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.

Technical Analysis

Stars Microelectronics / Technical Analysis

<ul>
<li>The index continued to move sideways within its broader uptrend.</li>
<li>We view this as a healthy base-building process rather than a bearish signal, as the index has consistently held above support at 1,600 points.</li>
<li>We therefore view any pullback as an accumulation opportunity, as we expect the index to eventually resume its advance.</li>
</ul>


The index continued to move sideways within its broader uptrend.
We view this as a healthy base-building process rather than a bearish signal, as the index has consistently held above support at 1,600 points.
We therefore view any pullback as an accumulation opportunity, as we expect the index to eventually resume its advance.


Krungthai XSpring Technical Eng. August 24, 2026

<ul><li>DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.</li><li>Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.</li><li>We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.</li></ul>

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.

Krungthai XSpring Technical Eng. August 14, 2026

Cross Asset Strategy

<ul><li>Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.</li><li>Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).</li><li>DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.</li></ul>

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.

Krungthai XSpring Zoom Eng. July 27, 2026

<ul><li>The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.</li><li>In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.</li><li>We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.</li></ul>

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.

Krungthai XSpring Technical Eng. July 27, 2026

Thematic (Sector/Industry)

<ul><li>The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.</li><li>Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.</li><li>The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.</li></ul>

The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.

Thailand

Indorama Ventures is a global petrochemical producer specializing in intermediate petrochemicals and polymers. The company is the world's largest producer of PET resins, and also manufactures polyester fibers and yarns, purified terephthalic acid (PTA), ethylene oxide (EO), and ethylene glycol (EG). Indorama Ventures is headquartered in Bangkok, Thailand, and was founded in 1994.

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Indorama Ventures (IVL TB)

Krungthai XSpring Technical Eng. August 24, 2026

The index continued to move sideways within its broader uptrend. We view this as a healthy base-building process rather than a bearish signal, as...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 14, 2026

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 27, 2026

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran. Thailand's exports rose 20.8% YoY in June, beating market...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 27, 2026

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock. In addition, both the MACD and RSI...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 12, 2026

The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan...

Krungthai XSpring

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