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>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at 1,350/1,354 points.</li><li>The recommended investment strategy remains selling on rallies and buying at support levels until a new breakout signal emerges.</li><li>The market expects the ECB to continue cutting interest rates for the fifth consecutive time by another 25 bps, bringing the deposit facility rate down to 2.75% from 3.0% and the marginal lending rate to 3.15% from 3.4%.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,340/1,334 points and the resistance at 1,350/1,354 points.The recommended investment strategy remains selling on rallies and buying at support levels until a new breakout signal emerges.The market expects the ECB to continue cutting interest rates for the fifth consecutive time by another 25 bps, bringing the deposit facility rate down to 2.75% from 3.0% and the marginal lending rate to 3.15% from 3.4%.

4Q24 GDP for the EU & US and FOMC & ECB Meetings

Technical Analysis

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,360/1,364 points and the support at 1,343/1,338 points.</li><li>Investors are recommended to start speculative buying with a stop-loss point at 1,343 points.</li><li>The focus should be on large cap stocks tied to domestic consumption, such as CPALL, CRC, CPAXT, ADVANC, and INTUCH.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,360/1,364 points and the support at 1,343/1,338 points.Investors are recommended to start speculative buying with a stop-loss point at 1,343 points.The focus should be on large cap stocks tied to domestic consumption, such as CPALL, CRC, CPAXT, ADVANC, and INTUCH.

BTS Group Holdings PCL / Technical Analysis

<ul><li>The market lacked positive catalysts, with Asian bourses declining and US bond yields rising, while continued fund outflows led to volatility in the SET, which traded within a range of 1,352-1,371 points before closing slightly higher.</li><li>The index tested the support at 1,360-1,350 points and managed to bounce back, despite ongoing selling pressure.</li><li>As a result, we expect the index to continue its technical rebound, with an increase in trading volume likely to support this move.</li></ul>

The market lacked positive catalysts, with Asian bourses declining and US bond yields rising, while continued fund outflows led to volatility in the SET, which traded within a range of 1,352-1,371 points before closing slightly higher.The index tested the support at 1,360-1,350 points and managed to bounce back, despite ongoing selling pressure.As a result, we expect the index to continue its technical rebound, with an increase in trading volume likely to support this move.

Recommendation: Buy on Weakness, Sell on Strength

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to weaken, with the support at 1,370/1,350 points and the resistance at 1,420/1,440 points.</li><li>Key highlights influencing the market include: i) the first 100-day policies after Trump's inauguration as US president on January 20, 2025, such as raising import tariffs on countries with trade surpluses with the US, expelling migrant workers, cutting corporate tax rates, ending the Russia-Ukraine war, and withdrawing from the Paris Agreement (clean energy);</li><li>ii) selling pressure from LTF maturity</li></ul>

The SET Index is expected to weaken, with the support at 1,370/1,350 points and the resistance at 1,420/1,440 points.Key highlights influencing the market include: i) the first 100-day policies after Trump's inauguration as US president on January 20, 2025, such as raising import tariffs on countries with trade surpluses with the US, expelling migrant workers, cutting corporate tax rates, ending the Russia-Ukraine war, and withdrawing from the Paris Agreement (clean energy);ii) selling pressure from LTF maturity

Advanced Info Service / Technical Analysis

<ul><li>The SET index plunged sharply on the first trading day of the year, weighed down by LTF maturities and foreign investor selloffs.</li><li>The index dropped significantly, forming a large black candlestick and falling below both the 10 and 25-day EMA lines, which increases the risk of a further decline toward the major support level at 1,360-1,350 points.</li><li>We recommend buying on weakness, selling on strength after the index adjusted down quickly with light volume.</li></ul>

The SET index plunged sharply on the first trading day of the year, weighed down by LTF maturities and foreign investor selloffs.The index dropped significantly, forming a large black candlestick and falling below both the 10 and 25-day EMA lines, which increases the risk of a further decline toward the major support level at 1,360-1,350 points.We recommend buying on weakness, selling on strength after the index adjusted down quickly with light volume.

Thailand

Intouch Holdings Public Company Limited is a Thailand-based investment holding company primarily engaged in the telecommunications, media, and technology (TMT) sectors, with a focus on digital businesses. The company primarily generates revenue through its stakes in subsidiaries and associates, most notably Advanced Info Service (AIS), Thailand's largest mobile operator. It was established in 1983 and is headquartered in Bangkok, Thailand.

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Intouch Holdings (INTUCH TB)

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Technically, the SET Index is expected to rise, with the resistance at 1,360/1,364 points and the support at 1,343/1,338 points. Investors are...

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Recommendation: Buy on Weakness, Sell on Strength

The SET index plunged sharply on the first trading day of the year, weighed down by LTF maturities and foreign investor selloffs. The index...

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