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 fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.</li><li>The minor pullback does not alter the primary uptrend structure of higher highs and higher lows, as the index is forming a support base around 1,313–1,300.</li><li>We therefore recommend buying on dips, expecting the index to hold above the 1,313–1,300 support zone, with a focus on blue-chip stocks.</li></ul>

The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.The minor pullback does not alter the primary uptrend structure of higher highs and higher lows, as the index is forming a support base around 1,313–1,300.We therefore recommend buying on dips, expecting the index to hold above the 1,313–1,300 support zone, with a focus on blue-chip stocks.

Krungthai XSpring Technical Eng. October 31, 2025

<ul><li>Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.</li><li>The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.</li><li>Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.</li></ul>

Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.

Krungthai XSpring Technical Eng. October 27, 2025

<ul><li>Although the market lacked new catalysts, the SET surged strongly before easing slightly on profit-taking and renewed foreign selling.</li><li>The index continued to rebound and successfully absorbed selling pressure.</li><li>We maintain a positive outlook on the index; however, given the low trading volume, some volatility is likely to persist.</li></ul>

Although the market lacked new catalysts, the SET surged strongly before easing slightly on profit-taking and renewed foreign selling.The index continued to rebound and successfully absorbed selling pressure.We maintain a positive outlook on the index; however, given the low trading volume, some volatility is likely to persist.

Krungthai XSpring Technical Eng. October 17, 2025

<ul><li>The SET came under profit-taking pressure after rising for three consecutive days last week, amid a lack of new positive catalysts and a weaker baht.</li><li>Market sentiment remains positive, as selling volume has not increased significantly.</li><li>We recommend selective speculation, as we believe the index is currently in a short-term consolidation phase before a potential rebound.</li></ul>

The SET came under profit-taking pressure after rising for three consecutive days last week, amid a lack of new positive catalysts and a weaker baht.Market sentiment remains positive, as selling volume has not increased significantly.We recommend selective speculation, as we believe the index is currently in a short-term consolidation phase before a potential rebound.

Krungthai XSpring Technical Eng. October 7, 2025

<ul><li>The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.</li><li>The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.</li><li>We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.</li></ul>

The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. October 1, 2025

Thailand

IRPC PCL produces a variety of petrochemical products including polypropylene, high density polyethylene and expandable polystyrene primarily used in packaging materials. Through its subsidiaries, the Company produces and distributes gasoline, liquefied petroleumgas (LPG), asphalt, as well as electricity and construction materials.

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IRPC PCL (IRPC TB)

Krungthai XSpring Technical Eng. October 31, 2025

The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 27, 2025

Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 17, 2025

Although the market lacked new catalysts, the SET surged strongly before easing slightly on profit-taking and renewed foreign selling.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 7, 2025

The SET came under profit-taking pressure after rising for three consecutive days last week, amid a lack of new positive catalysts and a weaker baht.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 1, 2025

We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring

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