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 weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<ul><li>Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.</li><li>Tourist arrivals in 2025E are expected to fall 7.3% YoY.</li><li>In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.</li></ul>

Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.Tourist arrivals in 2025E are expected to fall 7.3% YoY.In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.

Tourism: Tourist Arrivals Are Unlikely To Recover In The Near Term. - Neutral

<ul><li>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

<ul><li>Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.</li><li>The index stayed firmly above the 1,250–1,230 support zone and began to rebound.</li><li>However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.</li></ul>

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.The index stayed firmly above the 1,250–1,230 support zone and began to rebound.However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.

Krungthai XSpring Technical Eng. December 2, 2025

<ul><li>The SET continued to trade in a volatile, narrow range, repeating its persistently light volume and a lack of new catalysts.</li><li>The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.</li><li>Nevertheless, we continue to recommend a “buy on dips, sell on rebounds” strategy, as trading volume remains thin and the index is still waiting for clear positive signals to drive a stronger move higher.</li></ul>

The SET continued to trade in a volatile, narrow range, repeating its persistently light volume and a lack of new catalysts.The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.Nevertheless, we continue to recommend a “buy on dips, sell on rebounds” strategy, as trading volume remains thin and the index is still waiting for clear positive signals to drive a stronger move higher.

Krungthai XSpring Technical Eng. December 1, 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 Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

Tourism: Tourist Arrivals Are Unlikely To Recover In The Near Term. - Neutral

In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 2, 2025

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 1, 2025

The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.

Krungthai XSpring

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