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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>GULF, under its new structure that simplifies operations, is enhancing the capabilities of its power, gas, and digital businesses, which are expected to support stable and sustainable profit momentum.</li><li>This comes alongside a strengthened financial position and improved growth potential for the future.</li><li>We estimate a 12M fair value of Bt68.75, using the earnings yield method based on a required return of 2.4%. </li></ul>

GULF, under its new structure that simplifies operations, is enhancing the capabilities of its power, gas, and digital businesses, which are expected to support stable and sustainable profit momentum.This comes alongside a strengthened financial position and improved growth potential for the future.We estimate a 12M fair value of Bt68.75, using the earnings yield method based on a required return of 2.4%. 

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to move sideways today, with the support at 1,285/1,268 and the resistance at 1,300/1,313.</li><li>Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.</li><li>The program is expected to boost 4Q25 GDP by 0.3–0.4%.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,285/1,268 and the resistance at 1,300/1,313.Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.The program is expected to boost 4Q25 GDP by 0.3–0.4%.

Krungthai XSpring Zoom Eng. October 7, 2025

<ul><li>The SET fluctuated, initially rebounding on optimism over government formation before quickly retreating on profit-taking amid a lack of fresh catalysts and continued foreign investor selling.</li><li>The index continued to climb as trading volume increased and stock rotation among blue-chip stocks drove it higher, offsetting the declines in DELTA and energy stocks, which failed to drag the market down.</li><li>We therefore recommend selective speculation, as the index may remain volatile but its price pattern is still intact, with the index continuing to rise steadily.</li></ul>

The SET fluctuated, initially rebounding on optimism over government formation before quickly retreating on profit-taking amid a lack of fresh catalysts and continued foreign investor selling.The index continued to climb as trading volume increased and stock rotation among blue-chip stocks drove it higher, offsetting the declines in DELTA and energy stocks, which failed to drag the market down.We therefore recommend selective speculation, as the index may remain volatile but its price pattern is still intact, with the index continuing to rise steadily.

Krungthai XSpring Technical Eng. September 9, 2025

<ul><li>Over the past three years, Thailand has faced persistent foreign capital outflows (Figure 1), mainly due to the more attractive returns in the US after the Fed rapidly raised interest rates to combat inflation.</li><li>This made US investment yields higher than those in Thailand and strengthened the US dollar against other currencies, including the baht — further encouraging foreign fund outflows.</li><li>However, we expect rising risks in the US to shift this trend, creating opportunities for foreign capital to flow back into Thailand. </li></ul>

Over the past three years, Thailand has faced persistent foreign capital outflows (Figure 1), mainly due to the more attractive returns in the US after the Fed rapidly raised interest rates to combat inflation.This made US investment yields higher than those in Thailand and strengthened the US dollar against other currencies, including the baht — further encouraging foreign fund outflows.However, we expect rising risks in the US to shift this trend, creating opportunities for foreign capital to flow back into Thailand. 

<ul><li>The SET Index is expected to rise today, with the resistance at 1,270/1,280 points and the support at 1,255/1,250 points (EMA 50wk).</li><li>The upward momentum is supported by gains in global equities during the long holiday (Nikkei, Vietnam, S&amp;P 500, and Nasdaq all hitting all-time highs), positive news that the US and China have extended their tariff negotiation deadline by 90 days, and the possibility that the Fed may begin cutting interest rates as early as September, with three cuts this year.</li><li>Investors are also anticipating the Bank of Thailand’s MPC meeting (KTX expects rates to be kept unchanged, which would help sustain foreign fund inflows into Thailand). </li></ul>

The SET Index is expected to rise today, with the resistance at 1,270/1,280 points and the support at 1,255/1,250 points (EMA 50wk).The upward momentum is supported by gains in global equities during the long holiday (Nikkei, Vietnam, S&amp;P 500, and Nasdaq all hitting all-time highs), positive news that the US and China have extended their tariff negotiation deadline by 90 days, and the possibility that the Fed may begin cutting interest rates as early as September, with three cuts this year.Investors are also anticipating the Bank of Thailand’s MPC meeting (KTX expects rates to be kept unchanged, which would help sustain foreign fund inflows into Thailand). 

Thailand

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

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Gulf Energy Development (GULF TB)

Gulf Development -Solid All Fonts...

GULF, under its new structure that simplifies operations, is enhancing the capabilities of its power, gas, and digital businesses, which are...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 7, 2025

Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 9, 2025

The SET fluctuated, initially rebounding on optimism over government formation before quickly retreating on profit-taking amid a lack of fresh...

Krungthai XSpring

KTX Ahead - August 13, 2025

Over the past three years, Thailand has faced persistent foreign capital outflows, mainly due to the more attractive returns in the US after the...

Krungthai XSpring

KTX Zoom - AUGUST 13, 2025

Greed > fear: US-China trade talks extended by 90 days, and the Fed may start cutting interest rates as early as September

Krungthai XSpring

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