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 dollar continues to show a weakening trend (supporting a stronger baht), pressured by expectations for headline inflation in February 2025 (to be announced on March 12), which is projected to grow by 0.3% MoM and 2.9% YoY, slowing slightly from +0.5% MoM and +3.0% YoY in the previous month.</li><li>This is due to: Cost-push inflation has remained stable despite a 3.8% MoM decline in crude oil prices in February; however, natural gas prices (which account for 3.12% of headline inflation and 47.6% of the energy basket) (Figure 1) surged by 26% MoM to USD3.8/mmbtu.</li><li><p>Demand-pull inflation is exerting downward pressure, preventing inflation from accelerating significantly, as signs of domestic economic weakness emerge.</p></li></ul>

The US dollar continues to show a weakening trend (supporting a stronger baht), pressured by expectations for headline inflation in February 2025 (to be announced on March 12), which is projected to grow by 0.3% MoM and 2.9% YoY, slowing slightly from +0.5% MoM and +3.0% YoY in the previous month.This is due to: Cost-push inflation has remained stable despite a 3.8% MoM decline in crude oil prices in February; however, natural gas prices (which account for 3.12% of headline inflation and 47.6% of the energy basket) (Figure 1) surged by 26% MoM to USD3.8/mmbtu.Demand-pull inflation is exerting downward pressure, preventing inflation from accelerating significantly, as signs of domestic economic weakness emerge.

<ul><li>Most Asian stock markets declined amid concerns over uncertainty surrounding Trump’s tax policies and the ongoing US-China trade war.</li><li>However, the SET bucked the trend, rising despite a lack of new positive factors.</li><li>Buying interest flowed into stocks such as DELTA, SCC, IVL, PTTGC, along with power plant and finance stocks.</li></ul>

Most Asian stock markets declined amid concerns over uncertainty surrounding Trump’s tax policies and the ongoing US-China trade war.However, the SET bucked the trend, rising despite a lack of new positive factors.Buying interest flowed into stocks such as DELTA, SCC, IVL, PTTGC, along with power plant and finance stocks.

<ul><li>Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)/1,220 points.</li><li>In the medium term, the trend remains in a zig-zag down pattern, with the index searching for a bottom within the 1,130-1,506 point range.</li><li>In the short term, the index is in a rebound phase after hitting a new low at 1,173.13 points on March 4. </li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)/1,220 points.In the medium term, the trend remains in a zig-zag down pattern, with the index searching for a bottom within the 1,130-1,506 point range.In the short term, the index is in a rebound phase after hitting a new low at 1,173.13 points on March 4. 

Weekly Strategy & US Inflation Expectations - March 10, 2025

<ul><li>Most Asian bourses continued to rise, but the SET moved in the opposite direction, declining despite rebounds in DELTA and ADVANC.</li><li>The lack of new supportive factors, rising political tensions, weaker earnings outlooks, and heavy selling in large-cap stocks — particularly in the afternoon session — led to a sharp drop in the index.</li><li>Meanwhile, foreign investors engaged in significant selloff.</li></ul>

Most Asian bourses continued to rise, but the SET moved in the opposite direction, declining despite rebounds in DELTA and ADVANC.The lack of new supportive factors, rising political tensions, weaker earnings outlooks, and heavy selling in large-cap stocks — particularly in the afternoon session — led to a sharp drop in the index.Meanwhile, foreign investors engaged in significant selloff.

<ul><li>The finance sector operators under our coverage reported a combined net profit of Bt3.9bn in 3Q24, down 7.7% YoY and 5.2% QoQ.</li><li>Asset quality improved in the title loan provider segment, while the truck hire-purchase providers segment has yet to recover.</li><li>However, performance pressures have begun to ease, driven by a decline in funding costs and reduced concerns over asset quality, supported by economic stimulus measures.</li></ul>

The finance sector operators under our coverage reported a combined net profit of Bt3.9bn in 3Q24, down 7.7% YoY and 5.2% QoQ.Asset quality improved in the title loan provider segment, while the truck hire-purchase providers segment has yet to recover.However, performance pressures have begun to ease, driven by a decline in funding costs and reduced concerns over asset quality, supported by economic stimulus measures.

Thailand

Ratchthani Leasing Public Company Limited provides hire-purchase and leasing services for used automobiles to businesses and retail consumers in Thailand.

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Ratchthani Leasing (THANI TB)

Ktx Ahead - MARCH 10, 2025

Demand-pull inflation is exerting downward pressure, preventing inflation from accelerating significantly, as signs of domestic economic weakness...

Krungthai XSpring

Technical Analysis - MARCH 10, 2025

Most Asian stock markets declined amid concerns over uncertainty surrounding Trump’s tax policies and the ongoing US-China trade war.

Krungthai XSpring

Weekly Strategy & US Inflation Expectations - March 10, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)...

Krungthai XSpring

Technical Analysis - MARCH 7, 2025

Most Asian bourses continued to rise, but the SET moved in the opposite direction, declining despite rebounds in DELTA and ADVANC.

Krungthai XSpring

Finance & Securities - NOVEMBER 26, 2024

The finance sector operators under our coverage reported a combined net profit of Bt3.9bn in 3Q24, down 7.7% YoY and 5.2% QoQ.

Krungthai XSpring

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