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>We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.</li><li>Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 2, 2025 (Eng.)

<ul><li>Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.</li><li>The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.</li><li>We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.</li></ul>

Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring Technical Eng. October 2, 2025

<ul><li>TIDLOR and WHAUP have been added back to the KTX Tactical Portfolio.</li><li>Ongoing selling pressure in the banking sector dragged the portfolio’s average return down 0.49% from the previous day, while the SET managed to hold flat, supported by gains in DELTA.</li><li>Without DELTA’s +5.93% DoD rise, the SET would likely have fallen 0.84%.</li></ul>

TIDLOR and WHAUP have been added back to the KTX Tactical Portfolio.Ongoing selling pressure in the banking sector dragged the portfolio’s average return down 0.49% from the previous day, while the SET managed to hold flat, supported by gains in DELTA.Without DELTA’s +5.93% DoD rise, the SET would likely have fallen 0.84%.

KTX Tactical Picks - October 1, 2025 (Eng.)

<ul><li>The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.</li><li>The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.</li><li>We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.</li></ul>

The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. October 1, 2025

<ul><li>The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.</li><li>Buying from broker proprietary accounts introduced some volatility, but the index was lifted by a rotation in blue-chip stocks while selling pressure stayed light.</li><li>However, with light volume and the need for stronger fund inflows, the index remains volatile.</li></ul>

The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.Buying from broker proprietary accounts introduced some volatility, but the index was lifted by a rotation in blue-chip stocks while selling pressure stayed light.However, with light volume and the need for stronger fund inflows, the index remains volatile.

Krungthai XSpring Technical Eng. September 30, 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)

KTX Tactical Picks - October 2, 2025 (Eng.)

Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 2, 2025

We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring

KTX Tactical Picks - October 1, 2025 (Eng.)

Ongoing selling pressure in the banking sector dragged the portfolio’s average return down 0.49% from the previous day, while the SET managed to...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 1, 2025

We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 30, 2025

The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.

Krungthai XSpring

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