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.

Cross Asset Strategy

<ul><li>(+) US June Nonfarm Payrolls came in at less than half of market expectations, reducing the likelihood of further Fed rate hikes and supporting risk appetite.</li><li>(+) We maintain our positive view on the banking sector, as its key supporting factors are expected to become more evident in 2H26.</li><li>The SET Index is likely to rebound and retest the 1,600 level, supported by easing concerns over further Fed rate hikes following weaker-than-expected US labor market data.</li></ul>

(+) US June Nonfarm Payrolls came in at less than half of market expectations, reducing the likelihood of further Fed rate hikes and supporting risk appetite.(+) We maintain our positive view on the banking sector, as its key supporting factors are expected to become more evident in 2H26.The SET Index is likely to rebound and retest the 1,600 level, supported by easing concerns over further Fed rate hikes following weaker-than-expected US labor market data.

Thematic (Sector/Industry)

<ul><li>We believe the BOT’s fee reduction measures will have only a limited and manageable impact on the banking sector’s earnings.</li><li>KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top picks.</li><li>The Bank of Thailand (BOT) announced new regulations on June 2, 2026, introducing service fee standards and reducing fees on 19 items across four key areas: deposits, electronic cards, payment services, and SME lending.</li></ul>

We believe the BOT’s fee reduction measures will have only a limited and manageable impact on the banking sector’s earnings.KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top picks.The Bank of Thailand (BOT) announced new regulations on June 2, 2026, introducing service fee standards and reducing fees on 19 items across four key areas: deposits, electronic cards, payment services, and SME lending.

Banking: Fee Structure Adjustment: Limited Impact On Earnings - Overweight

<ul><li>The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.</li><li>The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.</li><li>We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.</li></ul>

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.

Krungthai XSpring Technical Eng. June 4, 2026

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

<ul><li>Expectations for a second round of US–Iran negotiations—after the first round failed over nuclear disagreements—are supporting global equity sentiment.</li><li>The 1Q26 earnings season begins with TISCO today (expected net profit of Bt1.66bn, +0.8% YoY, +0.9% QoQ).</li><li>The Cabinet approved low-interest loans for households to support energy transition (solar installation, EV purchases), positive for financials (TIDLOR, MTC) and power (GUNKUL, GULF).</li></ul>

Expectations for a second round of US–Iran negotiations—after the first round failed over nuclear disagreements—are supporting global equity sentiment.The 1Q26 earnings season begins with TISCO today (expected net profit of Bt1.66bn, +0.8% YoY, +0.9% QoQ).The Cabinet approved low-interest loans for households to support energy transition (solar installation, EV purchases), positive for financials (TIDLOR, MTC) and power (GUNKUL, GULF).

Krungthai XSpring Zoom Eng. April 16, 2026

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)

Krungthai XSpring Zoom Eng. July 3, 2026

(+) US June Nonfarm Payrolls came in at less than half of market expectations, reducing the likelihood of further Fed rate hikes and supporting...

Krungthai XSpring

Banking: Fee Structure Adjustment: Limited Impact On Earnings - Overweight

KTX maintains its Overweight stance on the banking sector, with KBANK (Outperform, TP Bt212.90) and BBL (Neutral, TP Bt175.80) remaining our top...

Krungthai XSpring

Krungthai XSpring Technical Eng. June 4, 2026

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 16, 2026

Expectations for a second round of US–Iran negotiations—after the first round failed over nuclear disagreements—are supporting global equity...

Krungthai XSpring

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