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>Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.</li><li>The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.</li><li>Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.</li></ul>

Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.

Krungthai XSpring Technical Eng. October 27, 2025

<ul><li>The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.</li><li>The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.</li><li>We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).</li></ul>

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).

Krungthai XSpring Zoom Eng. October 27, 2025

<ul><li>The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.</li><li>Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.</li><li>Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.</li></ul>

The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.

Krungthai XSpring Zoom Eng. October 24, 2025

<ul><li>The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian markets declined.</li><li>The rebound was led by blue-chip stocks, with sentiment further lifted by foreign investor buying.</li><li>We recommend selective speculation, as trading volume has strengthened and investor focus remains on blue-chip stocks that are likely to stay on the market’s radar.</li></ul>

The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian markets declined.The rebound was led by blue-chip stocks, with sentiment further lifted by foreign investor buying.We recommend selective speculation, as trading volume has strengthened and investor focus remains on blue-chip stocks that are likely to stay on the market’s radar.

Krungthai XSpring Technical Eng. October 24, 2025

Equity Bottom-Up

<ul><li>We expect a net loss in 3Q25E. 2025E remains a short-term drag but is already priced in (0.35x 2026E PBV; –1.25 S.D.).</li><li>Positive drivers include business portfolio restructuring, ethane ramp-up, EBITDA uplift, and deleveraging, which should lead to a profit turnaround and stronger balance sheet in 2026–27E.</li><li>The petrochemical reform should limit downside in prices and spreads before gradual recovery.</li></ul>

We expect a net loss in 3Q25E. 2025E remains a short-term drag but is already priced in (0.35x 2026E PBV; –1.25 S.D.).Positive drivers include business portfolio restructuring, ethane ramp-up, EBITDA uplift, and deleveraging, which should lead to a profit turnaround and stronger balance sheet in 2026–27E.The petrochemical reform should limit downside in prices and spreads before gradual recovery.

PTT GLOBAL CHEMICAL (PTTGC): Expect 3Q25E Net Loss...

Thailand

PTT Global Chemical PCL is a fully integrated petrochemical and chemical company. The Company's products are derived from its main product, Olefins, namely ethylene and propylene.

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PTT Global Chemical (PTTGC TB)

Krungthai XSpring Technical Eng. October 27, 2025

Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 27, 2025

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 24, 2025

The SET Index is expected to trade in a sideways-up pattern today, with the resistance at 1,314 and 1,334 points, and support at 1,300 and 1,280...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 24, 2025

The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian...

Krungthai XSpring

PTT GLOBAL CHEMICAL (PTTGC): Expect 3Q25E Net Loss...

Positive drivers include business portfolio restructuring, ethane ramp-up, EBITDA uplift, and deleveraging, which should lead to a profit...

Krungthai XSpring

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