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 not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.</li><li>These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.</li><li>As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.</li></ul>

The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.

Krungthai XSpring Technical Eng. October 16, 2025

<ul><li>Although the market lacked fresh catalysts, Asian bourses rebounded following a strong rally in the Nasdaq.</li><li>We expect the index to be volatile due to profit-taking ahead of the long holiday.</li><li>These are clear bullish signals, indicating further upside potential.</li></ul>

Although the market lacked fresh catalysts, Asian bourses rebounded following a strong rally in the Nasdaq.We expect the index to be volatile due to profit-taking ahead of the long holiday.These are clear bullish signals, indicating further upside potential.

Krungthai XSpring Technical Eng. October 10, 2025

<ul><li>The SET rebounded sharply as DELTA, HANA, and KCE rallied in line with the Nasdaq’s gains.</li><li>The index successfully broke above the 1,300-point resistance without showing signs of an immediate pullback.</li><li>We therefore continue to recommend selective speculation, as the index appears poised for further gains and remains far from the overbought zone.</li></ul>

The SET rebounded sharply as DELTA, HANA, and KCE rallied in line with the Nasdaq’s gains.The index successfully broke above the 1,300-point resistance without showing signs of an immediate pullback.We therefore continue to recommend selective speculation, as the index appears poised for further gains and remains far from the overbought zone.

Krungthai XSpring Technical Eng. October 8, 2025

<ul><li>Out of 571 listed companies in the SET Index (accounting for 97% of total market capitalization) that announced 2Q25 results up to the afternoon of August 15, the combined net profit amounted to Bt253,151mn, down 8% QoQ and 1% YoY.</li><li>Excluding the energy, petrochemical, and banking sectors, net profit was Bt144,020mn, down 2% QoQ but up 11% YoY.</li><li>Stronger-than-expected bank earnings supported rise in SET Index.</li></ul>

Out of 571 listed companies in the SET Index (accounting for 97% of total market capitalization) that announced 2Q25 results up to the afternoon of August 15, the combined net profit amounted to Bt253,151mn, down 8% QoQ and 1% YoY.Excluding the energy, petrochemical, and banking sectors, net profit was Bt144,020mn, down 2% QoQ but up 11% YoY.Stronger-than-expected bank earnings supported rise in SET Index.

Special Report: Overall 2Q25 Performance Rather Soft But Mostly In Line With Expectations

<ul><li>We expect the electricity tariff and the Ft for the September-December period to follow Scenario (III) proposed by the ERC, which assumes the lowest and flat stable rate compared to the previous period.</li><li>This scenario appears to be the most likely, though there is downside risk from potential government subsidy policies (awaiting Cabinet approval).</li><li>We maintain our view that electricity tariffs and Ft rates are on a downward trend during 2025-27E. </li></ul>

We expect the electricity tariff and the Ft for the September-December period to follow Scenario (III) proposed by the ERC, which assumes the lowest and flat stable rate compared to the previous period.This scenario appears to be the most likely, though there is downside risk from potential government subsidy policies (awaiting Cabinet approval).We maintain our view that electricity tariffs and Ft rates are on a downward trend during 2025-27E. 

Industry Update: Energy (Power) - JULY 18, 2025

Thailand

Gunkul Engineering Public Co. Ltd. specializes in renewable energy generation, including solar and wind farms, and the manufacturing and distribution of electrical equipment. The company also provides construction and maintenance services for power systems. It was founded in 1982 and is headquartered in Bangkok, Thailand.

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Gunkul Engineering (GUNKUL TB)

Krungthai XSpring Technical Eng. October 16, 2025

These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 10, 2025

Although the market lacked fresh catalysts, Asian bourses rebounded following a strong rally in the Nasdaq. We expect the index to be volatile due...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 8, 2025

The SET rebounded sharply as DELTA, HANA, and KCE rallied in line with the Nasdaq’s gains.The index successfully broke above the 1,300-point...

Krungthai XSpring

Special Report: Overall 2Q25 Performance Rather Soft But Mostly In Line With Expectations

For individual stocks, we highlight GUNKUL, CK, and TCAP as standouts, with potential for earnings upgrades or share prices that have yet to rise...

Krungthai XSpring

Industry Update: Energy (Power) - JULY 18, 2025

Public hearings on the ERC’s three electricity tariff scenarios for Sep. - Dec. period, with the final outcome pending Cabinet approval

Krungthai XSpring

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