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 Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.</li><li>The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.</li><li>We expect the index to trade within a narrow range with rebound potential.</li></ul>

The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.We expect the index to trade within a narrow range with rebound potential.

Krungthai XSpring Technical Eng. January 30, 2026

<ul><li>Most Asian bourses advanced, except Indonesia, which fell sharply.</li><li>Despite disappointing 4Q25 earnings, buying in large-cap stocks helped the index look past these concerns.</li><li>The index is at a critical juncture and must break above 1,346 points to confirm a continued rebound.</li></ul>

Most Asian bourses advanced, except Indonesia, which fell sharply.Despite disappointing 4Q25 earnings, buying in large-cap stocks helped the index look past these concerns.The index is at a critical juncture and must break above 1,346 points to confirm a continued rebound.

Krungthai XSpring Technical Eng. January 29, 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>We remain confident that continued global technological advancements will remain a key driver for the technology sector in 2026, as corporate clients continue to upgrade their internal technology infrastructure to keep pace with rapidly evolving customer needs.</li><li>The planned rollout of virtual banks in mid-year is expected to provide another important tailwind for the sector, as companies will have further opportunities to participate in and co-develop these initiatives in the future.</li><li>INFINITAS believes that AI will play a crucial role in the future across two key areas.</li></ul>

We remain confident that continued global technological advancements will remain a key driver for the technology sector in 2026, as corporate clients continue to upgrade their internal technology infrastructure to keep pace with rapidly evolving customer needs.The planned rollout of virtual banks in mid-year is expected to provide another important tailwind for the sector, as companies will have further opportunities to participate in and co-develop these initiatives in the future.INFINITAS believes that AI will play a crucial role in the future across two key areas.

Technology: Key Takeaways From The KTX Seminar: Beyond Banking

<ul><li>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

Thailand

Krungthai Card Public Company Limited is a Thailand-based financial services company primarily engaged in credit card and personal loan businesses. The company offers a variety of credit cards, merchant acquiring services, payment services, and personal loan products including auto title loans, provincial retail lending, and e-money services. It was founded in Bangkok, Thailand, in 1996.

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Krungthai Card (KTC TB)

Krungthai XSpring Technical Eng. January 30, 2026

The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 29, 2026

Most Asian bourses advanced, except Indonesia, which fell sharply. Despite disappointing 4Q25 earnings, buying in large-cap stocks helped the index...

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

Technology: Key Takeaways From The KTX Seminar: Beyond Banking

We remain confident that continued global technological advancements will remain a key driver for the technology sector in 2026, as corporate...

Krungthai XSpring

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

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