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.

Technical Analysis

<ul>
<li>The Thai stock market rose to test 1,600 points, supported by buying in large-cap stocks led by DELTA, GULF, SCB, KBANK and AOT.</li>
<li>The market outlook remains positive, with further upside if the SET breaks above resistance at 1,600 points.</li>
<li>We therefore recommend speculative buying to benefit from the market's continued upward momentum.</li>
</ul>


The Thai stock market rose to test 1,600 points, supported by buying in large-cap stocks led by DELTA, GULF, SCB, KBANK and AOT.
The market outlook remains positive, with further upside if the SET breaks above resistance at 1,600 points.
We therefore recommend speculative buying to benefit from the market's continued upward momentum.


Macroeconomics

<ul><li>The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.</li><li>Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.</li><li>The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.</li></ul>

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%.Thailand's economy expanded across nearly all sectors in September, driven by the technology cycle and support from government measures.The SET's latest P/E stands at 16x, below its historical average by more than 1SD, making valuations increasingly attractive.

Krungthai XSpring Zoom Eng. September 1, 2026

Cross Asset Strategy

<ul><li>The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.</li><li>On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.</li><li>In addition, yesterday, foreign investors turned net buyers of Thai equities for the first time in 12 trading days, signaling that they still have confidence in Thailand.</li></ul>

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.In addition, yesterday, foreign investors turned net buyers of Thai equities for the first time in 12 trading days, signaling that they still have confidence in Thailand.

Thai Equities to Be Affected by Political Developments Today, While Foreign Investors Have Already Turned Net Buyers

Advanced Info Service / Technical Analysis

<ul><li>Most Asian bourses declined, and the SET awaited the outcome of the US decision on tariff rates to be imposed on Thai exports.</li><li>This uncertainty prompted investors to take profits or reduce risk exposure, causing the index to fall to 1,229 points.</li><li>Therefore, we recommend selective speculation based on expectations of the index to rise further; investors should remain cautious and consider taking profits at the resistance.</li></ul>

Most Asian bourses declined, and the SET awaited the outcome of the US decision on tariff rates to be imposed on Thai exports.This uncertainty prompted investors to take profits or reduce risk exposure, causing the index to fall to 1,229 points.Therefore, we recommend selective speculation based on expectations of the index to rise further; investors should remain cautious and consider taking profits at the resistance.

Thematic (Sector/Industry)

<ul><li>The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ.</li><li>However, our outlook has turned more negative compared to 4Q24 due to rising economic uncertainty, particularly as it pertains to the US reciprocal tariff measures.</li><li>We have revised down our 2025-27E earnings forecasts for the banking sector by 3-7% to reflect these risks, along with the expected impact of interest rate cuts anticipated in 2H25E.</li></ul>

The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ.However, our outlook has turned more negative compared to 4Q24 due to rising economic uncertainty, particularly as it pertains to the US reciprocal tariff measures.We have revised down our 2025-27E earnings forecasts for the banking sector by 3-7% to reflect these risks, along with the expected impact of interest rate cuts anticipated in 2H25E.

Banks Taking a Defensive Stance to Cope With Volatility, As Economic Visibility Remains Unclear

Thailand

SCB X Public Company Limited is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology, through various subsidiaries. The company was founded in 1906 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SCB X (SCB-R TB)

Recommendation: Speculative Buy

The Thai stock market rose to test 1,600 points, supported by buying in large-cap stocks led by DELTA, GULF, SCB, KBANK and AOT. The market...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 1, 2026

The 10-year US Treasury yield surged to a 20-month high after markets raised the probability of a Fed rate hike in September to 66%. Thailand's...

Krungthai XSpring

Thai Equities to Be Affected by Political Developments Today, While Foreign Investors Have Already Turned Net Buyers

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points. On...

Krungthai XSpring

Technical Analysis

Most Asian bourses declined, and the SET awaited the outcome of the US decision on tariff rates to be imposed on Thai exports. This uncertainty...

Krungthai XSpring

Banks Taking a Defensive Stance to Cope With Volatility, As Economic Visibility Remains Unclear

The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ. However, our outlook has turned more...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)