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 moved up and down in a narrow range, as the market lacked new catalysts.</li><li>However, political instability and the uncertainty surrounding trade negotiations between the US and Thailand stimulated a selling force, particularly targeting DELTA, which caused the index to close down slightly, even though the banking, ICT, commerce, and energy sectors improved.</li><li>The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance level at 1,116 points.</li></ul>

The SET moved up and down in a narrow range, as the market lacked new catalysts.However, political instability and the uncertainty surrounding trade negotiations between the US and Thailand stimulated a selling force, particularly targeting DELTA, which caused the index to close down slightly, even though the banking, ICT, commerce, and energy sectors improved.The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance level at 1,116 points.

<ul><li>The SET initially faced profit-taking pressure after a rapid rally.</li><li>However, the index only experienced a slight pullback, supported by gains in ADVANC, DELTA, and AOT, which helped cushion the decline.</li><li>Additionally, the ceasefire agreement between Israel and Iran provided further support.</li></ul>

The SET initially faced profit-taking pressure after a rapid rally.However, the index only experienced a slight pullback, supported by gains in ADVANC, DELTA, and AOT, which helped cushion the decline.Additionally, the ceasefire agreement between Israel and Iran provided further support.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Delta Electronics Thailand  / Index Rebalance

<ul>
<li>In line with forecasts, there will be 4 changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> at the close on 30 June.</li>
<li>Capping changes for <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> will result in big passive selling in the stock and funding inflows for the other index constituents.</li>
<li>Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.</li>
</ul>


In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.
Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.


SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too

<ul><li>The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.</li><li>Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.</li><li>As a result, the main entry point for the next rebound has been revised down to 1,114 points. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.As a result, the main entry point for the next rebound has been revised down to 1,114 points. 

<ul><li>We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and efforts to reduce D/E ratios to mitigate risks and brace for uncertainty.</li><li>For the truck hire- purchase segment, we also maintain a Neutral weighting.</li><li>While an earnings rebound is clearly underway, policy uncertainty regarding taxation remains a risk to the sector’s full recovery. </li></ul>

We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and efforts to reduce D/E ratios to mitigate risks and brace for uncertainty.For the truck hire- purchase segment, we also maintain a Neutral weighting.While an earnings rebound is clearly underway, policy uncertainty regarding taxation remains a risk to the sector’s full recovery. 

Industry Update: Finance & Securities - May 28, 2025

Thailand

Ngern Tid Lor Public Company Limited operates as a microfinance company. The Company offers auto finance and insurance products and services. Ngern Tid Lor serves customers in Thailand.

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Ngern Tid Lor (NTL TB)

Technical Analysis - JUNE 27, 2025

The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance...

Krungthai XSpring

Technical Analysis - JUNE 26, 2025

The SET initially faced profit-taking pressure after a rapid rally. However, the index only experienced a slight pullback, supported by gains in...

Krungthai XSpring

SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too

There are 4 changes, plus DELTA capping. Impact on the adds is bigger and positioning appears smaller. The deletes are down a lot and there could...

Brian Freitas

KTX Zoom - JUNE 5, 2025

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points. Technically, no buy...

Krungthai XSpring

Industry Update: Finance & Securities - May 28, 2025

We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and...

Krungthai XSpring

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