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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day EMA).</li><li>We maintain our recommendation that investors wait to do speculative buying when there is a new buy signal.</li><li>In-line readings would increase the likelihood of the Fed cutting interest rates at its September meeting.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day EMA).We maintain our recommendation that investors wait to do speculative buying when there is a new buy signal.In-line readings would increase the likelihood of the Fed cutting interest rates at its September meeting.

Keep a Close Watch on US Inflation and Thai Corporate Earnings

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>We downgrade Channel Infrastructure’s (CHI) rating to NEUTRAL from OUTPERFORM.</li><li>3Q25 operating statistics were strong, with record 3Q throughput up +5% on the prior year, albeit in line with expectations.</li><li>The next potential positive catalyst for CHI is its inclusion in the MSCI Small Cap Index, although we rate the chance of inclusion as less than 50%.</li></ul>

We downgrade Channel Infrastructure’s (CHI) rating to NEUTRAL from OUTPERFORM.3Q25 operating statistics were strong, with record 3Q throughput up +5% on the prior year, albeit in line with expectations.The next potential positive catalyst for CHI is its inclusion in the MSCI Small Cap Index, although we rate the chance of inclusion as less than 50%.

Channel Infrastructure Upgrade Downgrade—3Q25 Op Stats

<ul><li>Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455 points (EMA 10/25 days).</li><li>The medium-term outlook remains in a sideways pattern within a broad range of 1,273-1,716 points.</li><li>In the short term, a buy signal has emerged for the first time in nine trading days, indicating the occurrence of a higher high and higher low for the first time, along with a breakout above the 10-day moving average.</li></ul>

Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455 points (EMA 10/25 days).The medium-term outlook remains in a sideways pattern within a broad range of 1,273-1,716 points.In the short term, a buy signal has emerged for the first time in nine trading days, indicating the occurrence of a higher high and higher low for the first time, along with a breakout above the 10-day moving average.

Krungthai XSpring Zoom Eng. November 1, 2024

<ul><li>Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day EMA).</li><li>Amid the negative sentiment generated by the latest comments from Fed Chairman Powell, the US economy is expected to add only 175k jobs in July 2024, considerably below the 206k added in June.</li><li>The business confidence indicator in Thailand is expected to be slightly lower at 48.4 in July 2024, compared to 48.7 in June.</li></ul>

Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day EMA).Amid the negative sentiment generated by the latest comments from Fed Chairman Powell, the US economy is expected to add only 175k jobs in July 2024, considerably below the 206k added in June.The business confidence indicator in Thailand is expected to be slightly lower at 48.4 in July 2024, compared to 48.7 in June.

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,375/1,380 points and the support at 1,357/1,352 points.</li><li>The consensus expects the labor market to slacken amid potential declines in inflation.</li><li>We recommend dividend plays: ADVANC, INTUCH and WHAUP.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,375/1,380 points and the support at 1,357/1,352 points.The consensus expects the labor market to slacken amid potential declines in inflation.We recommend dividend plays: ADVANC, INTUCH and WHAUP.

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

Keep a Close Watch on US Inflation and Thai Corporate Earnings

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day...

Krungthai XSpring

Channel Infrastructure Upgrade Downgrade—3Q25 Op Stats

The next potential positive catalyst for CHI is its inclusion in the MSCI Small Cap Index, although we rate the chance of inclusion as less than 50%.

Forsyth Barr

Krungthai XSpring Zoom Eng. November 1, 2024

Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455...

Krungthai XSpring

US Employment Data & Earnings Results

Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day...

Krungthai XSpring

Keep a Close Watch on US Employment Data

Technically, the SET Index is expected to move sideways, with the resistance at 1,375/1,380 points and the support at 1,357/1,352 points. The...

Krungthai XSpring

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