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>A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost for speculative buying in technology stocks across Asian markets.</li><li>Thailand is scheduled to hold trade talks with the US on July 15–17, with the aim of keeping the Section 301 import tariff at 10%.</li><li>The Thai baht is expected to strengthen toward Bt33.14 per US dollar, which could attract further foreign fund inflows.</li></ul>

A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost for speculative buying in technology stocks across Asian markets.Thailand is scheduled to hold trade talks with the US on July 15–17, with the aim of keeping the Section 301 import tariff at 10%.The Thai baht is expected to strengthen toward Bt33.14 per US dollar, which could attract further foreign fund inflows.

Krungthai XSpring Zoom Eng. July 13, 2026

<ul><li>We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.</li><li>The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.</li><li>The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.</li></ul>

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.

Technical Analysis

<ul><li>The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly.</li><li>Positive sentiment remains supported by continued fund inflows, while the RSI is still comfortably below the overbought zone and the MACD has crossed above its signal line.</li><li>Accordingly, we continue to recommend buying on dips, with a focus on domestic plays and laggard stocks, which we believe will remain in investors' focus.</li></ul>

The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly.Positive sentiment remains supported by continued fund inflows, while the RSI is still comfortably below the overbought zone and the MACD has crossed above its signal line.Accordingly, we continue to recommend buying on dips, with a focus on domestic plays and laggard stocks, which we believe will remain in investors' focus.

Krungthai XSpring Technical Eng. July 3, 2026

Thematic (Sector/Industry)

<ul><li>The MPC expects the Thai economy to grow faster than previously projected.</li><li>Crude oil prices have fallen close to the USD70/bbl level, returning to pre-US–Iran conflict levels.</li><li>Micron's stronger-than-expected earnings have helped restore investor confidence in the technology sector.</li></ul>

The MPC expects the Thai economy to grow faster than previously projected.Crude oil prices have fallen close to the USD70/bbl level, returning to pre-US–Iran conflict levels.Micron's stronger-than-expected earnings have helped restore investor confidence in the technology sector.

Krungthai XSpring Zoom Eng. June 25, 2026

<ul><li>Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.</li><li>The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.</li><li>Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.</li></ul>

Middle East tensions re-escalate after Iran announced the suspension of negotiations with the US and signaled plans to close the Strait of Hormuz in response to Israel’s continued military operations in Lebanon.The “Thai Chuay Thai Plus” program officially launched yesterday (June 1), generating more than Bt1bn in spending from over 5mn participants on its first day.Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private consumption.

Thailand

Hana Microelectronics engages in the manufacture and trading of electronic components, providing printed circuit board assemblies, integrated circuit assemblies and tests, and LED packaging and test services. It also offers electronics manufacturing and outsourced semiconductor assembly and testing services for various components. The company was founded in 1978 and is headquartered in Bangkok, Thailand.

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Hana Microelectronics (HANA TB)

Krungthai XSpring Zoom Eng. July 13, 2026

A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 6, 2026

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 3, 2026

The index continues to demonstrate solid underlying momentum and has shown the ability to rebound quickly. Positive sentiment remains supported by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 25, 2026

The MPC expects the Thai economy to grow faster than previously projected.Crude oil prices have fallen close to the USD70/bbl level, returning to...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 2, 2026

Thailand’s economy slowed in April compared with the previous month, according to the BOT, as Middle East tensions weighed on tourism and private...

Krungthai XSpring

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