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.

Macroeconomics

<ul><li>The rise in inflation in October aligned with the signal from the Trade Policy and Strategy Office, forecasting an average inflation increase of +1.12% in 4Q24.</li><li>The inflation forecast for 2024E remains at +0.2-0.8% (midpoint at +0.5%).</li><li>We recommend speculative buying in bank and insurance stocks (SCB, KBANK, KTB, BLA, TLI), which are likely to benefit from steady Thai interest rates this year and possibly into next year.</li></ul>

The rise in inflation in October aligned with the signal from the Trade Policy and Strategy Office, forecasting an average inflation increase of +1.12% in 4Q24.The inflation forecast for 2024E remains at +0.2-0.8% (midpoint at +0.5%).We recommend speculative buying in bank and insurance stocks (SCB, KBANK, KTB, BLA, TLI), which are likely to benefit from steady Thai interest rates this year and possibly into next year.

Economic Update: Inflation in October 2024

Cross Asset Strategy

<ul><li>KTX expects the index's direction to depend on the results of the US presidential election on November 5.</li><li>The resistance levels are at 1,482/1,506 points and the support levels are at 1,432/1,405 points.</li><li>Risks include global financial market volatility owing to the US election outcome and profit taking by foreign investors.</li></ul>

KTX expects the index's direction to depend on the results of the US presidential election on November 5.The resistance levels are at 1,482/1,506 points and the support levels are at 1,432/1,405 points.Risks include global financial market volatility owing to the US election outcome and profit taking by foreign investors.

Outlook: Awaiting the Results of the US Presidential Election; Resistance at 1,482/1,506 Points and Support at 1,432/1,405 Points

Thematic (Sector/Industry)

<ul><li>We maintain a neutral view on these measures in the short term, as the target groups are classified as SM loans and NPLs, for which banks have already set aside some provisions.</li><li>However, the long-term outlook is positive, as these measures effectively address household debt burdens and create incentives for debt repayment.</li><li>If borrowers can meet their repayment schedules, it will help alleviate household debt issues.</li></ul>

We maintain a neutral view on these measures in the short term, as the target groups are classified as SM loans and NPLs, for which banks have already set aside some provisions.However, the long-term outlook is positive, as these measures effectively address household debt burdens and create incentives for debt repayment.If borrowers can meet their repayment schedules, it will help alleviate household debt issues.

The Ministry of Finance's New Approach to Resolving Household Debt...Effective or Not?

Equity Bottom-Up

<ul><li>We expect the SET Index to advance toward the next resistance level at around 1,630 points, supported by electronic-component stocks amid strong AI demand and energy stocks as crude oil prices remain elevated.</li><li>Renewed foreign fund inflows should provide additional support as the Thai baht shows signs of appreciation.</li><li>Public hearings have begun on the new draft Power Development Plan (PDP), which emphasizes the transition to clean energy.</li></ul>

We expect the SET Index to advance toward the next resistance level at around 1,630 points, supported by electronic-component stocks amid strong AI demand and energy stocks as crude oil prices remain elevated.Renewed foreign fund inflows should provide additional support as the Thai baht shows signs of appreciation.Public hearings have begun on the new draft Power Development Plan (PDP), which emphasizes the transition to clean energy.

Krungthai XSpring Zoom Eng. September 8, 2026

Technical Analysis

Ekachai Medical Care / Technical Analysis

<ul><li>The SET Index declined but managed to reduce its losses, partly due to domestic buying, particularly from institutional investors, which helped limit the market's drop.</li><li>The SET Index has fallen below the short-term moving average support at around 1,448 points, negatively impacting the overall technical outlook.</li><li>We anticipate that the index will experience volatility and short-term consolidation risks due to foreign investor selling pressure.</li></ul>

The SET Index declined but managed to reduce its losses, partly due to domestic buying, particularly from institutional investors, which helped limit the market's drop.The SET Index has fallen below the short-term moving average support at around 1,448 points, negatively impacting the overall technical outlook.We anticipate that the index will experience volatility and short-term consolidation risks due to foreign investor selling pressure.

Technical Analysis of SET Index and Recommended Stocks

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.

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SCB X (SCB-R TB)

Economic Update: Inflation in October 2024

The rise in inflation in October aligned with the signal from the Trade Policy and Strategy Office, forecasting an average inflation increase of...

Krungthai XSpring

Outlook: Awaiting the Results of the US Presidential Election; Resistance at 1,482/1,506 Points and Support at 1,432/1,405 Points

KTX expects the index's direction to depend on the results of the US presidential election on November 5. The resistance levels are at 1,482/1,506...

Krungthai XSpring

The Ministry of Finance's New Approach to Resolving Household Debt...Effective or Not?

We maintain a neutral view on these measures in the short term, as the target groups are classified as SM loans and NPLs, for which banks have...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 8, 2026

We expect the SET Index to advance toward the next resistance level at around 1,630 points, supported by electronic-component stocks amid strong...

Krungthai XSpring

Technical Analysis of SET Index and Recommended Stocks

The SET Index declined but managed to reduce its losses, partly due to domestic buying, particularly from institutional investors, which helped...

Krungthai XSpring

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Market Cap (USDm)

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