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 SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.</li><li>Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.</li><li>The next step is royal endorsement, followed by the appointment of the new Cabinet.</li></ul>

The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.The next step is royal endorsement, followed by the appointment of the new Cabinet.

Krungthai XSpring Zoom Eng. September 8, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.</li><li>The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.</li><li>The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,268/1,284 and the support at 1,251/1,238.The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to 7.18mn positions in July, below analysts’ forecast of 7.38mn and down from 7.437mn in June.The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand’s GDP growth at 1.8–2.2% in 2025, with exports expected to grow 2–3% and inflation at 0.5–1.0%.

Krungthai XSpring Zoom Eng. September 4, 2025

<ul><li>The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.</li><li>For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.</li><li>We maintain a Neutral view on lenders in the title loan and truck hire-purchase segments, as operators remain focused on risk management, debt reduction, and sustainable growth.</li></ul>

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.We maintain a Neutral view on lenders in the title loan and truck hire-purchase segments, as operators remain focused on risk management, debt reduction, and sustainable growth.

Finance & Securities: Upbeat Earnings; Asset Quality Under Control...

<ul><li>The SET Index today is expected to move with volatility.</li><li>The trend of petrochemical industry production cuts has gained momentum after Reuters reported that the South Korean government ordered petrochemical companies to reduce Naphtha production by around 2.7-3.7mn tons per year.</li><li>Progress on the establishment of NaCGA is expected to enable financial institutions to extend more credit to SMEs and households.</li></ul>

The SET Index today is expected to move with volatility.The trend of petrochemical industry production cuts has gained momentum after Reuters reported that the South Korean government ordered petrochemical companies to reduce Naphtha production by around 2.7-3.7mn tons per year.Progress on the establishment of NaCGA is expected to enable financial institutions to extend more credit to SMEs and households.

Krungthai XSpring Zoom Eng. August 21, 2025

<ul><li>The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).</li><li>Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.</li><li>Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. </li></ul>

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. 

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)

Krungthai XSpring Zoom Eng. September 8, 2025

Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 4, 2025

The US Department of Labor released the JOLTS Job Openings survey, showing that job openings—a key measure of labor market demand—fell by 170k to...

Krungthai XSpring

Finance & Securities: Upbeat Earnings; Asset Quality Under Control...

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 21, 2025

Progress on the establishment of NaCGA is expected to enable financial institutions to extend more credit to SMEs and households.

Krungthai XSpring

KTX Zoom - AUGUST 6, 2025

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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