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 with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

<ul><li>The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.</li><li>On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.</li><li>However, once this passes, we see potential for sentiment to turn slightly positive to positive as the overhang is lifted.</li></ul>

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.However, once this passes, we see potential for sentiment to turn slightly positive to positive as the overhang is lifted.

Krungthai XSpring Zoom Eng. August 29, 2025

<ul><li>The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.</li><li>US: Fed Chair Jerome Powell signaled the possibility of an interest rate cut at the Jackson Hole meeting, noting that “the labor market now faces greater downside risks” and that “the impact of import tariffs on prices may be relatively short lived.”</li><li>TH: The focus today will be on Thailand’s September export report. Bloomberg consensus expects growth of around 10% YoY.</li></ul>

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.US: Fed Chair Jerome Powell signaled the possibility of an interest rate cut at the Jackson Hole meeting, noting that “the labor market now faces greater downside risks” and that “the impact of import tariffs on prices may be relatively short lived.”TH: The focus today will be on Thailand’s September export report. Bloomberg consensus expects growth of around 10% YoY.

Krungthai XSpring Zoom Eng. August 25, 2025

<ul><li>The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.</li><li>Foreign fund outflows continue in the short term.</li><li>Semiconductor producers led the technology sector lower, down -1.88%.</li></ul>

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.Foreign fund outflows continue in the short term.Semiconductor producers led the technology sector lower, down -1.88%.

Krungthai XSpring Zoom Eng. August 20, 2025

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

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

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. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 29, 2025

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 25, 2025

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 20, 2025

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)...

Krungthai XSpring

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

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