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 tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

<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 SET Index is expected to continue edging higher today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.</li><li>The US: US equities paused (S&amp;P –0.53%, NASDAQ –0.38%) after rising for five straight sessions.</li><li>Thailand: The BoT Governor noted that: (i)) the overall Thai economy is still performing well, especially among large corporates, while SMEs continue to face significant challenges; (ii) interest-rate adjustments have broad effects and cannot solve specific problems.</li></ul>

The SET Index is expected to continue edging higher today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.The US: US equities paused (S&amp;P –0.53%, NASDAQ –0.38%) after rising for five straight sessions.Thailand: The BoT Governor noted that: (i)) the overall Thai economy is still performing well, especially among large corporates, while SMEs continue to face significant challenges; (ii) interest-rate adjustments have broad effects and cannot solve specific problems.

Krungthai XSpring Zoom Eng. December 2, 2025

Equity Bottom-Up

<ul><li>The company’s Board of Directors has approved a share repurchase program with a total budget of up to Bt3.8bn over a three-year period (starting late 2025–28).</li><li>We view the share buyback program positively.</li><li>We maintain our Buy rating (FV Bt43.00), supported by a resilient and well-diversified business portfolio.</li></ul>

The company’s Board of Directors has approved a share repurchase program with a total budget of up to Bt3.8bn over a three-year period (starting late 2025–28).We view the share buyback program positively.We maintain our Buy rating (FV Bt43.00), supported by a resilient and well-diversified business portfolio.

Bangchak Corporation Plc.: Announcement of a Three-Year Share Repurchase Program

<ul><li>The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly DELTA and ADVANC.</li><li>The index retreated toward the 1,250–1,230 support zone after rising for just one day, suggesting a return to its previous pattern of repeatedly retesting this level.</li><li>Therefore, we maintain our strategy of buying on dips and selling on rises, as the index is still expected to hold above its support zone.</li></ul>

The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly DELTA and ADVANC.The index retreated toward the 1,250–1,230 support zone after rising for just one day, suggesting a return to its previous pattern of repeatedly retesting this level.Therefore, we maintain our strategy of buying on dips and selling on rises, as the index is still expected to hold above its support zone.

Krungthai XSpring Technical Eng. November 27, 2025

Thailand

Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

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Indorama Ventures (IVL TB)

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

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 2, 2025

The SET Index is expected to continue edging higher today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. November 27, 2025

The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

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 2, 2025

The SET Index is expected to continue edging higher today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.

Krungthai XSpring

Bangchak Corporation Plc.: Announcement of a Three-Year Share Repurchase Program

The company’s Board of Directors has approved a share repurchase program with a total budget of up to Bt3.8bn over a three-year period (starting...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 27, 2025

The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly...

Krungthai XSpring