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>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>The US sets a 19% tariff rate on Thailand.</li><li>The US and Thailand issue a joint statement as a framework for the next stage of negotiations.</li><li>The US and Thailand conduct detailed negotiations in line with the joint statement.</li></ul>

The US sets a 19% tariff rate on Thailand.The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in line with the joint statement.

Krungthai XSpring Zoom Eng. December 15, 2025

<ul><li>Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.</li><li>The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.</li><li>We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.</li></ul>

Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.

Krungthai XSpring Technical Eng. December 11, 2025

<ul><li>The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.</li><li>The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.</li><li>Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.</li></ul>

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.

Krungthai XSpring Zoom Eng. December 8, 2025

<ul><li>The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.</li><li>The Cabinet approved financial assistance measures to support, compensate, and rehabilitate flood-affected communities in the South through state-owned financial institutions (SFIs), including GSB, BAAC, and SME Bank.</li><li>The decline is still mainly driven by government cost-of-living measures, such as the Ft reduction during September–December, and lower crude oil prices.</li></ul>

The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.The Cabinet approved financial assistance measures to support, compensate, and rehabilitate flood-affected communities in the South through state-owned financial institutions (SFIs), including GSB, BAAC, and SME Bank.The decline is still mainly driven by government cost-of-living measures, such as the Ft reduction during September–December, and lower crude oil prices.

Krungthai XSpring Zoom Eng. December 3, 2025

Thailand

Home Product Center Public Company Limited is a Thailand-based home improvement retailer. The company offers a wide range of products and services for construction, decoration, renovation, and improvement of buildings, homes, and residences, including tools, paint, sanitary ware, kitchenware, home appliances, furniture, and bedding. It operates various retail formats, including HomePro stores, Mega Home stores (focused on building materials), and also has operations in Malaysia. The company was founded in 1995 and is headquartered in Nonthaburi, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Home Product Center (HMPRO TB)

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 15, 2025

The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 11, 2025

The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 8, 2025

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 3, 2025

The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)