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>Technically, the SET Index is expected to move sideways, with the resistance at 1,314 points (25-day EMA)/1,320 points and the support at 1,301/1,295 points.</li><li>In the short term, the index is moving in an upward trend toward testing the neckline resistance at 1,332 points in order to confirm the uptrend pattern (triple bottom) after creating higher high and higher low points on Friday and Monday, resulting in a new buy signal.</li><li>We maintain our recommendation that investors do trading buy and stop losses if the index hits a new lower low.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,314 points (25-day EMA)/1,320 points and the support at 1,301/1,295 points.In the short term, the index is moving in an upward trend toward testing the neckline resistance at 1,332 points in order to confirm the uptrend pattern (triple bottom) after creating higher high and higher low points on Friday and Monday, resulting in a new buy signal.We maintain our recommendation that investors do trading buy and stop losses if the index hits a new lower low.

Technical Analysis

<ul><li>Although Asian bourses weakened, the SET managed to climb as DELTA, ADVANC, and banking stocks, especially KBANK, rallied.</li><li>The index moved up slightly, forming a black candlestick, but its price pattern continued to advance from the support.</li><li>We expect the index to continue adjusting up, albeit gradually.</li></ul>

Although Asian bourses weakened, the SET managed to climb as DELTA, ADVANC, and banking stocks, especially KBANK, rallied.The index moved up slightly, forming a black candlestick, but its price pattern continued to advance from the support.We expect the index to continue adjusting up, albeit gradually.

Recommendation: Buy On Weakness, Sell On Strength

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations</li>
<li>Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution</li>
<li>We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk</li>
</ul>


Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk


EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.</li><li>Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.</li><li>Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.

Keep a Close Watch on US Retail Sales and Corporate Earnings

Macroeconomics

<ul><li>Inflation has remained subdued, with June's figures falling below expectations, indicating sluggish economic activity.</li><li>The World Bank recently lowered its 2024E growth forecast to 2.4% (down from 2.8% in April), excluding the potential impacts from the Digital Wallet scheme, attributing it to lower-than-expected exports and government investment.</li><li>We recommend banking stocks such as SCB and KBANK, primarily due to their expected dividend yields exceeding 5% this year.</li></ul>

Inflation has remained subdued, with June's figures falling below expectations, indicating sluggish economic activity.The World Bank recently lowered its 2024E growth forecast to 2.4% (down from 2.8% in April), excluding the potential impacts from the Digital Wallet scheme, attributing it to lower-than-expected exports and government investment.We recommend banking stocks such as SCB and KBANK, primarily due to their expected dividend yields exceeding 5% this year.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

K Bank (279570 KS)

US FOMC/BoJ Meetings

Technically, the SET Index is expected to move sideways, with the resistance at 1,314 points (25-day EMA)/1,320 points and the support at...

Krungthai XSpring

Recommendation: Buy On Weakness, Sell On Strength

Although Asian bourses weakened, the SET managed to climb as DELTA, ADVANC, and banking stocks, especially KBANK, rallied. The index moved up...

Krungthai XSpring

EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

Inter is our buy in EM neobank, offering a balanced business model, with improving execution, controlled NPLs and attractive valuations; Nubank is...

Victor Galliano

Keep a Close Watch on US Retail Sales and Corporate Earnings

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at...

Krungthai XSpring

Lower-Than-Expected Inflation in June

Inflation has remained subdued, with June's figures falling below expectations, indicating sluggish economic activity. The World Bank recently...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)