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.

Technical Analysis

Kiatnakin Phatra Bank / Technical Analysis

<ul><li>The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased.</li><li>We maintain our recommendation for selective buying as market leadership continues to rotate among leading stocks.</li><li>The MACD histogram could also turn positive.</li></ul>

The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased.We maintain our recommendation for selective buying as market leadership continues to rotate among leading stocks.The MACD histogram could also turn positive.

Equity Bottom-Up

<ul><li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li><li>TCAP has been removed from the ranking with a holding-period return of -5.0%, and KKP has been added to the portfolio as a replacement.</li><li>Gains in electronics components and media stocks lifted the portfolio return by 0.36%, outperforming the SET (+0.14%), which was pressured by declines in the energy and banking sectors.</li></ul>

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.TCAP has been removed from the ranking with a holding-period return of -5.0%, and KKP has been added to the portfolio as a replacement.Gains in electronics components and media stocks lifted the portfolio return by 0.36%, outperforming the SET (+0.14%), which was pressured by declines in the energy and banking sectors.

<ul>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>KKP has fallen below the ranking criteria, with a holding-period return of -3.5%.</li>
<li>Selling pressure in energy stocks dragged the portfolio return down 1.02%, underperforming the SET's 0.60% decline.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
KKP has fallen below the ranking criteria, with a holding-period return of -3.5%.
Selling pressure in energy stocks dragged the portfolio return down 1.02%, underperforming the SET's 0.60% decline.


KTX Tactical Picks - September 28, 2026 (Eng.)

<ul><li>We maintain an Outperform rating and raise the FV to Bt132.00, based on 1.58x PBV, from Bt120.00 based on 1.47x PBV.</li><li>We expect strong 3Q26E earnings growth, supported by the capital-market business's comprehensive ecosystem across all segments.</li><li>The banking business should also maintain good asset-quality control.</li></ul>

We maintain an Outperform rating and raise the FV to Bt132.00, based on 1.58x PBV, from Bt120.00 based on 1.47x PBV.We expect strong 3Q26E earnings growth, supported by the capital-market business's comprehensive ecosystem across all segments.The banking business should also maintain good asset-quality control.

Earnings Preview KKP Kiatnakin Phatra Bank Public Company Limited

Cross Asset Strategy

<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


Thailand

Kiatnakin Phatra Bank Public Company Limited is a full-service commercial bank based in Thailand, offering a wide range of financial products and services to individual, business, corporate, and institutional clients. Its offerings include deposits, various types of loans (auto, personal, home, SME), investment products, and digital banking services. The company is headquartered in Bangkok, Thailand, and was founded in 1971.

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Kiatnakin Phatra Bank (KKP TB)

Recommendation: Selective Buy

The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased. We maintain our recommendation for selective buying...

Krungthai XSpring

KTX Tactical Picks

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. TCAP has been...

Krungthai XSpring

KTX Tactical Picks - September 28, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. KKP has fallen...

Krungthai XSpring

Earnings Preview KKP Kiatnakin Phatra Bank Public Company Limited

We maintain an Outperform rating and raise the FV to Bt132.00, based on 1.58x PBV, from Bt120.00 based on 1.47x PBV. We expect strong 3Q26E...

Krungthai XSpring

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

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