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 easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.</li><li>We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.</li><li>Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.</li></ul>

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.

Krungthai XSpring Zoom Eng. October 20, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.</li><li>The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person (1x deduction for major cities and 1.5x for secondary cities) between October 29 and December 15.</li><li>Foreign investors turned net buyers of Thai equities for the first time in four days, adding further support to the market.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person (1x deduction for major cities and 1.5x for secondary cities) between October 29 and December 15.Foreign investors turned net buyers of Thai equities for the first time in four days, adding further support to the market.

Krungthai XSpring Zoom Eng. October 16, 2025

<ul><li>The SET Index is expected to face pressure today, with support levels at 1,313/1,300 and the resistance at 1,332/1,350.</li><li>The Stock Exchange of Thailand (SET) has placed DELTA under Tier 1 trading surveillance, prohibiting its inclusion in credit line calculations for all account types and requiring cash balance trading (100% cash payment) from October 10–30.</li><li>Prime Minister Anutin Charnvirakul stated that the Economic Cabinet will meet every Monday afternoon to review and screen economic measures before submitting them to the full Cabinet for approval.</li></ul>

The SET Index is expected to face pressure today, with support levels at 1,313/1,300 and the resistance at 1,332/1,350.The Stock Exchange of Thailand (SET) has placed DELTA under Tier 1 trading surveillance, prohibiting its inclusion in credit line calculations for all account types and requiring cash balance trading (100% cash payment) from October 10–30.Prime Minister Anutin Charnvirakul stated that the Economic Cabinet will meet every Monday afternoon to review and screen economic measures before submitting them to the full Cabinet for approval.

Krungthai XSpring Zoom Eng. October 10, 2025

<ul><li>We expect the SET Index to trade sideways up today, with the resistance at 1,313/1,333 and the support at 1,300/1,285.</li><li>Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting from government stimulus measures.</li><li>The MPC voted 5–2 to maintain the policy rate at 1.5%, with two members supporting a cut to 1.25%.</li></ul>

We expect the SET Index to trade sideways up today, with the resistance at 1,313/1,333 and the support at 1,300/1,285.Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting from government stimulus measures.The MPC voted 5–2 to maintain the policy rate at 1.5%, with two members supporting a cut to 1.25%.

Krungthai XSpring Zoom Eng. October 9, 2025

<ul><li>The “Khon La Khrueng Plus” scheme, a short-term economic stimulus measure the government aims to roll out quickly to support 4Q25E economic growth, will directly benefit small retailers and restaurants.</li><li>The Cabinet has approved the program with a total budget of Bt44.4bn (in line with expectations), representing 0.24% of GDP.</li><li>The Minister of Finance expects additional stimulus measures to follow, aiming to raise 4Q25E economic growth by at least 1% (compared to an estimated 0.3% without economic stimulus).</li></ul>

The “Khon La Khrueng Plus” scheme, a short-term economic stimulus measure the government aims to roll out quickly to support 4Q25E economic growth, will directly benefit small retailers and restaurants.The Cabinet has approved the program with a total budget of Bt44.4bn (in line with expectations), representing 0.24% of GDP.The Minister of Finance expects additional stimulus measures to follow, aiming to raise 4Q25E economic growth by at least 1% (compared to an estimated 0.3% without economic stimulus).

Special Report: Khon La Khrueng Plus To Boost Year-End Purchasing Power

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 20, 2025

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 16, 2025

The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 10, 2025

The Stock Exchange of Thailand (SET) has placed DELTA under Tier 1 trading surveillance, prohibiting its inclusion in credit line calculations for...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 9, 2025

Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting...

Krungthai XSpring

Special Report: Khon La Khrueng Plus To Boost Year-End Purchasing Power

The Minister of Finance expects additional stimulus measures to follow, aiming to raise 4Q25E economic growth by at least 1% (compared to an...

Krungthai XSpring

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