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 has rallied close to our target of 1,566 points (implying less than 5% upside), suggesting more limited room for broad market gains.</li><li>We recommend WHA (Fair Price: Bt4.98) as a long-term beneficiary of FDI inflows, given its position as a first-order beneficiary of new manufacturing base relocations, supporting record-high land sales from EV and PCB-related investment inflows.</li><li>Given abovementioned factors, Thailand’s 1Q26 GDP growth could exceed the Consensus forecast of 1.3% YoY, as most estimates may not yet fully reflect the country’s transition toward a digital economy and the V-shaped recovery in manufacturing tied to the AI supply chain.</li></ul>

The SET Index has rallied close to our target of 1,566 points (implying less than 5% upside), suggesting more limited room for broad market gains.We recommend WHA (Fair Price: Bt4.98) as a long-term beneficiary of FDI inflows, given its position as a first-order beneficiary of new manufacturing base relocations, supporting record-high land sales from EV and PCB-related investment inflows.Given abovementioned factors, Thailand’s 1Q26 GDP growth could exceed the Consensus forecast of 1.3% YoY, as most estimates may not yet fully reflect the country’s transition toward a digital economy and the V-shaped recovery in manufacturing tied to the AI supply chain.

KTX Ahead: TH Thailand's 1Q26E GDP Shows Some Fragility, But Strong Investment...

United Kingdom

Savannah Resources plc explores and develops mineral properties. The Company focuses on mineral sands, copper, and lithium projects. Savannah Resources offers its services worldwide.

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