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>Today, the SET Index is expected to move sideways, with the support levels at 1,127/1,114 points and the resistance levels at 1,144/1,150 points.</li><li>From a technical perspective, the market is still waiting for a new buy signal, which would be triggered if the index breaks above 1,144 points or tests the key support at 1,114 points.</li><li>On the international front, attention remains on potential positive developments from the US-China trade talks in London, which could impact global play stocks such as petrochemicals, energy, and commodities, amid a lack of major economic data releases today. </li></ul>

Today, the SET Index is expected to move sideways, with the support levels at 1,127/1,114 points and the resistance levels at 1,144/1,150 points.From a technical perspective, the market is still waiting for a new buy signal, which would be triggered if the index breaks above 1,144 points or tests the key support at 1,114 points.On the international front, attention remains on potential positive developments from the US-China trade talks in London, which could impact global play stocks such as petrochemicals, energy, and commodities, amid a lack of major economic data releases today. 

KTX Zoom - Awaiting the Outcome of US-China Trade Negotiations; Apple Launches OS 26

<ul><li>Today's SET Index is expected to move sideways down, with the support levels at 1,127 and 1,114 points and the resistance levels at 1,144 and 1,150 points.</li><li>The positive momentum from international markets may not be enough to ease concerns over domestic risks.</li><li>From a technical perspective, the market is still awaiting a new buy signal, which could be triggered either by holding the key support at 1,114 points or breaking above 1,144 points. </li></ul>

Today's SET Index is expected to move sideways down, with the support levels at 1,127 and 1,114 points and the resistance levels at 1,144 and 1,150 points.The positive momentum from international markets may not be enough to ease concerns over domestic risks.From a technical perspective, the market is still awaiting a new buy signal, which could be triggered either by holding the key support at 1,114 points or breaking above 1,144 points. 

KTX Zoom: Follow Developments in US-China Trade Talks Today - JUNE 9, 2025

<ul><li>The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.</li><li>Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.</li><li>As a result, the main entry point for the next rebound has been revised down to 1,114 points. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.As a result, the main entry point for the next rebound has been revised down to 1,114 points. 

<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 SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.</li><li>However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.</li><li>Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.</li></ul>

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.

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)

KTX Zoom - Awaiting the Outcome of US-China Trade Negotiations; Apple Launches OS 26

Today, the SET Index is expected to move sideways, with the support levels at 1,127/1,114 points and the resistance levels at 1,144/1,150 points.

Krungthai XSpring

KTX Zoom: Follow Developments in US-China Trade Talks Today - JUNE 9, 2025

Today's SET Index is expected to move sideways down, with the support levels at 1,127 and 1,114 points and the resistance levels at 1,144 and 1,150...

Krungthai XSpring

KTX Zoom - JUNE 5, 2025

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points. Technically, no buy...

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

Technical Analysis - MAY 30, 2025

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.

Krungthai XSpring

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