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>(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil supply disruptions.</li><li>(+) The National Energy Policy Council maintained the Ft rate for the final four months of 2026, raised the household solar target to 10GW and removed the MW cap on Direct PPAs.</li><li>Fitch Ratings upgraded Thailand's credit outlook to Stable from Negative, as the economy has weathered the global energy price crisis better than expected and Al-related investment is accelerating.</li></ul>

(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil supply disruptions.(+) The National Energy Policy Council maintained the Ft rate for the final four months of 2026, raised the household solar target to 10GW and removed the MW cap on Direct PPAs.Fitch Ratings upgraded Thailand's credit outlook to Stable from Negative, as the economy has weathered the global energy price crisis better than expected and Al-related investment is accelerating.

Krungthai XSpring Zoom Eng. September 21, 2026

Technical Analysis

Delta Electronics (Thailand) / Technical Analysis

<ul>
<li>Despite mixed Asian markets after the Fed raised interest rates by 25 bps as expected, the SET Index rebounded strongly on buying in blue-chip stocks, including DELTA, ADVANC, AOT, GULF, PTTGC and banks.</li>
<li>The index quickly reclaimed 1,574 points, reaffirming its sideways pattern and leaving room for a recovery toward 1,600 points.</li>
<li>We continue to recommend buying on weakness, focusing on domestic play stocks.</li>
</ul>


Despite mixed Asian markets after the Fed raised interest rates by 25 bps as expected, the SET Index rebounded strongly on buying in blue-chip stocks, including DELTA, ADVANC, AOT, GULF, PTTGC and banks.
The index quickly reclaimed 1,574 points, reaffirming its sideways pattern and leaving room for a recovery toward 1,600 points.
We continue to recommend buying on weakness, focusing on domestic play stocks.


Krungthai XSpring Technical Eng. - September 18, 2026

<ul><li>(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.</li><li>(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.</li><li>We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.</li></ul>

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.

Krungthai XSpring Zoom Eng. September 16, 2026

Equity Bottom-Up

<ul><li>PTTGC reported a turnaround to both core and net profit in 1Q26, in line with expectations.</li><li>We maintain our 2026–28E core profit forecast (projecting a 2-year core EPS CAGR of +11%, below the sector due to a high base in 2026E).</li><li>PTTGC reported a net profit of Bt3.2bn in 1Q26, in line with expectations, with net negative one-off items of Bt3.1bn, weighed down by hedging loss and impairment losses.</li></ul>

PTTGC reported a turnaround to both core and net profit in 1Q26, in line with expectations.We maintain our 2026–28E core profit forecast (projecting a 2-year core EPS CAGR of +11%, below the sector due to a high base in 2026E).PTTGC reported a net profit of Bt3.2bn in 1Q26, in line with expectations, with net negative one-off items of Bt3.1bn, weighed down by hedging loss and impairment losses.

PTT GLOBAL CHEMICAL Plc: 1Q26 Profit Turnaround As Expected, Driven By Upstream Business

<ul><li>We expect PTTGC to return to core profit and net profit in 1Q26E (likely the strongest quarter of the year).</li><li>We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of Bt8.2bn; iii) an impairment loss of Bt5.0bn; and iv) a gain from the sale of non-core assets of Bt2.3bn.</li><li>Despite the company’s lower feedstock disruption risk (vs. naphtha-based crackers) and positive developments (portfolio restructuring, ethane ramp-up, EBITDA uplift, and debt deleveraging), which should support more stable core profit (we forecast 2026–28E core EPS CAGR of +11%, below peers due to a high base in 2026E) and a stronger balance sheet, the stock has risen +67% YTD and appears overvalued based on our new 12M fair value of Bt32.25 (following the upward earnings revision, while maintaining our target EV/EBITDA at 8.0x).</li></ul>

We expect PTTGC to return to core profit and net profit in 1Q26E (likely the strongest quarter of the year).We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of Bt8.2bn; iii) an impairment loss of Bt5.0bn; and iv) a gain from the sale of non-core assets of Bt2.3bn.Despite the company’s lower feedstock disruption risk (vs. naphtha-based crackers) and positive developments (portfolio restructuring, ethane ramp-up, EBITDA uplift, and debt deleveraging), which should support more stable core profit (we forecast 2026–28E core EPS CAGR of +11%, below peers due to a high base in 2026E) and a stronger balance sheet, the stock has risen +67% YTD and appears overvalued based on our new 12M fair value of Bt32.25 (following the upward earnings revision, while maintaining our target EV/EBITDA at 8.0x).

PTT GLOBAL CHEMICAL Plc. (PTTGC): Expected To Turn Profitable In 1Q26E

Thailand

PTT Global Chemical is a Thai petrochemical company that specializes in synthesizing olefins and aromatics. It also engages in crude oil and condensate refining, and produces polymers, green chemicals, and performance chemicals. The company's products serve various industries including packaging, automotive, and construction. PTT Global Chemical was founded on October 19, 2011, and is headquartered in Bangkok, Thailand.

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PTT Global Chemical (PTTGC TB)

Krungthai XSpring Zoom Eng. September 21, 2026

(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 18, 2026

Despite mixed Asian markets after the Fed raised interest rates by 25 bps as expected, the SET Index rebounded strongly on buying in blue-chip...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 16, 2026

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe. (-) The baht could weaken to Bt33.50/USD as rising...

Krungthai XSpring

PTT GLOBAL CHEMICAL Plc: 1Q26 Profit Turnaround As Expected, Driven By Upstream Business

We maintain our 2026–28E core profit forecast (projecting a 2-year core EPS CAGR of +11%, below the sector due to a high base in 2026E).

Krungthai XSpring

PTT GLOBAL CHEMICAL Plc. (PTTGC): Expected To Turn Profitable In 1Q26E

We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of...

Krungthai XSpring

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