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 US president stated that the US attacked Iran’s Kharg Island while avoiding the island’s energy infrastructure.</li><li>The SET Index today is expected to move lower, with support at 1,400/1,384 points and resistance at 1,420/1,431 points, following the continued rise in crude oil prices this morning after the US attacked Iran’s Kharg Island and indicated that operations against Iran may continue for some time.</li><li>In summary, we expect negative investment sentiment to continue pressuring Asian and Thai equity markets today, and we believe the market will remain volatile and highly headline-sensitive.</li></ul>

The US president stated that the US attacked Iran’s Kharg Island while avoiding the island’s energy infrastructure.The SET Index today is expected to move lower, with support at 1,400/1,384 points and resistance at 1,420/1,431 points, following the continued rise in crude oil prices this morning after the US attacked Iran’s Kharg Island and indicated that operations against Iran may continue for some time.In summary, we expect negative investment sentiment to continue pressuring Asian and Thai equity markets today, and we believe the market will remain volatile and highly headline-sensitive.

Krungthai XSpring Zoom Eng. March 16, 2026

<ul><li>The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking and risk-reduction selling.</li><li>The index moved within a volatile range over the past week but still showed resilience by withstanding negative factors, including Middle East tensions and fund outflows, while remaining above the 1,400-point support level.</li><li>Therefore, we maintain a positive outlook on the index, expecting downside to be limited or the index to move sideways while awaiting positive catalysts.</li></ul>

The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking and risk-reduction selling.The index moved within a volatile range over the past week but still showed resilience by withstanding negative factors, including Middle East tensions and fund outflows, while remaining above the 1,400-point support level.Therefore, we maintain a positive outlook on the index, expecting downside to be limited or the index to move sideways while awaiting positive catalysts.

Krungthai XSpring Technical Eng. March 16, 2026

<ul><li>Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.</li><li>The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.</li><li>Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.</li></ul>

Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.

Krungthai XSpring Technical Eng. March 12, 2026

<ul><li>The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.</li><li>Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.</li><li>As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.</li></ul>

The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.

Krungthai XSpring Technical Eng. March 10, 2026

<ul><li>The SET Index is expected to remain under pressure today, with support at 1,400/1,387 points and resistance at 1,424/1,443 points.</li><li>We recommend speculative trading in oil and refinery stocks (PTTEP, BCP), while advising caution on stocks negatively affected by higher oil prices and Middle East tensions, such as airlines (AAV, THAI, BA), hospitals (BH, PR9, BDMS), exporters to the Middle East (AAI, SAPPE), and tourism stocks (MINT, CENTEL, ERW).</li><li>Nevertheless, we believe the Fed will place greater weight on labor market conditions, as the upside risk to inflation stems mainly from cost pressures, which are not the Fed’s primary mandate.</li></ul>

The SET Index is expected to remain under pressure today, with support at 1,400/1,387 points and resistance at 1,424/1,443 points.We recommend speculative trading in oil and refinery stocks (PTTEP, BCP), while advising caution on stocks negatively affected by higher oil prices and Middle East tensions, such as airlines (AAV, THAI, BA), hospitals (BH, PR9, BDMS), exporters to the Middle East (AAI, SAPPE), and tourism stocks (MINT, CENTEL, ERW).Nevertheless, we believe the Fed will place greater weight on labor market conditions, as the upside risk to inflation stems mainly from cost pressures, which are not the Fed’s primary mandate.

Krungthai XSpring Zoom Eng. MARCH 9, 2026

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. March 16, 2026

The SET Index today is expected to move lower, with support at 1,400/1,384 points and resistance at 1,420/1,431 points, following the continued...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 16, 2026

The prolonged conflict in the Middle East and rising global oil prices, together with the upcoming Fed meeting next week, prompted profit-taking...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 12, 2026

The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop,...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 10, 2026

Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.

Krungthai XSpring

Krungthai XSpring Zoom Eng. MARCH 9, 2026

The SET Index is expected to remain under pressure today, with support at 1,400/1,387 points and resistance at 1,424/1,443 points.

Krungthai XSpring

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52-week Range

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P/E

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