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 SET Index is expected to trade sideways today, with support at 1,300/1,280 and resistance at 1,317/1,330.</li><li>The US: US equities extended gains (S&amp;P 500 +0.55%, NASDAQ +0.91%), supported by easing US–Europe tensions after Donald Trump said tariffs on eight European countries would be dropped following agreement on a Greenland negotiation framework.</li><li>USDTHB: The baht has reversed to weaken over the past two days, driven mainly by i) external factors, as the US dollar strengthened and gold prices declined amid easing US–Europe tensions, and ii) domestic factors, after the Bank of Thailand (BoT) signaled tighter oversight of gold-related transactions to reduce baht volatility linked to gold prices.</li></ul>

The SET Index is expected to trade sideways today, with support at 1,300/1,280 and resistance at 1,317/1,330.The US: US equities extended gains (S&amp;P 500 +0.55%, NASDAQ +0.91%), supported by easing US–Europe tensions after Donald Trump said tariffs on eight European countries would be dropped following agreement on a Greenland negotiation framework.USDTHB: The baht has reversed to weaken over the past two days, driven mainly by i) external factors, as the US dollar strengthened and gold prices declined amid easing US–Europe tensions, and ii) domestic factors, after the Bank of Thailand (BoT) signaled tighter oversight of gold-related transactions to reduce baht volatility linked to gold prices.

Krungthai XSpring Zoom Eng. January 23, 2026

<ul><li>The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

<ul><li>US equities moved largely sideways (S&amp;P 500 +0.01%, NASDAQ -0.44%), as gains in non-tech sectors such as energy, consumer staples, and materials were offset by declines in technology stocks.</li><li>Crude oil prices rebounded sharply by 3.4%, supported by unrest in Iran, where protests have spread nationwide and demonstrators have set fires on roads.</li><li>The short-term spike in oil prices may provide positive sentiment for Thai energy stocks (PTTEP, PTT).</li></ul>

US equities moved largely sideways (S&amp;P 500 +0.01%, NASDAQ -0.44%), as gains in non-tech sectors such as energy, consumer staples, and materials were offset by declines in technology stocks.Crude oil prices rebounded sharply by 3.4%, supported by unrest in Iran, where protests have spread nationwide and demonstrators have set fires on roads.The short-term spike in oil prices may provide positive sentiment for Thai energy stocks (PTTEP, PTT).

Krungthai XSpring Zoom Eng. January 9, 2026

<ul><li>The SET Index is expected to consolidate or trade slightly sideways up today, with the support at 1,270/1,260 and the resistance at 1,284/1,300.</li><li>Thailand’s S&amp;P Global Manufacturing PMI rose to 57.4 in December, the highest in two years and seven months (since May 2023) and above the consensus of 56.2, driven mainly by stronger production and new orders.</li><li>We recommend trading DELTA and gradually accumulating GULF and AMATA.</li></ul>

The SET Index is expected to consolidate or trade slightly sideways up today, with the support at 1,270/1,260 and the resistance at 1,284/1,300.Thailand’s S&amp;P Global Manufacturing PMI rose to 57.4 in December, the highest in two years and seven months (since May 2023) and above the consensus of 56.2, driven mainly by stronger production and new orders.We recommend trading DELTA and gradually accumulating GULF and AMATA.

Krungthai XSpring Zoom Eng. January 6, 2026

<ul><li>Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.</li><li>Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.</li><li>Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.</li></ul>

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. December 26, 2025

Thailand

KCE Electronics Public Company Limited is a Thai manufacturer and distributor of custom Printed Circuit Boards (PCBs) under the "KCE" trademark. These PCBs are used in a wide range of applications, including automotive, industrial, computer, and telecommunication systems. The company was founded in 1982 and is headquartered in Bangkok, Thailand.

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

KCE Electronics (KCE TB)

Krungthai XSpring Zoom Eng. January 23, 2026

The US: US equities extended gains (S&P 500 +0.55%, NASDAQ +0.91%), supported by easing US–Europe tensions after Donald Trump said tariffs on eight...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 9, 2026

US equities moved largely sideways (S&P 500 +0.01%, NASDAQ -0.44%), as gains in non-tech sectors such as energy, consumer staples, and materials...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 6, 2026

The SET Index is expected to consolidate or trade slightly sideways up today, with the support at 1,270/1,260 and the resistance at 1,284/1,300.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 26, 2025

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)