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 SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.</li><li>Tactically, we suggest buying stocks that have underperformed the market in the past one to two weeks, such as certain reopening plays with limited downside risk and support from the Chinese authorities granting permission to tour companies to arrange overseas group tours, starting on February 6.</li><li>Foreign investors have begun to net sell the Thai equity market after large banks reported weaker-than-expected 4Q22E earnings.</li></ul>

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.Tactically, we suggest buying stocks that have underperformed the market in the past one to two weeks, such as certain reopening plays with limited downside risk and support from the Chinese authorities granting permission to tour companies to arrange overseas group tours, starting on February 6.Foreign investors have begun to net sell the Thai equity market after large banks reported weaker-than-expected 4Q22E earnings.

Krungthai XSpring Zoom Eng. January 23, 2023

<ul><li>The SET Index is expected to move sideways, with the support at 1,675/1,670 points and the resistance at 1,690/1,700 points.</li><li>Technically, the SET is likely to swing until its direction becomes clearer: The index will return to an uptrend if it closes above 1,690 points; conversely, closing below 1,670 points would cause it to enter a downtrend.</li><li>Thailand: Foreign financial institutions, notably Credit Swiss, J.P. Morgan and Aberdeen, hold a bullish view on Thailand thanks to the positive factors of China's reopening, the appreciation of the baht, the ongoing spending boost measures, the easing of inflation and the upcoming general election.</li></ul>

The SET Index is expected to move sideways, with the support at 1,675/1,670 points and the resistance at 1,690/1,700 points.Technically, the SET is likely to swing until its direction becomes clearer: The index will return to an uptrend if it closes above 1,690 points; conversely, closing below 1,670 points would cause it to enter a downtrend.Thailand: Foreign financial institutions, notably Credit Swiss, J.P. Morgan and Aberdeen, hold a bullish view on Thailand thanks to the positive factors of China's reopening, the appreciation of the baht, the ongoing spending boost measures, the easing of inflation and the upcoming general election.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points.</li><li>Tactically, investors are suggested to focus on laggard plays after the market began to be concerned about softer buying by foreign investors due to the possibility of baht depreciation after it gained 4% last week and 12% from its weakest point.</li><li>Foreign investors' buying became the key supporting factor and kept the market sentiment positive, in line with the MACD, RSI and stochastic.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points.Tactically, investors are suggested to focus on laggard plays after the market began to be concerned about softer buying by foreign investors due to the possibility of baht depreciation after it gained 4% last week and 12% from its weakest point.Foreign investors' buying became the key supporting factor and kept the market sentiment positive, in line with the MACD, RSI and stochastic.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.</li><li>We recommend trading buy on BH, AS and IVL.</li><li>Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.We recommend trading buy on BH, AS and IVL.Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Old Republic International (ORI) reported its second-quarter 2025 results showcasing steady growth and profitability despite challenges in specific business lines.</li><li>The company's consolidated pretax operating income increased to $267.5 million from $253.8 million in the prior year's quarter, with a marginal change in the consolidated combined ratio from 93.5 to 93.6. In the Specialty Insurance segment, ORI experienced a notable 14.6% increase in net premiums earned, resulting in pretax operating income growth from $202.5 million to $253.7 million.</li><li>The combined ratio in this segment improved to 90.7 from 92.4, aided by favorable development in workers' compensation, commercial auto, and property lines.</li></ul>

Old Republic International (ORI) reported its second-quarter 2025 results showcasing steady growth and profitability despite challenges in specific business lines.The company's consolidated pretax operating income increased to $267.5 million from $253.8 million in the prior year's quarter, with a marginal change in the consolidated combined ratio from 93.5 to 93.6. In the Specialty Insurance segment, ORI experienced a notable 14.6% increase in net premiums earned, resulting in pretax operating income growth from $202.5 million to $253.7 million.The combined ratio in this segment improved to 90.7 from 92.4, aided by favorable development in workers' compensation, commercial auto, and property lines.

Old Republic International Corporation: Specialty Insurance Strategy As A Vital Growth Tool!

United States

Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite, and provide risk management services.  The Company provides services for a variety of coverages in the property and liability, mortgage guaranty, title, and life and health insurance fields.

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Old Republic Intl (ORI US)

Krungthai XSpring Zoom Eng. January 23, 2023

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points. Tactically, we...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the support at 1,675/1,670 points and the resistance at 1,690/1,700 points. Technically, the SET...

Krungthai XSpring

Market Outlook and Investment Strategy

The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points. Tactically, investors...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points. We recommend trading...

Krungthai XSpring

Old Republic International Corporation: Specialty Insurance Strategy As A Vital Growth Tool!

Old Republic International (ORI) reported its second-quarter 2025 results showcasing steady growth and profitability despite challenges in...

Baptista Research

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