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 US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.</li><li>US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.</li><li>The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.</li></ul>

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.

Krungthai XSpring Zoom Eng. February 23, 2026

<ul><li>The SET Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.</li><li>The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.</li><li>The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.</li></ul>

The SET Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.

Krungthai XSpring Zoom Eng. February 20, 2026

<ul><li>Today’s SET Index is expected to extend its gains, but fund flow momentum should be monitored closely.</li><li>The Fed Minutes from the January meeting signaled a slightly more hawkish tone overall.</li><li>The Election Commission (EC) has now reported the results for all 400 constituencies.</li></ul>

Today’s SET Index is expected to extend its gains, but fund flow momentum should be monitored closely.The Fed Minutes from the January meeting signaled a slightly more hawkish tone overall.The Election Commission (EC) has now reported the results for all 400 constituencies.

Krungthai XSpring Zoom Eng. February 19, 2026

<ul><li>Today’s dominant ideas: The SET Index is expected to maintain upward momentum today, although gains may be capped.</li><li>There are continued signs of foreign direct investment (FDI) inflows into Thailand.</li><li>The SET Index closed yesterday at 1,459.68 points (+1.5%), supported by continued fund inflows, with foreign investors recording net buying of Bt3,305mn.</li></ul>

Today’s dominant ideas: The SET Index is expected to maintain upward momentum today, although gains may be capped.There are continued signs of foreign direct investment (FDI) inflows into Thailand.The SET Index closed yesterday at 1,459.68 points (+1.5%), supported by continued fund inflows, with foreign investors recording net buying of Bt3,305mn.

Krungthai XSpring Zoom Eng. February 18, 2026

<ul><li>The SET Index is expected to trade sideways today, with resistance at 1,425/1,440 points and support at 1,406/1,387 points.</li><li>US equities were volatile but eventually closed in negative territory (S&amp;P 500 -0.33%, NASDAQ -0.59%).</li><li>MSCI announced its quarterly index review. For the MSCI Global Small Cap Index, there were no additions, while one stock was removed: CPAXT.</li></ul>

The SET Index is expected to trade sideways today, with resistance at 1,425/1,440 points and support at 1,406/1,387 points.US equities were volatile but eventually closed in negative territory (S&amp;P 500 -0.33%, NASDAQ -0.59%).MSCI announced its quarterly index review. For the MSCI Global Small Cap Index, there were no additions, while one stock was removed: CPAXT.

Krungthai XSpring Zoom Eng. February 11, 2026

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.

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KCE Electronics (KCE TB)

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 20, 2026

The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 19, 2026

Today’s SET Index is expected to extend its gains, but fund flow momentum should be monitored closely.The Fed Minutes from the January meeting...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 18, 2026

The SET Index closed yesterday at 1,459.68 points (+1.5%), supported by continued fund inflows, with foreign investors recording net buying of...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 11, 2026

MSCI announced its quarterly index review. For the MSCI Global Small Cap Index, there were no additions, while one stock was removed: CPAXT.

Krungthai XSpring

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