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>US: US stock markets rebounded (S&amp;P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.</li><li>S&amp;P Global reported Thailand's January Manufacturing PMI at 52.7, moderating from 57.4 in December 2025 (below the consensus estimate of 58).</li><li>Foreign investors remained net sellers of Thai equities for the third consecutive day, though the selling pressure eased significantly to just THB 297 million.</li></ul>

US: US stock markets rebounded (S&amp;P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.S&amp;P Global reported Thailand's January Manufacturing PMI at 52.7, moderating from 57.4 in December 2025 (below the consensus estimate of 58).Foreign investors remained net sellers of Thai equities for the third consecutive day, though the selling pressure eased significantly to just THB 297 million.

Krungthai XSpring Zoom Eng. February 3, 2026

<ul><li>Asian bourses rebounded in line with the US market, with buying interest flowing into DELTA, ADVANC, SCB, BBL, and PTT, driving the SET sharply higher.</li><li>The index rebounded quickly near the 1,300 support, underscoring strong and reliable buying interest.</li><li>We expect the index to continue rising and recommend selective speculation.</li></ul>

Asian bourses rebounded in line with the US market, with buying interest flowing into DELTA, ADVANC, SCB, BBL, and PTT, driving the SET sharply higher.The index rebounded quickly near the 1,300 support, underscoring strong and reliable buying interest.We expect the index to continue rising and recommend selective speculation.

Krungthai XSpring Technical Eng. January 28, 2026

<ul><li>The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.</li><li>The index pulled back toward the 1,330–1,296 support range.</li><li>We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.</li></ul>

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.The index pulled back toward the 1,330–1,296 support range.We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.

Krungthai XSpring Technical Eng. January 27, 2026

<ul><li>The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.</li><li>Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.</li><li>Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.</li></ul>

The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

<ul><li>The SET moved higher in line with most Asian bourses, rebounding as concerns over a US–Europe trade war eased.</li><li>In the short term, the index remains on an upward path toward the 1,330-point resistance, supported by a rising MACD and a positive RSI signal that remains well below the overbought zone.</li><li>We therefore continue to recommend selective speculation; however, should the index fall below the 1,300-point support, we would review our outlook.</li></ul>

The SET moved higher in line with most Asian bourses, rebounding as concerns over a US–Europe trade war eased.In the short term, the index remains on an upward path toward the 1,330-point resistance, supported by a rising MACD and a positive RSI signal that remains well below the overbought zone.We therefore continue to recommend selective speculation; however, should the index fall below the 1,300-point support, we would review our outlook.

Krungthai XSpring Technical Eng. January 26, 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 3, 2026

US: US stock markets rebounded (S&P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 28, 2026

Asian bourses rebounded in line with the US market, with buying interest flowing into DELTA, ADVANC, SCB, BBL, and PTT, driving the SET sharply...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 27, 2026

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions

Krungthai XSpring

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 26, 2026

We therefore continue to recommend selective speculation; however, should the index fall below the 1,300-point support, we would review our outlook.

Krungthai XSpring

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