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>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

Technical Analysis

Global Power Synergy / Technical Analysis

<ul><li>Asian equity markets rebounded in line with the US market as oil prices and US bond yields eased.</li><li>Although the index's momentum has softened, it remains in a sideways trend and is showing signs of a rebound.</li><li>While awaiting clearer direction, we recommend buying on weakness, as the index has room to recover further.</li></ul>

Asian equity markets rebounded in line with the US market as oil prices and US bond yields eased.Although the index's momentum has softened, it remains in a sideways trend and is showing signs of a rebound.While awaiting clearer direction, we recommend buying on weakness, as the index has room to recover further.

Krungthai XSpring Technical Eng. - September 21, 2026

<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


Thematic (Sector/Industry)

<ul><li>The government has finalized the "Solar for the People" program, targeting up to 1.5mn households with a Bt75bn budget.</li><li>Installed capacity is capped at 10kW per household.</li><li>Three state banks-Government Housing Bank, Government Savings Bank and Bank for Agriculture and Agricultural Cooperatives-will offer concessional loans at a reduced rate of 2.5% per year, with repayment terms of around seven years.</li></ul>

The government has finalized the "Solar for the People" program, targeting up to 1.5mn households with a Bt75bn budget.Installed capacity is capped at 10kW per household.Three state banks-Government Housing Bank, Government Savings Bank and Bank for Agriculture and Agricultural Cooperatives-will offer concessional loans at a reduced rate of 2.5% per year, with repayment terms of around seven years.

Expanded “Solar for the People” Program Targets 1.5mn Households With Bt75bn Budget; Registration Opens November 1

Equity Bottom-Up

<ul><li>2Q26 net profit and core profit were in line with expectations.</li><li>Core profit grew strongly both YoY and QoQ, driven by GHECO-One and lower interest expenses.</li><li>We maintain our Outperform rating, with a 12M FV of Bt53.25 and a 2027 fair value of Bt58.25.</li></ul>

2Q26 net profit and core profit were in line with expectations.Core profit grew strongly both YoY and QoQ, driven by GHECO-One and lower interest expenses.We maintain our Outperform rating, with a 12M FV of Bt53.25 and a 2027 fair value of Bt58.25.

GLOBAL POWER SYNERGY Plc. (GPSC): Strong 2Q26 Core Profit; PDP 2026 to Drive the Next Growth Cycle – Outperform (12M FWD Fair Value Bt53.25)

Thailand

Global Power Synergy Public Company Limited is a utility company that primarily engages in the production and distribution of electricity, steam, and industrial water to government and industrial customers. The company also focuses on developing sustainable businesses through renewable energy resources and cutting-edge technologies, including energy storage systems and batteries for electric vehicles. It was founded in 2013 and is headquartered in Bangkok, Thailand.

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Global Power Synergy (GPSC TB)

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 21, 2026

Asian equity markets rebounded in line with the US market as oil prices and US bond yields eased. Although the index's momentum has softened, it...

Krungthai XSpring

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

Expanded “Solar for the People” Program Targets 1.5mn Households With Bt75bn Budget; Registration Opens November 1

The government has finalized the "Solar for the People" program, targeting up to 1.5mn households with a Bt75bn budget. Installed capacity is...

Krungthai XSpring

GLOBAL POWER SYNERGY Plc. (GPSC): Strong 2Q26 Core Profit; PDP 2026 to Drive the Next Growth Cycle – Outperform (12M FWD Fair Value Bt53.25)

2Q26 net profit and core profit were in line with expectations. Core profit grew strongly both YoY and QoQ, driven by GHECO-One and lower interest...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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