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 SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown and political uncertainties.</li><li>The market also remained under pressure from declines in other Asian bourses, which followed the negative lead from US markets.</li><li>Notably, stocks such as DELTA, MINT, TOP, CPALL, OSP, and AOT posted strong gains, while foreign investors remained net buyers for the third consecutive day.</li></ul>

The SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown and political uncertainties.The market also remained under pressure from declines in other Asian bourses, which followed the negative lead from US markets.Notably, stocks such as DELTA, MINT, TOP, CPALL, OSP, and AOT posted strong gains, while foreign investors remained net buyers for the third consecutive day.

<ul><li>The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.</li><li>For example, bank stocks are seeing profit-taking after strong gains, while buying interest is shifting toward sectors like telecommunications and energy.</li><li>On the external front, concerns over high bond yield conditions continue to weigh on the market. </li></ul>

The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.For example, bank stocks are seeing profit-taking after strong gains, while buying interest is shifting toward sectors like telecommunications and energy.On the external front, concerns over high bond yield conditions continue to weigh on the market. 

KTX Zoom: Bond Auction Yield Rises & Half-Price Thai Travel Scheme - MAY 22, 2025

<ul><li>The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.</li><li>As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.</li><li>However, foreign investors remained net buyers for the second consecutive day.</li></ul>

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.However, foreign investors remained net buyers for the second consecutive day.

<ul><li>The US 20-year bond auction on May 22 may accelerate the rise in US bond yields after it was observed that indirect bidders (mostly foreign reserves) have continued to reduce their share in long-term 30-year bond auctions, falling to 58.8% in May — dropping below the 60% level for the first time in three years (Figure 1).</li><li>This indicates that global reserves have lowered their demand for holding long- term US bonds.</li><li>The reduction in US bond holdings by global reserves has pressured the bid cover ratio downward (Figure 2), resulting in a spike in auction yields on the primary market to as high as 4.82%, nearing the record high of 4.91% (Figure 3). </li></ul>

The US 20-year bond auction on May 22 may accelerate the rise in US bond yields after it was observed that indirect bidders (mostly foreign reserves) have continued to reduce their share in long-term 30-year bond auctions, falling to 58.8% in May — dropping below the 60% level for the first time in three years (Figure 1).This indicates that global reserves have lowered their demand for holding long- term US bonds.The reduction in US bond holdings by global reserves has pressured the bid cover ratio downward (Figure 2), resulting in a spike in auction yields on the primary market to as high as 4.82%, nearing the record high of 4.91% (Figure 3). 

KTX Ahead - Sell on Fact in SET Presents a Buying Opportunity

<ul><li>Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.</li><li>As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.</li><li>However, the index still posted a 1.25% decline from the previous week.</li></ul>

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.However, the index still posted a 1.25% decline from the previous week.

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)

Technical Analysis - MAY 23, 2025

The SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown...

Krungthai XSpring

KTX Zoom: Bond Auction Yield Rises & Half-Price Thai Travel Scheme - MAY 22, 2025

The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.

Krungthai XSpring

Technical Analysis - MAY 22, 2025

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy. As a result, the SET’s attempt to...

Krungthai XSpring

KTX Ahead - Sell on Fact in SET Presents a Buying Opportunity

This development suggests that the US continues to face risk of a severe valuation de-rating due to the high-yield condition.

Krungthai XSpring

Technical Analysis - MAY 19, 2025

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting...

Krungthai XSpring

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