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 rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.</li><li>At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.</li><li>However, trading volume was light.</li></ul>

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.However, trading volume was light.

<ul><li>Typically, the first quarter is the high season for DOHOME and GLOBAL.</li><li>However, due to mixed SSSG momentum in 1Q25YTD, fewer days in February, and government economic stimulus measures with a shorter duration and lower budget compared to last year (which also impacts HMPRO), the 1Q25E outlook suggests that the construction and home improvement retail sector’s profit will rebound QoQ but remain flat YoY.</li><li>We assign a Neutral investment weighting to the sector and maintain DOHOME (Buy; FV: Bt9.35) as our top pick, supported by positive SSSG in 1Q25TD QoQ and a stronger 3-year earnings CAGR of 27%, compared to 10% for GLOBAL and 5% for HMPRO.</li></ul>

Typically, the first quarter is the high season for DOHOME and GLOBAL.However, due to mixed SSSG momentum in 1Q25YTD, fewer days in February, and government economic stimulus measures with a shorter duration and lower budget compared to last year (which also impacts HMPRO), the 1Q25E outlook suggests that the construction and home improvement retail sector’s profit will rebound QoQ but remain flat YoY.We assign a Neutral investment weighting to the sector and maintain DOHOME (Buy; FV: Bt9.35) as our top pick, supported by positive SSSG in 1Q25TD QoQ and a stronger 3-year earnings CAGR of 27%, compared to 10% for GLOBAL and 5% for HMPRO.

Commerce _Home Improvement - MARCH 11, 2025

<ul><li>Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index managed to climb as buying activity surged.</li><li>A total of 392 stocks rose, while only 127 declined. Notably, DELTA halted its downward movement, and sectors such as banking, finance, food, and tourism saw a rebound.</li><li>The index showed signs of recovery within a narrow range, with its price pattern forming a gradual upward slope, suggesting a tendency for further rebound. </li></ul>

Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index managed to climb as buying activity surged.A total of 392 stocks rose, while only 127 declined. Notably, DELTA halted its downward movement, and sectors such as banking, finance, food, and tourism saw a rebound.The index showed signs of recovery within a narrow range, with its price pattern forming a gradual upward slope, suggesting a tendency for further rebound. 

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

<ul><li>Thai inflation continues to recover, keeping real interest rates the lowest in Asia, increasing the chance of maintaining interest rates.</li><li>Thai inflation rate for January (to be announced on February 5) is expected to continue accelerating.</li><li>The consensus forecasts a 1.4% YoY increase (vs. 1.2% YoY in the previous month), remaining within the target range of 1-3%. </li></ul>

Thai inflation continues to recover, keeping real interest rates the lowest in Asia, increasing the chance of maintaining interest rates.Thai inflation rate for January (to be announced on February 5) is expected to continue accelerating.The consensus forecasts a 1.4% YoY increase (vs. 1.2% YoY in the previous month), remaining within the target range of 1-3%. 

Thailand

Home Product Center Public Company Limited is a retailer of building materials and home improvement products.

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Home Product Center (HMPRO TB)

Technical Analysis - APRIL 2, 2025

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs. At the same time, the index...

Krungthai XSpring

Commerce _Home Improvement - MARCH 11, 2025

We assign a Neutral investment weighting to the sector and maintain DOHOME (Buy; FV: Bt9.35) as our top pick, supported by positive SSSG in 1Q25TD QoQ

Krungthai XSpring

Technical Analysis - FEBRUARY 20, 2025

Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index...

Krungthai XSpring

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

KTX AHEAD - February 3, 2025

Thai inflation continues to recover, keeping real interest rates the lowest in Asia, increasing the chance of maintaining interest rates.

Krungthai XSpring

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