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.

Equity Bottom-Up

<ul>
<li>We recommend selling TOP to limit losses at a holding-period return of -5.8%.</li>
<li>KKP has fallen out of the rankings with a holding-period return of -1.5%.</li>
<li>GPSC, ITC and SPRC are being added to the portfolio.</li>
</ul>


We recommend selling TOP to limit losses at a holding-period return of -5.8%.
KKP has fallen out of the rankings with a holding-period return of -1.5%.
GPSC, ITC and SPRC are being added to the portfolio.


KTX Tactical Picks - October 12, 2026 (Eng.)

Cross Asset Strategy

<ul><li>The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.</li><li>The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.</li><li>We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.</li></ul>

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.

Krungthai XSpring Zoom Eng. September 3, 2026

<ul><li>4Q25 net profit was in line with expectations, while core profit unremarkable QoQ due to seasonality (lower power and steam sales, higher SG&amp;A).</li><li>We maintain our Outperform rating and 12M FV of Bt41.50 (required return: 4.9%).</li><li>Upside to our 12M FV could stem from a lower Rf, improved asset utilization, and potential asset monetization within the PTT group, which would enhance the upside of the power portfolio.</li></ul>

4Q25 net profit was in line with expectations, while core profit unremarkable QoQ due to seasonality (lower power and steam sales, higher SG&amp;A).We maintain our Outperform rating and 12M FV of Bt41.50 (required return: 4.9%).Upside to our 12M FV could stem from a lower Rf, improved asset utilization, and potential asset monetization within the PTT group, which would enhance the upside of the power portfolio.

GLOBAL POWER SYNERGY Plc. (GPSC): 4Q25 Earnings Hit by Seasonality...

Macroeconomics

<ul><li>SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%</li><li>Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.</li><li>The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.</li></ul>

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.

Krungthai XSpring Zoom Eng. August 26, 2026

<ul>
<li>SET expected to extend gains, supported by fund inflows ahead of Thailand Focus</li>
<li>The US may further expand buybacks of medium- to long-term Treasuries.</li>
<li>Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.</li>
</ul>


SET expected to extend gains, supported by fund inflows ahead of Thailand Focus
The US may further expand buybacks of medium- to long-term Treasuries.
Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.


Krungthai XSpring Zoom Eng. August 24, 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)

KTX Tactical Picks - October 12, 2026 (Eng.)

We recommend selling TOP to limit losses at a holding-period return of -5.8%. KKP has fallen out of the rankings with a holding-period return of...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 3, 2026

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment...

Krungthai XSpring

GLOBAL POWER SYNERGY Plc. (GPSC): 4Q25 Earnings Hit by Seasonality...

4Q25 net profit was in line with expectations, while core profit unremarkable QoQ due to seasonality (lower power and steam sales, higher SG&A).

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 26, 2026

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3% Thailand Focus 2026 will highlight the new engines driving...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 24, 2026

SET expected to extend gains, supported by fund inflows ahead of Thailand Focus The US may further expand buybacks of medium- to long-term...

Krungthai XSpring

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