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>Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.</li><li>Brent crude jumped over 5% this morning as the Strait of Hormuz remains closed—positive for upstream energy (PTTEP, PTT) but negative for oil-sensitive sectors such as transport (PSL, AAV), tourism (ERW, MINT), and construction materials (TASCO, SCC).</li><li>Today’s XD effect is expected to drag the SET Index by ~2.99 points, led by SCB (Bt9.28/share) and CPAXT (Bt0.53/share).</li></ul>

Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.Brent crude jumped over 5% this morning as the Strait of Hormuz remains closed—positive for upstream energy (PTTEP, PTT) but negative for oil-sensitive sectors such as transport (PSL, AAV), tourism (ERW, MINT), and construction materials (TASCO, SCC).Today’s XD effect is expected to drag the SET Index by ~2.99 points, led by SCB (Bt9.28/share) and CPAXT (Bt0.53/share).

Krungthai XSpring Zoom Eng. April 20, 2026

<ul><li>The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.</li><li>The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.</li><li>Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.</li></ul>

The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.

Krungthai XSpring Technical Eng. April 17, 2026

<ul><li>The March FOMC Minutes signal a broadly neutral stance.</li><li>The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.</li><li>The Thai equity market rose by 20.6 points (+1.41%) yesterday to close at 1,485.03, supported by easing tensions in the Middle East after the US and Iran announced a two-week ceasefire, along with renewed foreign fund inflows.</li></ul>

The March FOMC Minutes signal a broadly neutral stance.The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.The Thai equity market rose by 20.6 points (+1.41%) yesterday to close at 1,485.03, supported by easing tensions in the Middle East after the US and Iran announced a two-week ceasefire, along with renewed foreign fund inflows.

Krungthai XSpring Zoom Eng. April 9, 2026

<ul><li>The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.</li><li>The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.</li><li>Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.</li></ul>

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.

Krungthai XSpring Zoom Eng. April 8, 2026

<ul><li>The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.</li><li>The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.</li><li>Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.</li></ul>

The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring Zoom Eng. April 7, 2026

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. April 20, 2026

Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.Brent crude jumped over 5% this morning as the Strait of Hormuz...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 17, 2026

The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 9, 2026

The Ministry plans to seek approval for a Bt2.9bn central budget to help ease living costs, to be proposed at a special cabinet meeting on April 11.

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 8, 2026

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 7, 2026

Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring

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