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 likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.</li><li>For example, bank stocks are seeing profit-taking after strong gains, while buying interest is shifting toward sectors like telecommunications and energy.</li><li>On the external front, concerns over high bond yield conditions continue to weigh on the market. </li></ul>

The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.For example, bank stocks are seeing profit-taking after strong gains, while buying interest is shifting toward sectors like telecommunications and energy.On the external front, concerns over high bond yield conditions continue to weigh on the market. 

KTX Zoom: Bond Auction Yield Rises & Half-Price Thai Travel Scheme - MAY 22, 2025

<ul><li>The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.</li><li>As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.</li><li>However, foreign investors remained net buyers for the second consecutive day.</li></ul>

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.However, foreign investors remained net buyers for the second consecutive day.

<ul><li>The US 20-year bond auction on May 22 may accelerate the rise in US bond yields after it was observed that indirect bidders (mostly foreign reserves) have continued to reduce their share in long-term 30-year bond auctions, falling to 58.8% in May — dropping below the 60% level for the first time in three years (Figure 1).</li><li>This indicates that global reserves have lowered their demand for holding long- term US bonds.</li><li>The reduction in US bond holdings by global reserves has pressured the bid cover ratio downward (Figure 2), resulting in a spike in auction yields on the primary market to as high as 4.82%, nearing the record high of 4.91% (Figure 3). </li></ul>

The US 20-year bond auction on May 22 may accelerate the rise in US bond yields after it was observed that indirect bidders (mostly foreign reserves) have continued to reduce their share in long-term 30-year bond auctions, falling to 58.8% in May — dropping below the 60% level for the first time in three years (Figure 1).This indicates that global reserves have lowered their demand for holding long- term US bonds.The reduction in US bond holdings by global reserves has pressured the bid cover ratio downward (Figure 2), resulting in a spike in auction yields on the primary market to as high as 4.82%, nearing the record high of 4.91% (Figure 3). 

KTX Ahead - Sell on Fact in SET Presents a Buying Opportunity

<ul><li>Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.</li><li>As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.</li><li>However, the index still posted a 1.25% decline from the previous week.</li></ul>

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.However, the index still posted a 1.25% decline from the previous week.

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance at 1,225/1,231 points.</li><li>In the short term, the rally of over 15% from the recent low of 1,056.41 points on April 8 appears to be nearing its end.</li><li>We expect clarity soon on the peak of Wave 1 (out of 5 upward waves in the Elliott Wave pattern), before entering a correction phase, where Wave 2 typically retraces 50-61.8% of Wave 1. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance at 1,225/1,231 points.In the short term, the rally of over 15% from the recent low of 1,056.41 points on April 8 appears to be nearing its end.We expect clarity soon on the peak of Wave 1 (out of 5 upward waves in the Elliott Wave pattern), before entering a correction phase, where Wave 2 typically retraces 50-61.8% of Wave 1. 

KTX Zoom - Fed Chair's Speech and Russia-Ukraine Ceasefire Negotiations

Thailand

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

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Muangthai Capital (MTC TB)

KTX Zoom: Bond Auction Yield Rises & Half-Price Thai Travel Scheme - MAY 22, 2025

The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.

Krungthai XSpring

Technical Analysis - MAY 22, 2025

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy. As a result, the SET’s attempt to...

Krungthai XSpring

KTX Ahead - Sell on Fact in SET Presents a Buying Opportunity

This development suggests that the US continues to face risk of a severe valuation de-rating due to the high-yield condition.

Krungthai XSpring

Technical Analysis - MAY 19, 2025

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting...

Krungthai XSpring

KTX Zoom - Fed Chair's Speech and Russia-Ukraine Ceasefire Negotiations

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance...

Krungthai XSpring

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