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.

Equity Bottom-Up

<ul><li>We recommend taking profit on PLANB, with a holding-period return of +22.4%, and adding ERW, TKN and TOP to the portfolio.</li><li>The portfolio's average return was broadly flat (-0.04%), with stock gains and losses largely offsetting.</li><li>The SET declined 0.36%, weighed down by selling in electronics and banks.</li></ul>

We recommend taking profit on PLANB, with a holding-period return of +22.4%, and adding ERW, TKN and TOP to the portfolio.The portfolio's average return was broadly flat (-0.04%), with stock gains and losses largely offsetting.The SET declined 0.36%, weighed down by selling in electronics and banks.

Cross Asset Strategy

<ul>
<li>Crude prices remain elevated on tight supply.</li>
<li>US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.</li>
<li>Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).</li>
</ul>


Crude prices remain elevated on tight supply.
US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.
Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).


<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


<ul><li>Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting a tech rebound.</li><li>The government is proceeding with the Bt160bn Chai Nat-Pa Sak-Gulf of Thailand drainage project, directly benefiting major contractors (STECON, CK).</li><li>US diesel export restrictions could further tighten the global diesel market, keeping refiners' market GRMs elevated longer (BCP, SPRC).</li></ul>

Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting a tech rebound.The government is proceeding with the Bt160bn Chai Nat-Pa Sak-Gulf of Thailand drainage project, directly benefiting major contractors (STECON, CK).US diesel export restrictions could further tighten the global diesel market, keeping refiners' market GRMs elevated longer (BCP, SPRC).

<ul><li>The US 10-year Treasury yield rose to 5.23% amid inflation concerns and pressure from Treasury auctions, weighing on risk assets.</li><li>Brent crude remained near USD100/bbl as US-Iran talks remained inconclusive.</li><li>Foreign tourist arrivals in Thailand rose 4.00% WoW last week, led by Chinese visitors.</li></ul>

The US 10-year Treasury yield rose to 5.23% amid inflation concerns and pressure from Treasury auctions, weighing on risk assets.Brent crude remained near USD100/bbl as US-Iran talks remained inconclusive.Foreign tourist arrivals in Thailand rose 4.00% WoW last week, led by Chinese visitors.

Australia

Errawarra Resources Ltd provides exploration and mining services. The Company explores and develops manganese projects. Errawarra Resources serves customers worldwide.

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Errawarra Resources (ERW AU)

KTX Tactical Picks

We recommend taking profit on PLANB, with a holding-period return of +22.4%, and adding ERW, TKN and TOP to the portfolio. The portfolio's average...

Krungthai XSpring

SET Index Outlook

Crude prices remain elevated on tight supply. US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US...

Krungthai XSpring

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

SET Index Outlook

Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting...

Krungthai XSpring

SET Index Outlook

The US 10-year Treasury yield rose to 5.23% amid inflation concerns and pressure from Treasury auctions, weighing on risk assets. Brent crude...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)