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>Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index managed to climb as buying activity surged.</li><li>A total of 392 stocks rose, while only 127 declined. Notably, DELTA halted its downward movement, and sectors such as banking, finance, food, and tourism saw a rebound.</li><li>The index showed signs of recovery within a narrow range, with its price pattern forming a gradual upward slope, suggesting a tendency for further rebound. </li></ul>

Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index managed to climb as buying activity surged.A total of 392 stocks rose, while only 127 declined. Notably, DELTA halted its downward movement, and sectors such as banking, finance, food, and tourism saw a rebound.The index showed signs of recovery within a narrow range, with its price pattern forming a gradual upward slope, suggesting a tendency for further rebound. 

<ul><li>Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks.</li><li>In addition, AOT managed to rise, which helped the index close higher despite DELTA's decline.</li><li>However, the recovery remains uncertain due to light trading volume.</li></ul>

Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks.In addition, AOT managed to rise, which helped the index close higher despite DELTA's decline.However, the recovery remains uncertain due to light trading volume.

Cross Asset Strategy

<ul><li>The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA, pushing the index to 1,298.72 points.</li><li>However, it quickly retreated in the afternoon as the market lacked new supportive factors and uncertainty lingered over the 4Q24 performances.</li><li>The index initially bounced up but then quickly swung back down, reflecting an unstable price pattern, with buying momentum concentrated in a few stocks. </li></ul>

The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA, pushing the index to 1,298.72 points.However, it quickly retreated in the afternoon as the market lacked new supportive factors and uncertainty lingered over the 4Q24 performances.The index initially bounced up but then quickly swung back down, reflecting an unstable price pattern, with buying momentum concentrated in a few stocks. 

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

<ul><li>KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.</li><li>Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.</li><li>Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.</li></ul>

KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.

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)

Technical Analysis - FEBRUARY 20, 2025

Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index...

Krungthai XSpring

Technical Analysis - FEBRUARY 19, 2025

Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks. In addition, AOT managed to...

Krungthai XSpring

Technical Analysis FEBRUARY 14, 2025

The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA,...

Krungthai XSpring

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

Monthly Report: December 2024

Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund

Krungthai XSpring

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