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>KTX expects the SET index to rise, with the resistance at 1,395/1,405 points and the support at 1,350/1,325 points.</li><li>The positive factors include continued bullishness among Global Fund Managers on investing in risky assets such as equities, with a diversification focus toward Asian markets that have lagged behind.</li><li>Furthermore, global central banks signaling a potential easing of monetary policy, starting in June, adds to the positive sentiment.</li></ul>

KTX expects the SET index to rise, with the resistance at 1,395/1,405 points and the support at 1,350/1,325 points.The positive factors include continued bullishness among Global Fund Managers on investing in risky assets such as equities, with a diversification focus toward Asian markets that have lagged behind.Furthermore, global central banks signaling a potential easing of monetary policy, starting in June, adds to the positive sentiment.

<ul><li>KTX expects the SET index to rise, with the resistance at 1,395/1,405 points and the support at 1,350/1,325 points.</li><li>The positive factors include continued bullishness among Global Fund Managers on investing in risky assets such as equities, with a diversification focus toward Asian markets that have lagged behind.</li><li>Internally, signs of a robust economic recovery are anticipated in 2H24E, driven by accelerated government spending measures aimed at stimulating the economy.</li></ul>

KTX expects the SET index to rise, with the resistance at 1,395/1,405 points and the support at 1,350/1,325 points.The positive factors include continued bullishness among Global Fund Managers on investing in risky assets such as equities, with a diversification focus toward Asian markets that have lagged behind.Internally, signs of a robust economic recovery are anticipated in 2H24E, driven by accelerated government spending measures aimed at stimulating the economy.

Outlook: To Increase, With the Resistance at 1,395/1,405 Points and the Support at 1,350/1,325 Points

Thematic (Sector/Industry)

<ul><li>The Thai swine industry is anticipated to face continued challenges this year, though not as severe as the difficulties encountered in 2023.</li><li>During that period, major operators experienced losses due to rising costs and declining prices, exacerbated by an influx of illegal swine supply and further compounded by sluggish consumption.</li><li>In 1H24E, domestic swine supply is projected to stabilize, with excess supply gradually diminishing.</li></ul>

The Thai swine industry is anticipated to face continued challenges this year, though not as severe as the difficulties encountered in 2023.During that period, major operators experienced losses due to rising costs and declining prices, exacerbated by an influx of illegal swine supply and further compounded by sluggish consumption.In 1H24E, domestic swine supply is projected to stabilize, with excess supply gradually diminishing.

Meat Sector – Thai Swine Prices to Recover in 2H24E

<ul><li>In January 2024, Thai export value demonstrated significant growth, surpassing expectations with a YoY increase of 10%.</li><li>This robust performance contrasts with December 2023's growth of 4.7% YoY and the NESDC’s export growth projection for this year at 2.9%.</li><li>The healthy growth can be attributed to stronger-than-anticipated demand from trading partners, both in the primary markets — such as the US, which experienced a YoY increase of 13.7% compared to 0.3% in December — and secondary markets like Hong Kong and Russia. </li></ul>

In January 2024, Thai export value demonstrated significant growth, surpassing expectations with a YoY increase of 10%.This robust performance contrasts with December 2023's growth of 4.7% YoY and the NESDC’s export growth projection for this year at 2.9%.The healthy growth can be attributed to stronger-than-anticipated demand from trading partners, both in the primary markets — such as the US, which experienced a YoY increase of 13.7% compared to 0.3% in December — and secondary markets like Hong Kong and Russia. 

Macroeconomics

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,378/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400 points.</li><li>A positive surprise could arise if these rates are lowered from their current levels of 3.45% and 4.2%, respectively.</li><li>We recommend stocks with positive issues: MC, COCOCO, and GFPT.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,378/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400 points.A positive surprise could arise if these rates are lowered from their current levels of 3.45% and 4.2%, respectively.We recommend stocks with positive issues: MC, COCOCO, and GFPT.

Expect Positive Surprise from China's Loan Prime Rates

Thailand

GFPT Public Company Limited operates a fully integrated poultry business, encompassing feed mills, breeder and broiler farms, hatcheries, chicken evisceration, and processed food production. The company produces and distributes fresh, frozen, and cooked chicken products, as well as land and aquatic animal feed, for both domestic and international markets. GFPT was founded in 1981 and is headquartered in Bangkok, Thailand.

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GFPT (GFPT TB)

Monthly Report: April 2024

KTX expects the SET index to rise, with the resistance at 1,395/1,405 points and the support at 1,350/1,325 points. The positive factors include...

Krungthai XSpring

Outlook: To Increase, With the Resistance at 1,395/1,405 Points and the Support at 1,350/1,325 Points

KTX expects the SET index to rise, with the resistance at 1,395/1,405 points and the support at 1,350/1,325 points. The positive factors include...

Krungthai XSpring

Meat Sector – Thai Swine Prices to Recover in 2H24E

The Thai swine industry is anticipated to face continued challenges this year, though not as severe as the difficulties encountered in 2023.

Krungthai XSpring

Economic Update – Exports & Imports

This robust performance contrasts with December 2023's growth of 4.7% YoY and the NESDC’s export growth projection for this year at 2.9%.

Krungthai XSpring

Expect Positive Surprise from China's Loan Prime Rates

Technically, the SET Index is expected to weaken, with the support at 1,378/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400...

Krungthai XSpring

Price Gauge

52-week Range

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