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>Asian bourses tumbled following the Dow Jones’ decline, as technology shares came under heavy sell-off pressure amid rising concerns that the US stock market may be entering a bubble phase.</li><li>Although the index continued to edge lower, there were signs of recovery attempts, and the weakness in blue-chip stocks remained limited.</li><li>Hence, we recommend buying on dips, maintaining a constructive outlook that the recent pullback is temporary and the index is poised for a near-term rebound.</li></ul>

Asian bourses tumbled following the Dow Jones’ decline, as technology shares came under heavy sell-off pressure amid rising concerns that the US stock market may be entering a bubble phase.Although the index continued to edge lower, there were signs of recovery attempts, and the weakness in blue-chip stocks remained limited.Hence, we recommend buying on dips, maintaining a constructive outlook that the recent pullback is temporary and the index is poised for a near-term rebound.

Krungthai XSpring Technical Eng. November 6, 2025

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

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</a>, </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - Berli Jucker, CSAP, and Silverlake Asia

Samart Aviation Solutions Public Co Ltd / Equity Bottom-Up

Samart Aviation Solutions Public Co Ltd (SAV TB)

<ul><li>Global financial markets closed in risk-off mode after the 10-year US Treasury yield surged to 4.80%, its highest level in three years.</li><li>Brent crude oil prices rose around 5% to USD95/bbl after the US President threatened a forceful military response if Iran retaliated, supporting oil-related stocks (PTTEP, BCP, and PTTGC).</li><li>We expect the SET Index to decline toward support at around 1,575 points amid volatility across global financial markets, as investors shift into risk-off mode, with selling pressure extending even to gold.</li></ul>

Global financial markets closed in risk-off mode after the 10-year US Treasury yield surged to 4.80%, its highest level in three years.Brent crude oil prices rose around 5% to USD95/bbl after the US President threatened a forceful military response if Iran retaliated, supporting oil-related stocks (PTTEP, BCP, and PTTGC).We expect the SET Index to decline toward support at around 1,575 points amid volatility across global financial markets, as investors shift into risk-off mode, with selling pressure extending even to gold.

Krungthai XSpring Zoom Eng. September 2, 2026

<ul><li>Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks.</li><li>The government is expected to launch the "Thai Tiew Thai Plus" domestic tourism stimulus program in December 2026, with a Bt3.5bn budget to subsidize accommodation costs and provide cash coupons.</li><li>We upgrade the electronics sector to Overweight as earnings enter an upcycle while valuations remain reasonable.</li></ul>

Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks.The government is expected to launch the "Thai Tiew Thai Plus" domestic tourism stimulus program in December 2026, with a Bt3.5bn budget to subsidize accommodation costs and provide cash coupons.We upgrade the electronics sector to Overweight as earnings enter an upcycle while valuations remain reasonable.

Krungthai XSpring Zoom Eng. August 28, 2026

Thailand

Mr. D.I.Y. Holding (Thailand) Public Company Limited operates as a holding company. The Company, through its subsidiaries, retails home improvement, decoration, and repair products. Mr. D.I.Y. Holding (Thailand) serves customers worldwide.

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Mr. DIY Holding (Thailand) (MRDIYT TB)

Krungthai XSpring Technical Eng. November 6, 2025

Asian bourses tumbled following the Dow Jones’ decline, as technology shares came under heavy sell-off pressure amid rising concerns that the US...

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

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh

Krungthai XSpring Zoom Eng. September 2, 2026

Global financial markets closed in risk-off mode after the 10-year US Treasury yield surged to 4.80%, its highest level in three years. Brent...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 28, 2026

Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks. The government is...

Krungthai XSpring

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