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 SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.</li><li>The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.</li><li>The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.

Krungthai XSpring Zoom Eng. September 4, 2025

<ul><li>The SET Index today is expected to move with volatility.</li><li>The trend of petrochemical industry production cuts has gained momentum after Reuters reported that the South Korean government ordered petrochemical companies to reduce Naphtha production by around 2.7-3.7mn tons per year.</li><li>Progress on the establishment of NaCGA is expected to enable financial institutions to extend more credit to SMEs and households.</li></ul>

The SET Index today is expected to move with volatility.The trend of petrochemical industry production cuts has gained momentum after Reuters reported that the South Korean government ordered petrochemical companies to reduce Naphtha production by around 2.7-3.7mn tons per year.Progress on the establishment of NaCGA is expected to enable financial institutions to extend more credit to SMEs and households.

Krungthai XSpring Zoom Eng. August 21, 2025

<ul><li>The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.</li><li>Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.</li><li>We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.</li></ul>

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.

Krungthai XSpring Technical Eng. August 19, 2025

<ul><li>The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.</li><li>The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.</li><li>Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.</li></ul>

The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.

Krungthai XSpring Technical Eng. August 18, 2025

<ul><li>Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.</li><li>Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.</li><li>We recommend selective speculation, as the upward trend remains intact.</li></ul>

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.We recommend selective speculation, as the upward trend remains intact.

Krungthai XSpring Technical Eng. August 15, 2025

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 Zoom Eng. September 4, 2025

The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 21, 2025

Progress on the establishment of NaCGA is expected to enable financial institutions to extend more credit to SMEs and households.

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2025

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2025

The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 15, 2025

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled...

Krungthai XSpring

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