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 second round of negotiations between the U.S. and Iran in Pakistan may take place on the morning of April 23.</li><li>The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.</li><li>Short-term economic stimulus measures are still pending budget source identification.</li></ul>

The second round of negotiations between the U.S. and Iran in Pakistan may take place on the morning of April 23.The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.Short-term economic stimulus measures are still pending budget source identification.

Krungthai XSpring Zoom Eng. April 21, 2026

<ul><li>The strong rebound in US ISM New Orders, together with Thailand’s strategic role in the China+1 shift, is emerging as a key driver of Thai exports, with 1Q26 growth potentially reaching +17% YoY.</li><li>These dynamics reinforce Thailand’s position as a critical export manufacturing hub within global supply chains.</li><li>This, in turn, could support baht appreciation and attract foreign fund flows into Thai equities, offering potential double gains from both valuation re-rating and FX appreciation.</li></ul>

The strong rebound in US ISM New Orders, together with Thailand’s strategic role in the China+1 shift, is emerging as a key driver of Thai exports, with 1Q26 growth potentially reaching +17% YoY.These dynamics reinforce Thailand’s position as a critical export manufacturing hub within global supply chains.This, in turn, could support baht appreciation and attract foreign fund flows into Thai equities, offering potential double gains from both valuation re-rating and FX appreciation.

KTX AHEAD: Thai Exports May Grow 17% In 1Q26, Supported By US–China Tailwinds...

<ul><li>The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.</li><li>The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.</li><li>Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.</li></ul>

The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.

Krungthai XSpring Technical Eng. April 17, 2026

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>The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.</li><li>Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.</li><li>We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.</li></ul>

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.

Krungthai XSpring Technical Eng. April 10, 2026

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. April 21, 2026

The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.

Krungthai XSpring

KTX AHEAD: Thai Exports May Grow 17% In 1Q26, Supported By US–China Tailwinds...

This, in turn, could support baht appreciation and attract foreign fund flows into Thai equities, offering potential double gains from both...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 17, 2026

The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.

Krungthai XSpring

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

Krungthai XSpring Technical Eng. April 10, 2026

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.

Krungthai XSpring

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