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.

Cross Asset Strategy

<ul>
<li>KTX expects the SET to trade within 1,549–1,600.</li>
<li>Uncertainty over the Fed's rate outlook may keep the index volatile early in the month.</li>
<li>A recovery could follow the release of the Fed minutes and gain momentum as Thailand hosts the IMF-World Bank meetings.</li>
</ul>


KTX expects the SET to trade within 1,549–1,600.
Uncertainty over the Fed's rate outlook may keep the index volatile early in the month.
A recovery could follow the release of the Fed minutes and gain momentum as Thailand hosts the IMF-World Bank meetings.


Market Volatility to Persist in October 2026, But Recovery Prospects Improve

<ul>
<li>(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.</li>
<li>(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.</li>
<li>(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.</li>
</ul>


(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.
(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.
(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.


Thematic (Sector/Industry)

<ul><li>We expect the six banks under coverage to report combined 3Q26E net profit of Bt43.03bn (-0.5% QoQ, -9.5% YoY).</li><li>The YoY decline reflects lower NIM and a high base of investment gains in 3Q25.</li><li>We maintain Overweight, with BBL (Outperform, TP: Bt210.00) and KKP (Outperform, TP: Bt132.00) as top picks.</li></ul>

We expect the six banks under coverage to report combined 3Q26E net profit of Bt43.03bn (-0.5% QoQ, -9.5% YoY).The YoY decline reflects lower NIM and a high base of investment gains in 3Q25.We maintain Overweight, with BBL (Outperform, TP: Bt210.00) and KKP (Outperform, TP: Bt132.00) as top picks.

3Q26E Bank Earnings Expected Flat QoQ and Lower YoY

<ul><li>Electronics stocks are supported by easing US Treasury yields.</li><li>Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).</li><li>The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.</li></ul>

Electronics stocks are supported by easing US Treasury yields.Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.

Technical Analysis

<ul><li>Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session.</li><li>The SET Index posted the region's steepest decline, falling closer to its previous base at 1,550 points.</li><li>We continue to recommend buying on weakness near key support levels, where a rebound remains possible.</li></ul>

Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session.The SET Index posted the region's steepest decline, falling closer to its previous base at 1,550 points.We continue to recommend buying on weakness near key support levels, where a rebound remains possible.

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)

Market Volatility to Persist in October 2026, But Recovery Prospects Improve

KTX expects the SET to trade within 1,549–1,600. Uncertainty over the Fed's rate outlook may keep the index volatile early in the month. A...

Krungthai XSpring

SET Index Outlook

(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected...

Krungthai XSpring

3Q26E Bank Earnings Expected Flat QoQ and Lower YoY

We expect the six banks under coverage to report combined 3Q26E net profit of Bt43.03bn (-0.5% QoQ, -9.5% YoY). The YoY decline reflects lower NIM...

Krungthai XSpring

SET Index Outlook

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

Technical Analysis

Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session. The...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)