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 US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside domestic retail fuel prices.</li><li>The Ministry of Finance views the end of the Middle East conflict as supportive of the Thai economy.</li><li>Foreign investors turned net buyers in the Thai bond market, with net inflows of Bt11.24bn.</li></ul>

The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside domestic retail fuel prices.The Ministry of Finance views the end of the Middle East conflict as supportive of the Thai economy.Foreign investors turned net buyers in the Thai bond market, with net inflows of Bt11.24bn.

Krungthai XSpring Zoom Eng. June 16, 2026

<ul><li>We believe the BOT’s fee reduction measures will have only a limited and manageable impact on the banking sector’s earnings.</li><li>KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top picks.</li><li>The Bank of Thailand (BOT) announced new regulations on June 2, 2026, introducing service fee standards and reducing fees on 19 items across four key areas: deposits, electronic cards, payment services, and SME lending.</li></ul>

We believe the BOT’s fee reduction measures will have only a limited and manageable impact on the banking sector’s earnings.KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top picks.The Bank of Thailand (BOT) announced new regulations on June 2, 2026, introducing service fee standards and reducing fees on 19 items across four key areas: deposits, electronic cards, payment services, and SME lending.

Banking: Fee Structure Adjustment: Limited Impact On Earnings - Overweight

<ul><li>The USTR has proposed additional tariffs of 10–12.5% under Section 301 on 60 trading partners that have failed to enforce bans on imports produced with forced labor, including Thailand.</li><li>Foreign tourist arrivals in May increased 3.5% YoY to 2.35mn, providing a positive signal for the tourism sector.</li><li>The BOT has announced fee reductions covering 19 transaction items across four categories: deposit accounts, electronic cards, payment transactions, and SME lending.</li></ul>

The USTR has proposed additional tariffs of 10–12.5% under Section 301 on 60 trading partners that have failed to enforce bans on imports produced with forced labor, including Thailand.Foreign tourist arrivals in May increased 3.5% YoY to 2.35mn, providing a positive signal for the tourism sector.The BOT has announced fee reductions covering 19 transaction items across four categories: deposit accounts, electronic cards, payment transactions, and SME lending.

<ul><li>The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.</li><li>The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.</li><li>We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.</li></ul>

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.

Krungthai XSpring Technical Eng. June 4, 2026

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

South Korea

K Bank Co. Ltd. operates banking businesses. The Company provides deposits, withdrawals, loans, and other services. K Bank conducts businesses in South Korea.

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K Bank (279570 KS)

Krungthai XSpring Zoom Eng. June 16, 2026

The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside...

Krungthai XSpring

Banking: Fee Structure Adjustment: Limited Impact On Earnings - Overweight

KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 4, 2026

The USTR has proposed additional tariffs of 10–12.5% under Section 301 on 60 trading partners that have failed to enforce bans on imports produced...

Krungthai XSpring

Krungthai XSpring Technical Eng. June 4, 2026

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

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