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>The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.</li><li>The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.</li><li>We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.</li></ul>

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.

Krungthai XSpring Zoom Eng. September 3, 2026

<ul>
<li>SET expected to extend gains, supported by fund inflows ahead of Thailand Focus</li>
<li>The US may further expand buybacks of medium- to long-term Treasuries.</li>
<li>Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.</li>
</ul>


SET expected to extend gains, supported by fund inflows ahead of Thailand Focus
The US may further expand buybacks of medium- to long-term Treasuries.
Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.


Krungthai XSpring Zoom Eng. August 24, 2026

Technical Analysis

<ul><li>We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.</li><li>The absence of a sharp decline suggests that the uptrend remains intact.</li><li>We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.</li></ul>

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited.The absence of a sharp decline suggests that the uptrend remains intact.We recommend buying on dips, as the index continues to swing rapidly in both directions amid fast rotation among blue-chip stocks.

Krungthai XSpring Technical Eng. August 19, 2026

<ul>
<li>We remove PTT and SPRC from the portfolio after they fell out of our ranking criteria, with holding-period returns of -4.6% and +8.4%, respectively.</li>
<li>We replace them with DOHOME, ITC, and KCE.</li>
<li>Broad-based weakness across the portfolio, led by energy, tourism, and ICT stocks, dragged the portfolio's average return down 0.78%, underperforming the SET's 0.21% decline.</li>
</ul>


We remove PTT and SPRC from the portfolio after they fell out of our ranking criteria, with holding-period returns of -4.6% and +8.4%, respectively.
We replace them with DOHOME, ITC, and KCE.
Broad-based weakness across the portfolio, led by energy, tourism, and ICT stocks, dragged the portfolio's average return down 0.78%, underperforming the SET's 0.21% decline.


KTX TACTICAL PICKS - August 4, 2026 (Eng.)

<ul><li>We expect the SET Index to trade with downward volatility (Support: 1,620 pts).</li><li>Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.</li><li>However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.</li></ul>

We expect the SET Index to trade with downward volatility (Support: 1,620 pts).Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.

Krungthai XSpring Zoom Eng. July 30, 2026

Thailand

PTT is a Thai state-owned integrated petroleum and natural gas company involved in exploration, production, refining, and marketing of oil and gas, petrochemicals, and electricity generation. It operates extensive submarine gas pipelines and a network of LPG terminals. Headquartered in Bangkok, Thailand, the company was founded in 1978.

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PTT (PTT TB)

Krungthai XSpring Zoom Eng. September 3, 2026

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 24, 2026

SET expected to extend gains, supported by fund inflows ahead of Thailand Focus The US may further expand buybacks of medium- to long-term...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2026

We view yesterday's decline as short-term profit taking, as selling pressure was relatively limited. The absence of a sharp decline suggests that...

Krungthai XSpring

KTX TACTICAL PICKS - August 4, 2026 (Eng.)

We remove PTT and SPRC from the portfolio after they fell out of our ranking criteria, with holding-period returns of -4.6% and +8.4%,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 30, 2026

We expect the SET Index to trade with downward volatility (Support: 1,620 pts). Primary pressure will stem from the electronics sector (DELTA,...

Krungthai XSpring

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