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 Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.</li><li>The US: US equities edged higher (S&amp;P500 +0.06%, NASDAQ +0.39%), with gains led by technology stocks.</li><li>Thailand: Finance Minister Ekniti Nitithanprapas reaffirmed that the government will accelerate economic stimulus through consumption, particularly via the “Khon La Khrueng Plus” co-payment scheme.</li></ul>

The SET Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.The US: US equities edged higher (S&amp;P500 +0.06%, NASDAQ +0.39%), with gains led by technology stocks.Thailand: Finance Minister Ekniti Nitithanprapas reaffirmed that the government will accelerate economic stimulus through consumption, particularly via the “Khon La Khrueng Plus” co-payment scheme.

Krungthai XSpring Zoom Eng. October 3, 2025

<ul><li>External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.</li><li>We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.</li><li>The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.</li></ul>

External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.

Krungthai XSpring Zoom Eng. October 1, 2025

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.</li><li>US equities closed higher (S&amp;P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.</li><li>Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (IDRs) of five Thai banks—EXIM, KTB, TTB, Standard Chartered (Thai), and UOB (Thai)—to Negative from Stable.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.US equities closed higher (S&amp;P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (IDRs) of five Thai banks—EXIM, KTB, TTB, Standard Chartered (Thai), and UOB (Thai)—to Negative from Stable.

Krungthai XSpring Zoom Eng. September 30, 2025

<ul><li>The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260 points.</li><li>The US stocks rose (S&amp;P 500 +0.59%, NASDAQ +0.44%) after September economic data came in as expected.</li><li>Mr. Siripong Angkasakulkiat, Deputy Leader of the Bhumjaithai Party, outlined preliminary details of the “Khon La Khrueng 2025” or “Khon La Khrueng Plus” Phase 1 program.</li></ul>

The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260 points.The US stocks rose (S&amp;P 500 +0.59%, NASDAQ +0.44%) after September economic data came in as expected.Mr. Siripong Angkasakulkiat, Deputy Leader of the Bhumjaithai Party, outlined preliminary details of the “Khon La Khrueng 2025” or “Khon La Khrueng Plus” Phase 1 program.

Krungthai XSpring Zoom Eng. September 29, 2025

<ul><li>The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.</li><li>This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.</li></ul>

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.

Krungthai XSpring Zoom Eng. September 24, 2025

South Africa

The Foschini Group Ltd. is an investment holding company for a group of companies which operate chain stores that retail clothing, cosmetics, jewelry, accessories and sporting goods throughout southern Africa.

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Foschini Group Ltd (TFG SJ)

Krungthai XSpring Zoom Eng. October 3, 2025

The SET Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 1, 2025

We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 30, 2025

US equities closed higher (S&P500 +0.26%, NASDAQ +0.48%), supported by the PCE Price Index coming in line with expectations.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 29, 2025

The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 24, 2025

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)