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>Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.</li><li>Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).</li><li>DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.</li></ul>

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.

Krungthai XSpring Zoom Eng. July 27, 2026

Technical Analysis

<ul><li>The SET Index was volatile but recovered quickly, supported by bargain hunting in banking stocks.</li><li>The index's ability to avoid a deeper correction suggests the uptrend remains intact, leaving it well positioned to retest the 1,650 resistance level, with potential for a breakout.</li><li>We therefore recommend buying on weakness, as we continue to expect the index to trend higher, although intermittent consolidation should be expected along the way.</li></ul>

The SET Index was volatile but recovered quickly, supported by bargain hunting in banking stocks.The index's ability to avoid a deeper correction suggests the uptrend remains intact, leaving it well positioned to retest the 1,650 resistance level, with potential for a breakout.We therefore recommend buying on weakness, as we continue to expect the index to trend higher, although intermittent consolidation should be expected along the way.

Krungthai XSpring Technical Eng. July 24, 2026

PTT Exploration & Production / Technical Analysis

<ul><li>Market sentiment and momentum remain constructive despite persistent volatility.</li><li>We therefore continue to recommend buying on weakness, with a focus on domestic plays and laggard stocks.</li><li>A breakout above this level would confirm the start of a new uptrend and reinforce the ongoing recovery.</li></ul>

Market sentiment and momentum remain constructive despite persistent volatility.We therefore continue to recommend buying on weakness, with a focus on domestic plays and laggard stocks.A breakout above this level would confirm the start of a new uptrend and reinforce the ongoing recovery.

Krungthai XSpring Technical Eng. July 15, 2026

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

Equity Bottom-Up

<ul><li>Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.</li><li>Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.</li><li>GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.</li></ul>

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.

Thailand

PTT Exploration and Production Public Company Limited, also known as PTTEP, is a national petroleum exploration and production company. It focuses on the exploration, development, and production of petroleum, including crude oil, natural gas, condensate, and liquified petroleum gas. The company also invests in renewable energy and related businesses, such as gas pipeline transportation and solar power. Headquartered in Bangkok, Thailand, the company was founded on June 20, 1985.

PTT Exploration and Production (PTTEP-R TB)

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PTT Exploration and Production (PTTEP-R TB)

Krungthai XSpring Zoom Eng. July 27, 2026

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran. Thailand's exports rose 20.8% YoY in June, beating market...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 24, 2026

The SET Index was volatile but recovered quickly, supported by bargain hunting in banking stocks. The index's ability to avoid a deeper correction...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 15, 2026

Market sentiment and momentum remain constructive despite persistent volatility. We therefore continue to recommend buying on weakness, with a...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

SET Index OUTLOOK

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns. Brent crude remains...

Krungthai XSpring

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