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.

Equity Bottom-Up

<ul>
<li>The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on bond yields and supporting renewed buying in technology stocks.</li>
<li>The baht strengthened to around Bt32.86/USD, which we expect to support continued foreign fund inflows (KBANK, ADVANC, CPALL, KCE).</li>
<li>Foreign investment in Thailand totaled Bt219bn in 7M26, up 37% from 2025, with investment concentrated in the EEC.</li>
</ul>


The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on bond yields and supporting renewed buying in technology stocks.
The baht strengthened to around Bt32.86/USD, which we expect to support continued foreign fund inflows (KBANK, ADVANC, CPALL, KCE).
Foreign investment in Thailand totaled Bt219bn in 7M26, up 37% from 2025, with investment concentrated in the EEC.


Krungthai XSpring Zoom Eng. August 20, 2026

<ul><li>We remove CENTEL from the portfolio after the stock fell out of our ranking criteria, with a holding-period return of +4.6%.</li><li>Meanwhile, we reintroduce KBANK to the portfolio.</li><li>Broad-based selling across most sectors weighed on the portfolio, with financial stocks the only exception.</li></ul>

We remove CENTEL from the portfolio after the stock fell out of our ranking criteria, with a holding-period return of +4.6%.Meanwhile, we reintroduce KBANK to the portfolio.Broad-based selling across most sectors weighed on the portfolio, with financial stocks the only exception.

KTX Tactical Picks - August 6, 2026 (Eng.)

Technical Analysis

<ul><li>The SET Index was volatile but recovered quickly, supported by bargain hunting in banking stocks.</li><li>The index's ability to avoid a deeper correction suggests the uptrend remains intact, leaving it well positioned to retest the 1,650 resistance level, with potential for a breakout.</li><li>We therefore recommend buying on weakness, as we continue to expect the index to trend higher, although intermittent consolidation should be expected along the way.</li></ul>

The SET Index was volatile but recovered quickly, supported by bargain hunting in banking stocks.The index's ability to avoid a deeper correction suggests the uptrend remains intact, leaving it well positioned to retest the 1,650 resistance level, with potential for a breakout.We therefore recommend buying on weakness, as we continue to expect the index to trend higher, although intermittent consolidation should be expected along the way.

Krungthai XSpring Technical Eng. July 24, 2026

<ul>
<li>KBANK has been added back to the portfolio, supported by expectations of 2Q26E earnings growth YoY, driven by stronger non-interest income and a recovery in its insurance business.</li>
<li>Most holdings in the portfolio continued to advance, offsetting weakness in the electronic component stocks. As a result, the portfolio's average return rose 0.08%, outperforming the SET's 0.07% decline.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


KBANK has been added back to the portfolio, supported by expectations of 2Q26E earnings growth YoY, driven by stronger non-interest income and a recovery in its insurance business.
Most holdings in the portfolio continued to advance, offsetting weakness in the electronic component stocks. As a result, the portfolio's average return rose 0.08%, outperforming the SET's 0.07% decline.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


KTX Tactical Picks - July 17, 2026 (Eng.)

<ul><li>We maintain our Outperform rating and raise our 12month forward fair value to Bt237.00, based on a PBV of 0.94x (from Bt212.90, based on a PBV of 0.85x), reflecting our earnings forecast revision and the roll-forward of our valuation under updated macroeconomic assumptions, including a 10-year government bond yield of 1.87% (from 1.83%).</li><li>Our new fair value implies an upside of around 10%. We expect 2Q26E earnings to continue growing YoY, supported by higher non-interest income and a recovery in the insurance business. Meanwhile, loan growth is expected to rebound strongly in 2Q26E as balance sheet restructuring progresses under the low policy rate environment, as part of the bank's balance sheet management strategy alongside dividend payments and share buybacks.</li><li>We expect KBANK to report a 2Q26E net profit of Bt13.0bn, up 3.6% YoY but down 11.8% QoQ, or down 3.3% QoQ excluding the one-off item recorded in 1Q26.</li></ul>

We maintain our Outperform rating and raise our 12month forward fair value to Bt237.00, based on a PBV of 0.94x (from Bt212.90, based on a PBV of 0.85x), reflecting our earnings forecast revision and the roll-forward of our valuation under updated macroeconomic assumptions, including a 10-year government bond yield of 1.87% (from 1.83%).Our new fair value implies an upside of around 10%. We expect 2Q26E earnings to continue growing YoY, supported by higher non-interest income and a recovery in the insurance business. Meanwhile, loan growth is expected to rebound strongly in 2Q26E as balance sheet restructuring progresses under the low policy rate environment, as part of the bank's balance sheet management strategy alongside dividend payments and share buybacks.We expect KBANK to report a 2Q26E net profit of Bt13.0bn, up 3.6% YoY but down 11.8% QoQ, or down 3.3% QoQ excluding the one-off item recorded in 1Q26.

KBANK: 2Q26E Earnings To Rise YoY, Decline QoQ – Outperform

Thailand

Kasikornbank Public Company Limited (KBank) is a leading commercial bank in Thailand, offering a comprehensive range of financial products and services to corporate and retail customers. These services include various types of loans, deposit accounts, debit and credit cards, investment products, and digital banking solutions. KBank was established on June 8, 1945, and is headquartered in Bangkok, Thailand.

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Kasikornbank (KBANK-R TB)

Krungthai XSpring Zoom Eng. August 20, 2026

The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on...

Krungthai XSpring

KTX Tactical Picks - August 6, 2026 (Eng.)

We remove CENTEL from the portfolio after the stock fell out of our ranking criteria, with a holding-period return of +4.6%. Meanwhile, we...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 24, 2026

The SET Index was volatile but recovered quickly, supported by bargain hunting in banking stocks. The index's ability to avoid a deeper correction...

Krungthai XSpring

KTX Tactical Picks - July 17, 2026 (Eng.)

KBANK has been added back to the portfolio, supported by expectations of 2Q26E earnings growth YoY, driven by stronger non-interest income and a...

Krungthai XSpring

KBANK: 2Q26E Earnings To Rise YoY, Decline QoQ – Outperform

We expect KBANK to report a 2Q26E net profit of Bt13.0bn, up 3.6% YoY but down 11.8% QoQ, or down 3.3% QoQ excluding the one-off item recorded in...

Krungthai XSpring

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