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.

Cross Asset Strategy

<ul>
<li>SET expected to extend gains, supported by fund inflows ahead of Thailand Focus</li>
<li>The US may further expand buybacks of medium- to long-term Treasuries.</li>
<li>Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.</li>
</ul>


SET expected to extend gains, supported by fund inflows ahead of Thailand Focus
The US may further expand buybacks of medium- to long-term Treasuries.
Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.


Krungthai XSpring Zoom Eng. August 24, 2026

<ul><li>2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.</li><li>1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).</li><li>As a result, there remains slight upside risk to the 2026 earnings estimates.</li></ul>

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).As a result, there remains slight upside risk to the 2026 earnings estimates.

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

Technical Analysis

<ul><li>The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.</li><li>This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.</li><li>We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.</li></ul>

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.

Krungthai XSpring Technical Eng. August 18, 2026

<ul><li>The SET Index initially rallied, supported by strong 2Q26 earnings, with AOT, DELTA, KCE, HANA, and BH leading the gains.</li><li>We maintain a constructive outlook, as the index remains in an uptrend, with blue-chip stocks continuing to rotate as market leaders.</li><li>We recommend buying on dips until the index provides a clearer signal of renewed upward momentum, particularly following the sharp swings seen in recent trading sessions.</li></ul>

The SET Index initially rallied, supported by strong 2Q26 earnings, with AOT, DELTA, KCE, HANA, and BH leading the gains.We maintain a constructive outlook, as the index remains in an uptrend, with blue-chip stocks continuing to rotate as market leaders.We recommend buying on dips until the index provides a clearer signal of renewed upward momentum, particularly following the sharp swings seen in recent trading sessions.

Krungthai XSpring Technical Eng. August 17, 2026

<ul><li>DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.</li><li>Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.</li><li>We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.</li></ul>

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.

Krungthai XSpring Technical Eng. August 14, 2026

South Korea

Hana Materials Inc. produces products for semiconductor components industry. The Company manufactures silicon ring and silicon cathode for Dry Etchers used in semiconductors. Hana Materials serves customers worldwide.

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Hana Materials Inc (166090 KS)

Krungthai XSpring Zoom Eng. August 24, 2026

SET expected to extend gains, supported by fund inflows ahead of Thailand Focus The US may further expand buybacks of medium- to long-term...

Krungthai XSpring

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2026

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce,...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 17, 2026

The SET Index initially rallied, supported by strong 2Q26 earnings, with AOT, DELTA, KCE, HANA, and BH leading the gains. We maintain a...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 14, 2026

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the...

Krungthai XSpring

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