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 war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.</li><li>The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.</li><li>The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.</li></ul>

The war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.

Krungthai XSpring Technical Eng. March 4, 2026

<ul><li>We view a large-scale escalation in Middle East tensions as a structural risk stemming from potential supply loss if the Strait of Hormuz is closed, which could add a USD10–20/bbl risk premium to oil prices.</li><li>PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the stock’s +21% YTD gain.</li><li>Meanwhile, LNG supply disruption and a higher JKM price could pose downside risks to IU margins and earnings of SPP power producers (BGRIM, GPSC).</li></ul>

We view a large-scale escalation in Middle East tensions as a structural risk stemming from potential supply loss if the Strait of Hormuz is closed, which could add a USD10–20/bbl risk premium to oil prices.PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the stock’s +21% YTD gain.Meanwhile, LNG supply disruption and a higher JKM price could pose downside risks to IU margins and earnings of SPP power producers (BGRIM, GPSC).

Energy: ME Tension / Hormuz Risk + Risk Premium / Oil Prices Up – Upstream Benefits Most

<ul><li>The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.</li><li>We believe rising tensions in the Middle East will push global markets into risk-off mode, at least in the short term.</li><li>Funds are likely to rotate into safer domestic assets, particularly Thai bonds, before returning to equities once tensions ease.</li></ul>

The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.We believe rising tensions in the Middle East will push global markets into risk-off mode, at least in the short term.Funds are likely to rotate into safer domestic assets, particularly Thai bonds, before returning to equities once tensions ease.

Krungthai XSpring Zoom Eng. March 2, 2026

<ul><li>The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.</li><li>The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.</li><li>We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.</li></ul>

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.

Krungthai XSpring Technical Eng. February 26, 2026

<ul><li>The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.</li><li>US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.</li><li>The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.</li></ul>

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.

Krungthai XSpring Zoom Eng. February 23, 2026

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)

Krungthai XSpring Technical Eng. March 4, 2026

The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at...

Krungthai XSpring

Energy: ME Tension / Hormuz Risk + Risk Premium / Oil Prices Up – Upstream Benefits Most

PTTEP is expected to benefit the most (12M FV rerated to Bt142.00; required return 10%), although trading momentum remains cautious given the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 2, 2026

The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.

Krungthai XSpring

Krungthai XSpring Technical Eng. February 26, 2026

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

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