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>The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA).</li><li>Negative momentum will be generated by US inflation in August coming it at +8.3% YoY, higher than the market's expectation at +8.10% YoY – fed funds futures now suggest a 33% probability of the Fed raising interest rates by 1.00% (with a 67% probability of a 0.75% increase), which pulled US markets down sharply yesterday.</li><li>According to Thaisettakij News, after reviewing the related laws, the board of the Council of State is expected to rule that the NBTC does not hold the authority to regulate the merger deal between TRUE and DTAC.</li></ul>

The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA).Negative momentum will be generated by US inflation in August coming it at +8.3% YoY, higher than the market's expectation at +8.10% YoY – fed funds futures now suggest a 33% probability of the Fed raising interest rates by 1.00% (with a 67% probability of a 0.75% increase), which pulled US markets down sharply yesterday.According to Thaisettakij News, after reviewing the related laws, the board of the Council of State is expected to rule that the NBTC does not hold the authority to regulate the merger deal between TRUE and DTAC.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 95% versus the SET 100 Index’s return of 36%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 95% versus the SET 100 Index’s return of 36%


The Stocks to Own in Thailand – Vol. 36

Equity Bottom-Up

<ul><li>Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.</li><li>The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.</li><li>We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.</li></ul>

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.

Krungthai XSpring Zoom Eng. July 23, 2026

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, the portfolio has gained 94% versus the SET 100 Index’s return of 37%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, the portfolio has gained 94% versus the SET 100 Index’s return of 37%


The Stocks to Own in Thailand – Vol. 35

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Jitters over today’s Georgia Senate runoff elections led to mild weakness on the first trading day of the year. As we explain below, this appears to be just a blip on the radar and our bullish outlook remains intact. We continue to view any weakness as a buying opportunity. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Materials: Casinos &amp; Gaming, Large-Cap, Copper, Gold, Western Hemisphere, Large-Cap, and Silver, Platinum.</p>

Jitters over today’s Georgia Senate runoff elections led to mild weakness on the first trading day of the year. As we explain below, this appears to be just a blip on the radar and our bullish outlook remains intact. We continue to view any weakness as a buying opportunity. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Materials: Casinos &amp; Gaming, Large-Cap, Copper, Gold, Western Hemisphere, Large-Cap, and Silver, Platinum.

U.S. Equity Strategy: Bullish Outlook Intact

Thailand

Forth Smart Service Public Company Limited provides electronic payment innovations and integrated financial services in Thailand through automated payment machines, cashier counters, and payment systems under the 'Boonterm' trademark. The company also offers nano finance, personal loans, and payment services via 'GINKA Charge Point' electric vehicle charging stations. It was founded in 2008 and is headquartered in Bangkok, Thailand.

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Forth Smart Service (FSMART TB)

Market Outlook

The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA). Negative momentum...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 36

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

Krungthai XSpring Zoom Eng. July 23, 2026

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 35

Our research team constantly reviews the Thai market to try to find interesting ideas based upon Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

U.S. Equity Strategy: Bullish Outlook Intact

mild weakness on the first trading day of the year appears to be just a blip on the radar and our bullish outlook remains intact. We continue to...

Vermilion Research

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