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 today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.</li><li>Foreign fund outflows continue in the short term.</li><li>Semiconductor producers led the technology sector lower, down -1.88%.</li></ul>

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.Foreign fund outflows continue in the short term.Semiconductor producers led the technology sector lower, down -1.88%.

Krungthai XSpring Zoom Eng. August 20, 2025

<ul><li>The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).</li><li>External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight’s meeting between the US and Ukraine if Ukraine agrees to Russia’s proposal, contrary to market expectations.</li><li>Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.</li></ul>

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight’s meeting between the US and Ukraine if Ukraine agrees to Russia’s proposal, contrary to market expectations.Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.

Krungthai XSpring Zoom Eng. August 18, 2025

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>IOH becomes the first Indonesian company to deploy Google Agentspace, marking a bold move to democratize AI across its workforce.</li><li>This aligns with Indonesia’s AI roadmap (2020–2045), where early adoption (24.6% in 2018 vs. 14% regional avg) and a projected $366bn GDP boost by 2030 highlight AI’s national priority (consulting firm Kearney and Singapore-based investment firm EDBI, 2020) </li><li>While 74% of companies struggle to scale AI, Indosat addresses key hurdles — legacy systems, high costs, and skill gaps — by making AI tools accessible to all employees, not just specialists. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IOH becomes the first Indonesian company to deploy Google Agentspace, marking a bold move to democratize AI across its workforce.This aligns with Indonesia’s AI roadmap (2020–2045), where early adoption (24.6% in 2018 vs. 14% regional avg) and a projected $366bn GDP boost by 2030 highlight AI’s national priority (consulting firm Kearney and Singapore-based investment firm EDBI, 2020) While 74% of companies struggle to scale AI, Indosat addresses key hurdles — legacy systems, high costs, and skill gaps — by making AI tools accessible to all employees, not just specialists. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.</li><li>Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).</li><li>Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Solid 4QFY25 Results and 1QFY26E Guidance

<ul><li>Chinese AI startup DeepSeek has surged to the top of AI-related downloads on both domestic and overseas iOS App Stores over the weekend, showcasing its super-efficient open-source model (~10k A100) running on a cost-effective compute infrastructure. </li><li>This milestone has immediately ignited intense debate around the trade-offs between big and small models, open vs. closed-source approaches, and cost-efficient vs. premium infrastructure.</li><li>The impact of DeepSeek’s emergence has also sent shockwaves across global markets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chinese AI startup DeepSeek has surged to the top of AI-related downloads on both domestic and overseas iOS App Stores over the weekend, showcasing its super-efficient open-source model (~10k A100) running on a cost-effective compute infrastructure. This milestone has immediately ignited intense debate around the trade-offs between big and small models, open vs. closed-source approaches, and cost-efficient vs. premium infrastructure.The impact of DeepSeek’s emergence has also sent shockwaves across global markets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: Views on DeepSeek

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Krungthai XSpring Zoom Eng. August 20, 2025

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 18, 2025

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points...

Krungthai XSpring

BRIDS TMT News - Tuesday, April 15, 2025

IOH becomes the first Indonesian company to deploy Google Agentspace, marking a bold move to democratize AI across its workforce.

BRI Danareksa Research

Semiconductors - Solid 4QFY25 Results and 1QFY26E Guidance

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3%

CMB International

Semiconductors - Thematic Investing and Megatrends: Views on DeepSeek

Chinese AI startup DeepSeek has surged to the top of AI-related downloads on both domestic and overseas iOS App Stores over the weekend, showcasing...

CMB International

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