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.

Equity Bottom-Up

<ul><li>The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA.</li><li>Easing oil supply concerns pushed Brent crude down nearly 2% to USD100/bbl.</li><li>The Cabinet approved accelerating state enterprise investment spending for FY2027, focusing on transportation and energy projects.</li></ul>

The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA.Easing oil supply concerns pushed Brent crude down nearly 2% to USD100/bbl.The Cabinet approved accelerating state enterprise investment spending for FY2027, focusing on transportation and energy projects.

<ul>
<li>We are neutral on 3Q26E earnings, with profit expected to rise YoY and QoQ on the peak sales season (except frozen seafood) and a weaker baht.</li>
<li>This would bring 9M26E core profit to Bt3.65bn (+21% YoY), or 84% of our 2026 forecast.</li>
<li>We maintain Neutral, with 7% upside to our fair value of Bt13.30, based on a 7.6% required return.</li>
</ul>


We are neutral on 3Q26E earnings, with profit expected to rise YoY and QoQ on the peak sales season (except frozen seafood) and a weaker baht.
This would bring 9M26E core profit to Bt3.65bn (+21% YoY), or 84% of our 2026 forecast.
We maintain Neutral, with 7% upside to our fair value of Bt13.30, based on a 7.6% required return.


Thematic (Sector/Industry)

<ul><li>The SET Index is expected to rebound today, with support at 1,386/1,361 points and resistance at 1,400/1,420 points.</li><li>Trump signaled progress in US–Iran negotiations and ordered a five-day delay (expected until March 28) in attacks on Iran’s power plants and energy infrastructure.</li><li>Following the royal endorsement of the Prime Minister on March 20, the Cabinet Secretariat is currently vetting the backgrounds and qualifications of the new cabinet members.</li></ul>

The SET Index is expected to rebound today, with support at 1,386/1,361 points and resistance at 1,400/1,420 points.Trump signaled progress in US–Iran negotiations and ordered a five-day delay (expected until March 28) in attacks on Iran’s power plants and energy infrastructure.Following the royal endorsement of the Prime Minister on March 20, the Cabinet Secretariat is currently vetting the backgrounds and qualifications of the new cabinet members.

Krungthai XSpring Zoom Eng. March 24, 2026

Technical Analysis

<ul><li>The SET began trading in a narrow range before coming under pressure from falling inflation figures and profit-taking, amid a lack of fresh market catalysts.</li><li>The index tested the 1,200-point resistance level for a second time but failed to sustain a break above it on both occasions.</li><li>We therefore recommend selective speculation with the focus on stocks that are on the market's radar, believing that blue chips will continue to lead the market.</li></ul>

The SET began trading in a narrow range before coming under pressure from falling inflation figures and profit-taking, amid a lack of fresh market catalysts.The index tested the 1,200-point resistance level for a second time but failed to sustain a break above it on both occasions.We therefore recommend selective speculation with the focus on stocks that are on the market's radar, believing that blue chips will continue to lead the market.

<ul><li>(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected.</li><li>We expect the SET to rebound and test resistance at 1,578 points, as the market has priced in the Fed's latest rate hike, while its future rate-hike signals were less hawkish than expected.</li><li>We recommend selectively investing in stocks with solid fundamentals.</li></ul>

(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected.We expect the SET to rebound and test resistance at 1,578 points, as the market has priced in the Fed's latest rate hike, while its future rate-hike signals were less hawkish than expected.We recommend selectively investing in stocks with solid fundamentals.

Krungthai XSpring Zoom Eng. September 17, 2026

United States

ITC Holdings Corporation is a holding company.  Through subsidiaries, the Company transmits electricity from electricity generating stations to local electricity distribution facilities.  ITC invests in electricity transmission infrastructure improvements as a means to improve electricity reliability and reduce congestion.

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Itc Holdings (ITC US)

SET Index Outlook

The Nasdaq continues to hit new yearly highs, driven by AI-related technology companies, benefiting DELTA, KCE and HANA. Easing oil supply...

Krungthai XSpring

Earnings Preview

We are neutral on 3Q26E earnings, with profit expected to rise YoY and QoQ on the peak sales season (except frozen seafood) and a weaker...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 24, 2026

Trump signaled progress in US–Iran negotiations and ordered a five-day delay (expected until March 28) in attacks on Iran’s power plants and energy...

Krungthai XSpring

Recommendation: Selective Speculation

The SET began trading in a narrow range before coming under pressure from falling inflation figures and profit-taking, amid a lack of fresh market...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 17, 2026

(+) Major Asian markets, including the NIKKEI and KOSPI, rose after the Fed raised interest rates as expected. We expect the SET to rebound and...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

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