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 move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.</li><li>Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.</li><li>The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

<ul><li>The SET rose for the second consecutive day, moving in line with other Asian markets, supported by growing expectations that the Fed will cut interest rates and easing concerns over the US–China trade conflict.</li><li>We maintain our recommendation to buy on dips during periods of low trading volume, as the index may remain volatile and prone to quick pullbacks.</li><li>The index continues to climb gradually, with intraday pullbacks and light trading volume.</li></ul>

The SET rose for the second consecutive day, moving in line with other Asian markets, supported by growing expectations that the Fed will cut interest rates and easing concerns over the US–China trade conflict.We maintain our recommendation to buy on dips during periods of low trading volume, as the index may remain volatile and prone to quick pullbacks.The index continues to climb gradually, with intraday pullbacks and light trading volume.

Krungthai XSpring Technical Eng. October 22, 2025

<ul><li>The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new economic stimulus measures.</li><li>Recently, the index has fluctuated sharply but managed to sustain its upward momentum toward the 1,300-point level.</li><li>Therefore, we recommend buying on dips, as the index may see short-term pullbacks until trading volume strengthens.</li></ul>

The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new economic stimulus measures.Recently, the index has fluctuated sharply but managed to sustain its upward momentum toward the 1,300-point level.Therefore, we recommend buying on dips, as the index may see short-term pullbacks until trading volume strengthens.

Krungthai XSpring Technical Eng. October 21, 2025

<ul><li>The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.</li><li>Despite the steep decline, trading volume remained light, and the index continued to move sideways.</li><li>Consequently, the downside appears limited, presenting an opportunity for accumulation. We therefore recommend buying on dips.</li></ul>

The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.Despite the steep decline, trading volume remained light, and the index continued to move sideways.Consequently, the downside appears limited, presenting an opportunity for accumulation. We therefore recommend buying on dips.

Krungthai XSpring Technical Eng. October 20, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.</li><li>The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person (1x deduction for major cities and 1.5x for secondary cities) between October 29 and December 15.</li><li>Foreign investors turned net buyers of Thai equities for the first time in four days, adding further support to the market.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person (1x deduction for major cities and 1.5x for secondary cities) between October 29 and December 15.Foreign investors turned net buyers of Thai equities for the first time in four days, adding further support to the market.

Krungthai XSpring Zoom Eng. October 16, 2025

Canada

The Mint Corporation is a provider of prepaid financial products and services worldwide primarily focused on the underserved. The Company works with business partners to customize prepaid card programs that are tailored to meet a company and its card holder's needs. Mint provides payroll services, money remittance, alternatives to credit, youth cards, travel and general purpose products.

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Mint / (MIT CN)

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 22, 2025

We maintain our recommendation to buy on dips during periods of low trading volume, as the index may remain volatile and prone to quick pullbacks.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 21, 2025

The SET rebounded in line with other Asian markets amid easing US–China trade tensions and growing optimism over 3Q25 bank earnings and new...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 20, 2025

The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 16, 2025

The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person...

Krungthai XSpring

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