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.

Macroeconomics

<ul><li>We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.</li><li>Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.</li><li>Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.</li></ul>

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

Thematic (Sector/Industry)

<ul><li>The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.</li><li>The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.</li><li>The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.</li></ul>

The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.

Krungthai XSpring Zoom Eng. December 22, 2025

<ul><li>The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.</li><li>The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.</li><li>The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.</li></ul>

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.

Krungthai XSpring Zoom Eng. December 18, 2025

<ul><li>The US sets a 19% tariff rate on Thailand.</li><li>The US and Thailand issue a joint statement as a framework for the next stage of negotiations.</li><li>The US and Thailand conduct detailed negotiations in line with the joint statement.</li></ul>

The US sets a 19% tariff rate on Thailand.The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in line with the joint statement.

Krungthai XSpring Zoom Eng. December 15, 2025

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity. Against this...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 22, 2025

The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 18, 2025

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 15, 2025

The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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