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: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.</li><li>Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.</li><li>Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.</li></ul>

The US: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.

Krungthai XSpring Zoom Eng. January 22, 2026

<ul><li>Despite declines across most Asian bourses, the SET advanced firmly, driven by buying in key sectors—particularly DELTA, AOT, and hospital, commerce, finance, and tourism stocks.</li><li>The index extended its rally for a fifth consecutive day, with foreign investors recording net buying for five straight sessions.</li><li>Therefore, we recommend selective speculation, as the index is trending upward toward resistance and is expected to consolidate around the 1,300 level.</li></ul>

Despite declines across most Asian bourses, the SET advanced firmly, driven by buying in key sectors—particularly DELTA, AOT, and hospital, commerce, finance, and tourism stocks.The index extended its rally for a fifth consecutive day, with foreign investors recording net buying for five straight sessions.Therefore, we recommend selective speculation, as the index is trending upward toward resistance and is expected to consolidate around the 1,300 level.

Krungthai XSpring Technical Eng. January 21, 2026

<ul><li>The SET initially faced profit-taking pressure but recovered gradually on expectations of fund flow returns and optimism over 4Q25 earnings, extending last week’s momentum.</li><li>The index surged for four consecutive days, in line with foreign investors being net buyers for four straight sessions, indicating fund inflows as a key market driver.</li><li>Four consecutive higher white candlesticks, holding above all short-term EMAs, suggest the index is poised to move higher.</li></ul>

The SET initially faced profit-taking pressure but recovered gradually on expectations of fund flow returns and optimism over 4Q25 earnings, extending last week’s momentum.The index surged for four consecutive days, in line with foreign investors being net buyers for four straight sessions, indicating fund inflows as a key market driver.Four consecutive higher white candlesticks, holding above all short-term EMAs, suggest the index is poised to move higher.

Krungthai XSpring Technical Eng. January 20, 2026

<ul><li>The SET dipped slightly in early trading amid anticipation of 4Q25 rebound led by DELTA, ADVANC, GULF and AOT, together with gains across hospital, banking, finance, commerce and petrol stocks.</li><li>The index advanced for three consecutive sessions, gaining 40.3 points on rising volume.</li><li>We recommend selective speculation, as recovery signals are emerging and the index is transitioning into a sideways phase that could evolve into an uptrend.</li></ul>

The SET dipped slightly in early trading amid anticipation of 4Q25 rebound led by DELTA, ADVANC, GULF and AOT, together with gains across hospital, banking, finance, commerce and petrol stocks.The index advanced for three consecutive sessions, gaining 40.3 points on rising volume.We recommend selective speculation, as recovery signals are emerging and the index is transitioning into a sideways phase that could evolve into an uptrend.

Krungthai XSpring Technical Eng. January 19, 2026

<ul><li>The SET initially weakened in line with Asian bourses amid a lack of new market catalysts.</li><li>The index continues to show positive technical signals, beginning with a harami pattern followed by a large white candlestick.</li><li>We recommend buying on dips and selling on rallies while awaiting a breakout above the 1,278-point resistance.</li></ul>

The SET initially weakened in line with Asian bourses amid a lack of new market catalysts.The index continues to show positive technical signals, beginning with a harami pattern followed by a large white candlestick.We recommend buying on dips and selling on rallies while awaiting a breakout above the 1,278-point resistance.

Krungthai XSpring Technical Eng. January 16, 2026

Thailand

PTT Exploration & Production is a national petroleum exploration and production company engaged in the exploration, development, and production of oil and gas both domestically and internationally. The company also invests in renewable energy and related activities, aiming for sustainable growth and a low-carbon future. It is headquartered in Bangkok, Thailand, and was founded on June 20, 1985.

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PTT Exploration & Production (PTTEP TB)

Krungthai XSpring Zoom Eng. January 22, 2026

Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 21, 2026

Despite declines across most Asian bourses, the SET advanced firmly, driven by buying in key sectors—particularly DELTA, AOT, and hospital,...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 20, 2026

The SET initially faced profit-taking pressure but recovered gradually on expectations of fund flow returns and optimism over 4Q25 earnings,...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 19, 2026

We recommend selective speculation, as recovery signals are emerging and the index is transitioning into a sideways phase that could evolve into an...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 16, 2026

The index continues to show positive technical signals, beginning with a harami pattern followed by a large white candlestick.

Krungthai XSpring

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