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 Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.</li><li>The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.</li><li>The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.</li></ul>

The SET Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.

Krungthai XSpring Zoom Eng. February 20, 2026

<ul><li>KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including cost-of-living relief (Khon La Khrueng co-payment scheme), spending stimulus for middle- to high-income groups (Easy E-Receipt), and tourism promotion.</li><li>However, volatility may return in mid-to-late October as 3Q25 earnings season begins, led by commercial banks (with weaker YoY and QoQ results expected), alongside key events such as the Fed meeting and the APEC summit.</li><li>We expect earnings of banks under our coverage to weaken both YoY and QoQ, which could drive volatility in bank stocks.</li></ul>

KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including cost-of-living relief (Khon La Khrueng co-payment scheme), spending stimulus for middle- to high-income groups (Easy E-Receipt), and tourism promotion.However, volatility may return in mid-to-late October as 3Q25 earnings season begins, led by commercial banks (with weaker YoY and QoQ results expected), alongside key events such as the Fed meeting and the APEC summit.We expect earnings of banks under our coverage to weaken both YoY and QoQ, which could drive volatility in bank stocks.

Monthly Report: October 2025: Outlook: Volatile With An Upward Bias

<ul><li>The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

<ul><li>The SET moved in a narrow range throughout the day, as investors remained cautious ahead of a long holiday and awaited the outcome of trade negotiations between Thailand and the United States.</li><li>This led to intermittent profit taking. However, strong rises in AOT and DELTA boosted the index back into positive territory while foreign investors turned net sellers.</li><li>The index is expected to see continued fund inflows supporting its upward movement.</li></ul>

The SET moved in a narrow range throughout the day, as investors remained cautious ahead of a long holiday and awaited the outcome of trade negotiations between Thailand and the United States.This led to intermittent profit taking. However, strong rises in AOT and DELTA boosted the index back into positive territory while foreign investors turned net sellers.The index is expected to see continued fund inflows supporting its upward movement.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul><p><em>Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer (3QFY25 Results Preview): Challenges Persist

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

Krungthai XSpring Zoom Eng. February 20, 2026

The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund...

Krungthai XSpring

Monthly Report: October 2025: Outlook: Volatile With An Upward Bias

KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Technical Analysis - JULY 29, 2025

The SET moved in a narrow range throughout the day, as investors remained cautious ahead of a long holiday and awaited the outcome of trade...

Krungthai XSpring

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

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