the PPA signing was July 29, 2025, but this is now pending a clearance order from the National Energy Policy Committee (NEPC).This follows the NEPC resolution on December 25, 2024, to review the project’s accuracy. 

Flash News: Energy (Power) - JULY 3, 2025

Thailand

Electricity Generating Public Company Limited (EGCO Group) is a holding company that invests in power generation and energy-related businesses, operating as Thailand's first independent power producer. The company's power plants generate electricity from diverse fuel sources, including natural gas, coal, biomass, hydro, solar, and wind, in Thailand, the Asia-Pacific region, and North America. EGCO was established on May 12, 1992, and is headquartered in Bangkok, Thailand.

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Electricity Generating (EGCO-R TB)

Krungthai XSpring Zoom Eng. February 26, 2026

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 18, 2025

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 10, 2025

Although the market lacked fresh catalysts, Asian bourses rebounded following a strong rally in the Nasdaq. We expect the index to be volatile due...

Krungthai XSpring

Industry Update: Energy (Power) - JULY 18, 2025

Public hearings on the ERC’s three electricity tariff scenarios for Sep. - Dec. period, with the final outcome pending Cabinet approval

Krungthai XSpring

Flash News: Energy (Power) - JULY 3, 2025

Then, on May 6, 2025, it assigned the ERC, the three state utilities, and the Energy Policy and Planning Office (EPPO) to negotiate with private...

Krungthai XSpring

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