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 opened in a narrow range as THAI and DELTA extended their declines, but buying interest gradually picked up.</li><li>The index's rebound, accompanied by a bullish engulfing signal, suggests a potential trend reversal with further upside momentum.</li><li>We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this week.</li></ul>

The SET opened in a narrow range as THAI and DELTA extended their declines, but buying interest gradually picked up.The index's rebound, accompanied by a bullish engulfing signal, suggests a potential trend reversal with further upside momentum.We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this week.

Krungthai XSpring Technical Eng. August 21, 2025

<ul><li>The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting results and monitored political developments.</li><li>Earlier, there had been expectations for the index to move toward 1,300 points.</li><li>We therefore maintain our recommendation to buy at the support while closely monitoring the movements of THAI and DELTA.</li></ul>

The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting results and monitored political developments.Earlier, there had been expectations for the index to move toward 1,300 points.We therefore maintain our recommendation to buy at the support while closely monitoring the movements of THAI and DELTA.

Krungthai XSpring Technical Eng. August 20, 2025

<ul><li>After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.</li><li>We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.</li><li>Valuations remain broadly attractive following a significant de-rating since 2023. </li></ul>

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.Valuations remain broadly attractive following a significant de-rating since 2023. 

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

<ul><li>SSSG momentum remains weak, while domestic political uncertainty poses risks of delays in government investment disbursements.</li><li>The property market continues to be sluggish, and the upcoming minimum wage hike adds further pressure.</li><li>As a result, we have revised down our 2025-27E earnings forecasts for the home improvement retail segment by an average of 26% per year, resulting in a flat earnings outlook for the sector over the next three years. </li></ul>

SSSG momentum remains weak, while domestic political uncertainty poses risks of delays in government investment disbursements.The property market continues to be sluggish, and the upcoming minimum wage hike adds further pressure.As a result, we have revised down our 2025-27E earnings forecasts for the home improvement retail segment by an average of 26% per year, resulting in a flat earnings outlook for the sector over the next three years. 

Commerce (Retail Business) - JULY 1, 2025

<ul><li>The SET moved within a narrow range as the market awaited clarity on reciprocal tariffs.</li><li>Both large- and small-cap stocks fluctuated in a tight range with low trading volume, resulting in a sluggish market atmosphere throughout the day.</li><li>However, the index began to receive positive support from fund inflows.</li></ul>

The SET moved within a narrow range as the market awaited clarity on reciprocal tariffs.Both large- and small-cap stocks fluctuated in a tight range with low trading volume, resulting in a sluggish market atmosphere throughout the day.However, the index began to receive positive support from fund inflows.

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)

Krungthai XSpring Technical Eng. August 21, 2025

We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 20, 2025

The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting...

Krungthai XSpring

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of...

Krungthai XSpring

Commerce (Retail Business) - JULY 1, 2025

SSSG momentum remains weak, while domestic political uncertainty poses risks of delays in government investment disbursements.

Krungthai XSpring

Technical Analysis - APRIL 3, 2025

Both large- and small-cap stocks fluctuated in a tight range with low trading volume, resulting in a sluggish market atmosphere throughout the day.

Krungthai XSpring

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