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 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.

<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

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move with a weak rebound pattern, with the support levels at 1,192/1,187 points and the resistance levels at 1,212/1,217 points.</li><li>KTX expects the MPC to maintain the policy rate in today's meeting, given Thailand's inflation remains on a recovery path.</li><li>Foreign fund inflows into the SET may strengthen significantly, based on the following factors: i) The MPC is likely to maintain interest rates and refrain from signaling a rate cut, despite calls for a rate decrease from the prime minister and several industries.</li></ul>

Technically, the SET Index is expected to move with a weak rebound pattern, with the support levels at 1,192/1,187 points and the resistance levels at 1,212/1,217 points.KTX expects the MPC to maintain the policy rate in today's meeting, given Thailand's inflation remains on a recovery path.Foreign fund inflows into the SET may strengthen significantly, based on the following factors: i) The MPC is likely to maintain interest rates and refrain from signaling a rate cut, despite calls for a rate decrease from the prime minister and several industries.

<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. 

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.

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Home Product Center (HMPRO TB)

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

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

MPC Meeting & Earnings Results of Nvidia

Technically, the SET Index is expected to move with a weak rebound pattern, with the support levels at 1,192/1,187 points and the resistance...

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

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