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 with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.</li><li>China’s international trade data for October came in weaker than expected.</li><li>The Customs Department plans to implement import taxes on goods purchased directly from overseas through e-commerce platforms to address unfair competition faced by domestic businesses.</li></ul>

The SET Index is expected to trade sideways with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.China’s international trade data for October came in weaker than expected.The Customs Department plans to implement import taxes on goods purchased directly from overseas through e-commerce platforms to address unfair competition faced by domestic businesses.

Krungthai XSpring Zoom Eng. November 10, 2025

<ul><li>The US: US equities rebounded (S&amp;P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.</li><li>Thailand: Thailand’s headline inflation in October contracted –0.76% YoY, close to the market forecast of –0.8%, marking the seventh consecutive month of decline.</li><li>Thailand: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised its 2025 export growth forecast from 2–3% to 9.5–10.5% but maintained its GDP forecast at 1.8–2.2%, citing limited spillover effects from exports to the broader economy.</li></ul>

The US: US equities rebounded (S&amp;P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.Thailand: Thailand’s headline inflation in October contracted –0.76% YoY, close to the market forecast of –0.8%, marking the seventh consecutive month of decline.Thailand: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised its 2025 export growth forecast from 2–3% to 9.5–10.5% but maintained its GDP forecast at 1.8–2.2%, citing limited spillover effects from exports to the broader economy.

Krungthai XSpring Zoom Eng. November 6, 2025

<ul><li>The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.</li><li>The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.</li><li>We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).</li></ul>

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).

Krungthai XSpring Zoom Eng. October 27, 2025

<ul><li>The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.</li><li>Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.</li><li>Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.</li></ul>

The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.

Krungthai XSpring Zoom Eng. October 24, 2025

<ul><li>The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.</li><li>We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.</li><li>Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.</li></ul>

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.

Krungthai XSpring Zoom Eng. October 20, 2025

Thailand

KCE Electronics Public Company Limited and its subsidiaries manufacture and export single-layered, multi-layered, and double-sided printed circuit boards (PCBs) under its KCE trademark.  Multi-layered PCBs are used mainly in high technology equipment and high precision instruments.  Double-sided PCBs are used largely in telecommunication and computing equipment.

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KCE Electronics PCL (KCE TB)

Krungthai XSpring Zoom Eng. November 10, 2025

The SET Index is expected to trade sideways with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 6, 2025

The US: US equities rebounded (S&P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 27, 2025

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 24, 2025

The SET Index is expected to trade in a sideways-up pattern today, with the resistance at 1,314 and 1,334 points, and support at 1,300 and 1,280...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 20, 2025

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses...

Krungthai XSpring

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