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

<ul><li>Asian markets were closed for Chinese New Year, except for those in Tokyo and India, both of which saw gains as investors awaited the results of the Fed meeting.</li><li>The index managed to hold above the 1,340-point support level, though with low volume, leaving its direction unclear.</li><li>As we expect the index to move sideways or rise, we recommend buying on weakness, selling on strength for risk-loving investors.</li></ul>

Asian markets were closed for Chinese New Year, except for those in Tokyo and India, both of which saw gains as investors awaited the results of the Fed meeting.The index managed to hold above the 1,340-point support level, though with low volume, leaving its direction unclear.As we expect the index to move sideways or rise, we recommend buying on weakness, selling on strength for risk-loving investors.

<ul><li>The market was awaiting the Fed meeting results, while the MPC meeting result was as expected, causing the SET to lack supporting factors and fail to rise above 1,400 points.</li><li>Falling below the 1,400-point level puts the index at risk of dropping further toward the major support at 1,370 points.</li><li>We recommend wait & see until the index can stand above 1,400 points or it bounces back up with dense volume.</li></ul>

The market was awaiting the Fed meeting results, while the MPC meeting result was as expected, causing the SET to lack supporting factors and fail to rise above 1,400 points.Falling below the 1,400-point level puts the index at risk of dropping further toward the major support at 1,370 points.We recommend wait & see until the index can stand above 1,400 points or it bounces back up with dense volume.

Equity Bottom-Up

<ul><li>The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July.</li><li>Crude oil prices surged to nearly USD110/bbl after the Houthis seized a port city in Yemen, disrupting shipping in the Red Sea.</li><li>Data center investment in Thailand is expected to reach around Bt570bn during 2026-30, benefiting infrastructure plays (WHA, GULF and WHAUP).</li></ul>

The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July.Crude oil prices surged to nearly USD110/bbl after the Houthis seized a port city in Yemen, disrupting shipping in the Red Sea.Data center investment in Thailand is expected to reach around Bt570bn during 2026-30, benefiting infrastructure plays (WHA, GULF and WHAUP).

Krungthai XSpring Zoom Eng. September 11, 2026

<ul><li>Asian bourses recovered, the baht strengthened, and the market's expectations for economic stimulus measures pushed the SET up to 1,471.48 points.</li><li>The index continued its steady upward movement, remaining above 1,460 points, which increases the likelihood of it testing the resistance at 1,474 points.</li><li>We expect the index to move sideways in a tight range or gradually adjust upward, so we recommend buying on weakness, selling on strength.</li></ul>

Asian bourses recovered, the baht strengthened, and the market's expectations for economic stimulus measures pushed the SET up to 1,471.48 points.The index continued its steady upward movement, remaining above 1,460 points, which increases the likelihood of it testing the resistance at 1,474 points.We expect the index to move sideways in a tight range or gradually adjust upward, so we recommend buying on weakness, selling on strength.

Recommendation: Buy on Weakness, Sell on Strength

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,406 and 1,397 points (10-day EMA); the resistance is at 1,422/1,431 points.</li><li>The consensus expects the ECB to cut its policy rate by 25 bps to 4.0% (from 4.25%), the deposit facility rate to 3.5% (from 3.75%), and the marginal lending rate to 4.25% (from 4.5%) at its meeting on September 12.</li><li>We recommend stocks with positive outlooks: MINT, AP, and HMPRO.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,406 and 1,397 points (10-day EMA); the resistance is at 1,422/1,431 points.The consensus expects the ECB to cut its policy rate by 25 bps to 4.0% (from 4.25%), the deposit facility rate to 3.5% (from 3.75%), and the marginal lending rate to 4.25% (from 4.5%) at its meeting on September 12.We recommend stocks with positive outlooks: MINT, AP, and HMPRO.

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.

Price Gauge
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Mint / (MIT CN)

Technical Analysis

Asian markets were closed for Chinese New Year, except for those in Tokyo and India, both of which saw gains as investors awaited the results of...

Krungthai XSpring

Technical Analysis

The market was awaiting the Fed meeting results, while the MPC meeting result was as expected, causing the SET to lack supporting factors and fail...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 11, 2026

The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July. Crude...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

Asian bourses recovered, the baht strengthened, and the market's expectations for economic stimulus measures pushed the SET up to 1,471.48...

Krungthai XSpring

ECB Meeting

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,406 and 1,397 points (10-day EMA); the resistance...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)