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>Although Asian bourses rebounded in line with the Dow Jones and ahead of today's US-China trade negotiations, the SET only had a brief uptick before retreating.</li><li>DELTA’s rise played a key role in limiting the day's losses, allowing the index to close down slightly.</li><li>Meanwhile, most large-cap stocks remained flat or sluggish, as the market continued to await fresh positive catalysts.</li></ul>

Although Asian bourses rebounded in line with the Dow Jones and ahead of today's US-China trade negotiations, the SET only had a brief uptick before retreating.DELTA’s rise played a key role in limiting the day's losses, allowing the index to close down slightly.Meanwhile, most large-cap stocks remained flat or sluggish, as the market continued to await fresh positive catalysts.

<ul><li>There are risks from government electricity tariff policies in both Thailand and Vietnam, as well as the impact of trade wars and economic slowdowns, which have led power producers to lower the tone of their power demand forecasts, particularly in the case of industrial users (IUs).</li><li>In addition, persistently high interest rates and yields may affect the return on investment for new power projects. We view that the power sector continues to face headwinds, though the downside risk to share prices remains limited.</li><li>We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and business portfolio, steady profit growth, limited policy risk on electricity tariff, and high growth potential; and BCPG (Outperform; FV Bt7.90), with around 70% of its power portfolio in US-based CCGT plants, which generate strong profit contributions (as capacity revenue is on an uptrend) and have a healthy performance outlook, with 3Q as the peak season.</li></ul>

There are risks from government electricity tariff policies in both Thailand and Vietnam, as well as the impact of trade wars and economic slowdowns, which have led power producers to lower the tone of their power demand forecasts, particularly in the case of industrial users (IUs).In addition, persistently high interest rates and yields may affect the return on investment for new power projects. We view that the power sector continues to face headwinds, though the downside risk to share prices remains limited.We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and business portfolio, steady profit growth, limited policy risk on electricity tariff, and high growth potential; and BCPG (Outperform; FV Bt7.90), with around 70% of its power portfolio in US-based CCGT plants, which generate strong profit contributions (as capacity revenue is on an uptrend) and have a healthy performance outlook, with 3Q as the peak season.

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

<ul><li>The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.</li><li>While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.</li><li>We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.</li></ul>

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.

Energy Sector (Power Plant) - May 28, 2025

<ul><li>The SET Index is technically moving sideways as it waits to determine whether it will continue to decline toward the 1,144- point level, which is a key support in the broader uptrend, or rebound immediately into an uptrend to retest the previous resistance at 1,231 points, last reached on May 13.</li><li>This movement is based on the influence of the five-wave uptrend in Elliott Wave theory, with confirmation if the index falls below 1,170 points.</li><li>External factors are mixed: domestic factors are positive, supported by the Cabinet meeting which is expected to outline additional details of various stimulus measures, especially for the tourism sector. </li></ul>

The SET Index is technically moving sideways as it waits to determine whether it will continue to decline toward the 1,144- point level, which is a key support in the broader uptrend, or rebound immediately into an uptrend to retest the previous resistance at 1,231 points, last reached on May 13.This movement is based on the influence of the five-wave uptrend in Elliott Wave theory, with confirmation if the index falls below 1,170 points.External factors are mixed: domestic factors are positive, supported by the Cabinet meeting which is expected to outline additional details of various stimulus measures, especially for the tourism sector. 

KTX Zoom: Awaiting Tourism-Related Measures from Cabinet Meeting - MAY 27, 2025

<ul><li>The SET Index is expected to move in a sideways-up trend due to renewed concerns over a global trade war, after the US president threatened to raise import tariffs on Europe to 50% on July 9, 2025, and to impose a 25% import tariff on iPhones.</li><li>However, Thailand’s 2Q25E economic outlook still shows positive signs, supported by export growth, which should help the support level around 1,160-1,173 points absorb pressure effectively (with the resistance at 1,185/1,200 points).</li><li>It is recommended to invest in defensive stocks, those benefiting from the baht's appreciation (GULF, MOSHI), and those supported by government stimulus measures (MTC).</li></ul>

The SET Index is expected to move in a sideways-up trend due to renewed concerns over a global trade war, after the US president threatened to raise import tariffs on Europe to 50% on July 9, 2025, and to impose a 25% import tariff on iPhones.However, Thailand’s 2Q25E economic outlook still shows positive signs, supported by export growth, which should help the support level around 1,160-1,173 points absorb pressure effectively (with the resistance at 1,185/1,200 points).It is recommended to invest in defensive stocks, those benefiting from the baht's appreciation (GULF, MOSHI), and those supported by government stimulus measures (MTC).

KTX Zoom: Trade War Concerns Resurfaced -  MAY 26, 2025

Thailand

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

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Global Power Synergy Company Ltd (GPSC TB)

Technical Analysis - JUNE 10, 2025

Although Asian bourses rebounded in line with the Dow Jones and ahead of today's US-China trade negotiations, the SET only had a brief uptick...

Krungthai XSpring

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and...

Krungthai XSpring

Energy Sector (Power Plant) - May 28, 2025

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in...

Krungthai XSpring

KTX Zoom: Trade War Concerns Resurfaced - MAY 26, 2025

The SET Index is expected to move in a sideways-up trend due to renewed concerns over a global trade war, after the US president threatened to...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Technical Analysis - JUNE 10, 2025

Although Asian bourses rebounded in line with the Dow Jones and ahead of today's US-China trade negotiations, the SET only had a brief uptick...

Krungthai XSpring

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and...

Krungthai XSpring

Energy Sector (Power Plant) - May 28, 2025

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in...

Krungthai XSpring

KTX Zoom: Awaiting Tourism-Related Measures from Cabinet Meeting - MAY 27, 2025

The SET Index is technically moving sideways as it waits to determine whether it will continue to decline toward the 1,144- point level, which is a...

Krungthai XSpring

KTX Zoom: Trade War Concerns Resurfaced - MAY 26, 2025

The SET Index is expected to move in a sideways-up trend due to renewed concerns over a global trade war, after the US president threatened to...

Krungthai XSpring