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>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.

<ul><li>Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up gains due to a lack of new market  catalysts and ongoing concerns over a sluggish domestic economy.</li><li>Uncertainty surrounding the 2026 fiscal budget added to the selling pressure, particularly in heavyweights like DELTA and KBANK, dragging the index back down.</li><li>As a result, the index hovered around the 1,160- point level.</li></ul>

Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up gains due to a lack of new market  catalysts and ongoing concerns over a sluggish domestic economy.Uncertainty surrounding the 2026 fiscal budget added to the selling pressure, particularly in heavyweights like DELTA and KBANK, dragging the index back down.As a result, the index hovered around the 1,160- point level.

<ul><li>The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.</li><li>While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.</li><li>We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.</li></ul>

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.

Energy Sector (Power Plant) - May 28, 2025

<ul><li>The SET Index is expected to move up and down within a range of 1,150-1,168/1,176 points today.</li><li>Based on yesterday’s technical signals, the index broke below the key support level of 1,170 points, confirming that the medium-term outlook remains in a downtrend, with a major support level at 1,144 points (buying point).</li><li>While a global market rally yesterday may provide some positive sentiment, other factors continue to pose downside risks. </li></ul>

The SET Index is expected to move up and down within a range of 1,150-1,168/1,176 points today.Based on yesterday’s technical signals, the index broke below the key support level of 1,170 points, confirming that the medium-term outlook remains in a downtrend, with a major support level at 1,144 points (buying point).While a global market rally yesterday may provide some positive sentiment, other factors continue to pose downside risks. 

KTX Zoom: US FOMC Minutes & Nvidia’s Earnings Results - MAY 28, 2025

Thailand

Gulf Development Public Company Limited is a holding company that invests in a diversified portfolio including conventional and renewable power generation, natural gas supply and distribution, infrastructure development, and digital businesses. It develops and manages gas-fired, solar, wind, hydroelectric, biomass, and waste-to-energy projects. The company is headquartered in Bangkok, Thailand, and was founded in 2007.

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Gulf Development (GULF TB)

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

Technical Analysis- MAY 29, 2025

Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up...

Krungthai XSpring

Energy Sector (Power Plant) - May 28, 2025

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in...

Krungthai XSpring

KTX Zoom: US FOMC Minutes & Nvidia’s Earnings Results - MAY 28, 2025

The SET Index is expected to move up and down within a range of 1,150-1,168/1,176 points today. Based on yesterday’s technical signals, the index...

Krungthai XSpring

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