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 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.</li><li>The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.</li><li>The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.</li></ul>

The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.

Krungthai XSpring Zoom Eng. December 22, 2025

<ul><li>The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

<ul><li>The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.</li><li>The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.</li><li>The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.</li></ul>

The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.

Krungthai XSpring Zoom Eng. December 16, 2025

<ul><li>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

<ul><li>The dissolution of parliament is likely to cause only short-term volatility, as the caretaker government has limited capacity to stimulate the economy.</li><li>If the market declines below 1,236 points, we recommend using the pullback to gradually accumulate positions, focusing on high-dividend stocks that are better able to withstand valuation tightness and market volatility, such as ADVANC, SCB, and THANI.</li><li>The Royal Gazette published the Royal Decree dissolving the House of Representatives on December 12, 2025, resulting in the dissolution of the House and the resignation of the Cabinet as a whole.</li></ul>

The dissolution of parliament is likely to cause only short-term volatility, as the caretaker government has limited capacity to stimulate the economy.If the market declines below 1,236 points, we recommend using the pullback to gradually accumulate positions, focusing on high-dividend stocks that are better able to withstand valuation tightness and market volatility, such as ADVANC, SCB, and THANI.The Royal Gazette published the Royal Decree dissolving the House of Representatives on December 12, 2025, resulting in the dissolution of the House and the resignation of the Cabinet as a whole.

Special Report: Dissolution Brings Brief Volatility Accumulate Below 1,236

Thailand

Ratchthani Leasing Public Co., Ltd. is a financial services company in Thailand, specializing in hire-purchase and financial leasing for a variety of vehicles, including new and used commercial cars, trucks, and personal vehicles. The company also offers refinance loans, car title loans, business loans for car dealerships, and financing for solar panel installation. It also provides auto and property insurance products, and annual tax registration services. Ratchthani Leasing was founded in 1988 and is headquartered in Bangkok, Thailand.

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Ratchthani Leasing (THANI TB)

Krungthai XSpring Zoom Eng. December 22, 2025

The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026,...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 16, 2025

The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold...

Krungthai XSpring

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring

Special Report: Dissolution Brings Brief Volatility Accumulate Below 1,236

The dissolution of parliament is likely to cause only short-term volatility, as the caretaker government has limited capacity to stimulate the...

Krungthai XSpring

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