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>KTX anticipates the SET Index to maintain a sideways trajectory in May, with the support at 1,350/1,330 points and the resistance at 1,385/1,405 points.</li><li>We recommend speculating on stocks benefiting from the depreciation of the baht (exports and tourism sectors) and stocks related to government policies (construction services and construction materials sectors).</li><li>We anticipate positive indicators from the growth of both the Thai and Japanese economies, which are poised to strengthen throughout the remainder of the year, fueled by signs of global economic recovery.</li></ul>

KTX anticipates the SET Index to maintain a sideways trajectory in May, with the support at 1,350/1,330 points and the resistance at 1,385/1,405 points.We recommend speculating on stocks benefiting from the depreciation of the baht (exports and tourism sectors) and stocks related to government policies (construction services and construction materials sectors).We anticipate positive indicators from the growth of both the Thai and Japanese economies, which are poised to strengthen throughout the remainder of the year, fueled by signs of global economic recovery.

Monthly Report: May 2024: Sideways Movement, With the Support at 1,350/1,330 Points and the Resistance at 1,385/1,405 Points

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387 points (10-day EMA)/1,380 points, based on the technical signals in the weekly chart indicating that it is still fluctuating within the range of 1,375-1,403 points while awaiting a breakout signal.</li><li>Keep a close watch for hints about the possible trajectory of the fed funds rate from the speeches by Fed Governor Lisa Cook (voter) and Minneapolis Fed President Neel Kashkari, who are expected to signal that the Fed will not be in a hurry to cut interest rates until inflation falls to the target.</li><li>We recommend stocks with positive news: BEM, CK, and JPARK.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387 points (10-day EMA)/1,380 points, based on the technical signals in the weekly chart indicating that it is still fluctuating within the range of 1,375-1,403 points while awaiting a breakout signal.Keep a close watch for hints about the possible trajectory of the fed funds rate from the speeches by Fed Governor Lisa Cook (voter) and Minneapolis Fed President Neel Kashkari, who are expected to signal that the Fed will not be in a hurry to cut interest rates until inflation falls to the target.We recommend stocks with positive news: BEM, CK, and JPARK.

Keep a Close Watch on Flash Manufacturing and Services PMIs in February for the US, EU and Japan

<ul><li>Recommend buying stocks in the banking, insurance and anti-commodities sectors in response to higher bond yields</li><li>Fed funds rate may be raised to 5.50% after US flash PMIs in February increased</li><li>The SET index is expected to weaken, with the support at 1,660/1,653 points and the resistance at 1,677 points.</li></ul>

Recommend buying stocks in the banking, insurance and anti-commodities sectors in response to higher bond yieldsFed funds rate may be raised to 5.50% after US flash PMIs in February increasedThe SET index is expected to weaken, with the support at 1,660/1,653 points and the resistance at 1,677 points.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul>
<li>European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.</li>
<li>This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.</li>
<li>The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.
This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.
The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,398/1,390 points and the resistance at 1,414/1,423 points.</li><li>Prime Minister Srettha is participating in the World Economic Forum from January 15 to 19, where he will engage in discussions with the world's eight leading companies to explore ways to support trade and investment.</li><li>We recommend blue chip stocks with positive factors: SIS, ADVANC and INTUCH.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,398/1,390 points and the resistance at 1,414/1,423 points.Prime Minister Srettha is participating in the World Economic Forum from January 15 to 19, where he will engage in discussions with the world's eight leading companies to explore ways to support trade and investment.We recommend blue chip stocks with positive factors: SIS, ADVANC and INTUCH.

United Kingdom

HSBC Holdings plc is a British universal bank and financial services group that provides banking and financial products and services worldwide. It offers retail, commercial and institutional banking, global banking and markets, wealth management, and private banking. The company was founded in 1865 and is headquartered in London, United Kingdom.

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HSBC (HSBC US)

Monthly Report: May 2024: Sideways Movement, With the Support at 1,350/1,330 Points and the Resistance at 1,385/1,405 Points

KTX anticipates the SET Index to maintain a sideways trajectory in May, with the support at 1,350/1,330 points and the resistance at 1,385/1,405...

Krungthai XSpring

Keep a Close Watch on Flash Manufacturing and Services PMIs in February for the US, EU and Japan

Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387...

Krungthai XSpring

Krungthai XSpring Zoom Eng.

Recommend buying stocks in the banking, insurance and anti-commodities sectors in response to higher bond yields Fed funds rate may be raised to...

Krungthai XSpring

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s. This partly reflects the technical of European AT1s is not as...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, with the support at 1,398/1,390 points and the resistance at 1,414/1,423...

Krungthai XSpring

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