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.

Cross Asset Strategy

<ul><li>The February PPI report is anticipated to show a MoM rise of +0.3% and a YoY increase of +1.1% (compared to January's +0.3% MoM and +0.9% YoY).</li><li>The consensus expects better growth of +0.8% MoM and +1% YoY (vs. January at 0.8% MoM and +0.6% YoY).</li><li>We recommend stocks with positive news stories: TACC, ICHI, and BCP.</li></ul>

The February PPI report is anticipated to show a MoM rise of +0.3% and a YoY increase of +1.1% (compared to January's +0.3% MoM and +0.9% YoY).The consensus expects better growth of +0.8% MoM and +1% YoY (vs. January at 0.8% MoM and +0.6% YoY).We recommend stocks with positive news stories: TACC, ICHI, and BCP.

Keep a Close Watch on US PPI and Retail Sales

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,375/1,381 points (10-day and 25-day EMA) and the support at 1,362/1,357 points.</li><li>A decline in employment and the slower pace of increase in average hourly wages should be one of the factors bolstering the Fed's inclination toward interest rate cuts this year.</li><li>This anticipation is likely to foster positive sentiment not only in the Chinese stock market but also among China's trading partners, notably Thailand.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,375/1,381 points (10-day and 25-day EMA) and the support at 1,362/1,357 points.A decline in employment and the slower pace of increase in average hourly wages should be one of the factors bolstering the Fed's inclination toward interest rate cuts this year.This anticipation is likely to foster positive sentiment not only in the Chinese stock market but also among China's trading partners, notably Thailand.

Keep a Close Watch on US Non-Farm Payrolls in February

Equity Bottom-Up

<ul><li>Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks.</li><li>The government is expected to launch the "Thai Tiew Thai Plus" domestic tourism stimulus program in December 2026, with a Bt3.5bn budget to subsidize accommodation costs and provide cash coupons.</li><li>We upgrade the electronics sector to Overweight as earnings enter an upcycle while valuations remain reasonable.</li></ul>

Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks.The government is expected to launch the "Thai Tiew Thai Plus" domestic tourism stimulus program in December 2026, with a Bt3.5bn budget to subsidize accommodation costs and provide cash coupons.We upgrade the electronics sector to Overweight as earnings enter an upcycle while valuations remain reasonable.

Krungthai XSpring Zoom Eng. August 28, 2026

Equity Derivatives

<ul><li>We recommend selling AMD80, DUOLO06, and EXPE06, with returns of -3.4%, -3.6%, and -5.3%, respectively.</li><li>Meanwhile, we recommend opening a position in NOW19, a DR linked to a leading enterprise cloud solutions provider.</li><li>Our KTX Tactical DR Port delivered an average total return of +0.79% amid a recovery in US technology stocks, led by Nvidia following better-than-expected results and an upbeat business outlook.</li></ul>

We recommend selling AMD80, DUOLO06, and EXPE06, with returns of -3.4%, -3.6%, and -5.3%, respectively.Meanwhile, we recommend opening a position in NOW19, a DR linked to a leading enterprise cloud solutions provider.Our KTX Tactical DR Port delivered an average total return of +0.79% amid a recovery in US technology stocks, led by Nvidia following better-than-expected results and an upbeat business outlook.

KTX Tactical DR Picks - August 28, 2026 (Eng.)

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>The company currently has a portfolio of over 50 innovative programs covering the therapeutic areas of oncology, autoimmune and metabolic diseases.</li><li>Among these programs, 8 products are in the commercial stage.</li><li>The company has 2 first-in-class bispecific antibody products, cadonilimab and ivonescimab, launched in China, and they are included in the NRDL.</li></ul>

The company currently has a portfolio of over 50 innovative programs covering the therapeutic areas of oncology, autoimmune and metabolic diseases.Among these programs, 8 products are in the commercial stage.The company has 2 first-in-class bispecific antibody products, cadonilimab and ivonescimab, launched in China, and they are included in the NRDL.

United States

NVIDIA Corporation is an American multinational technology company that designs and manufactures graphics processing units (GPUs), system-on-a-chip units (SoCs), and related software. Their products are widely used in gaming, professional visualization, data centers, artificial intelligence, and autonomous vehicles. NVIDIA was founded in 1993 and is headquartered in Santa Clara, California, United States.

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NVIDIA (NVDC34 BR)

Keep a Close Watch on US PPI and Retail Sales

The February PPI report is anticipated to show a MoM rise of +0.3% and a YoY increase of +1.1% (compared to January's +0.3% MoM and +0.9%...

Krungthai XSpring

Keep a Close Watch on US Non-Farm Payrolls in February

Technically, the SET Index is expected to move sideways up, with the resistance at 1,375/1,381 points (10-day and 25-day EMA) and the support at...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 28, 2026

Crude oil prices are expected to remain elevated at USD85–95/bbl, as there are still no signs of a new round of US-Iran talks. The government is...

Krungthai XSpring

KTX Tactical DR Picks - August 28, 2026 (Eng.)

We recommend selling AMD80, DUOLO06, and EXPE06, with returns of -3.4%, -3.6%, and -5.3%, respectively. Meanwhile, we recommend opening a position...

Krungthai XSpring

Quam Morning Note (28 Aug) - Akeso

The company currently has a portfolio of over 50 innovative programs covering the therapeutic areas of oncology, autoimmune and metabolic...

Quam Securities

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