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 Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.</li><li>We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.</li><li>Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.</li></ul>

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.

Krungthai XSpring Zoom Eng. January 29, 2026

<ul><li>The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.</li><li>The index pulled back toward the 1,330–1,296 support range.</li><li>We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.</li></ul>

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.The index pulled back toward the 1,330–1,296 support range.We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.

Krungthai XSpring Technical Eng. January 27, 2026

<ul><li>The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.</li><li>Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.</li><li>Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.</li></ul>

The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

<ul><li>The SET moved higher in line with most Asian bourses, rebounding as concerns over a US–Europe trade war eased.</li><li>In the short term, the index remains on an upward path toward the 1,330-point resistance, supported by a rising MACD and a positive RSI signal that remains well below the overbought zone.</li><li>We therefore continue to recommend selective speculation; however, should the index fall below the 1,300-point support, we would review our outlook.</li></ul>

The SET moved higher in line with most Asian bourses, rebounding as concerns over a US–Europe trade war eased.In the short term, the index remains on an upward path toward the 1,330-point resistance, supported by a rising MACD and a positive RSI signal that remains well below the overbought zone.We therefore continue to recommend selective speculation; however, should the index fall below the 1,300-point support, we would review our outlook.

Krungthai XSpring Technical Eng. January 26, 2026

<ul><li>The index appears to be entering a consolidation phase following the sharp drop toward the 1,300-point support.</li><li>We therefore expect the index to be undergoing only a short-term pullback before rebounding toward the resistance at 1,330 points.</li><li>Accordingly, we maintain our recommendation for selective speculation and view any weakness in the index as an opportunity to accumulate stocks, with expectations for a rebound.</li></ul>

The index appears to be entering a consolidation phase following the sharp drop toward the 1,300-point support.We therefore expect the index to be undergoing only a short-term pullback before rebounding toward the resistance at 1,330 points.Accordingly, we maintain our recommendation for selective speculation and view any weakness in the index as an opportunity to accumulate stocks, with expectations for a rebound.

Krungthai XSpring Technical Eng. January 23, 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. January 29, 2026

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows. We view the Fed’s restrained messaging as...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 27, 2026

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions

Krungthai XSpring

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 26, 2026

We therefore continue to recommend selective speculation; however, should the index fall below the 1,300-point support, we would review our outlook.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 23, 2026

The index appears to be entering a consolidation phase following the sharp drop toward the 1,300-point support. We therefore expect the index to be...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)