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 fell sharply after DELTA plunged following a big-lot transaction priced below the market, dragging the index down by 23.5 points.</li><li>The index retreated rapidly and is now hovering near the key support level of 1,250 points, which has previously triggered multiple technical rebounds.</li><li>Therefore, we recommend buying on weakness, expecting the index to hold above the 1,250-point level and present an opportunity for a technical rebound.</li></ul>

The SET fell sharply after DELTA plunged following a big-lot transaction priced below the market, dragging the index down by 23.5 points.The index retreated rapidly and is now hovering near the key support level of 1,250 points, which has previously triggered multiple technical rebounds.Therefore, we recommend buying on weakness, expecting the index to hold above the 1,250-point level and present an opportunity for a technical rebound.

Krungthai XSpring Technical Eng. January 9, 2026

<ul><li>US equities moved largely sideways (S&amp;P 500 +0.01%, NASDAQ -0.44%), as gains in non-tech sectors such as energy, consumer staples, and materials were offset by declines in technology stocks.</li><li>Crude oil prices rebounded sharply by 3.4%, supported by unrest in Iran, where protests have spread nationwide and demonstrators have set fires on roads.</li><li>The short-term spike in oil prices may provide positive sentiment for Thai energy stocks (PTTEP, PTT).</li></ul>

US equities moved largely sideways (S&amp;P 500 +0.01%, NASDAQ -0.44%), as gains in non-tech sectors such as energy, consumer staples, and materials were offset by declines in technology stocks.Crude oil prices rebounded sharply by 3.4%, supported by unrest in Iran, where protests have spread nationwide and demonstrators have set fires on roads.The short-term spike in oil prices may provide positive sentiment for Thai energy stocks (PTTEP, PTT).

Krungthai XSpring Zoom Eng. January 9, 2026

<ul><li>The SET Index is expected to move sideways down, with the support at 1,280/1,270 points and the resistance at 1,300/1,318 points.</li><li>Petrochemical stocks rallied (IVL +6.88%, PTTGC +5.71%, SCC +4.74%) on news that Venezuela may deliver 30–50 mn barrels of oil to the US, boosting oil supply and widening product spreads through lower feedstock costs.</li><li>Thailand’s headline inflation in December contracted by 0.28% YoY, compared with market expectations of -0.4% YoY and -0.49% YoY in November.</li></ul>

The SET Index is expected to move sideways down, with the support at 1,280/1,270 points and the resistance at 1,300/1,318 points.Petrochemical stocks rallied (IVL +6.88%, PTTGC +5.71%, SCC +4.74%) on news that Venezuela may deliver 30–50 mn barrels of oil to the US, boosting oil supply and widening product spreads through lower feedstock costs.Thailand’s headline inflation in December contracted by 0.28% YoY, compared with market expectations of -0.4% YoY and -0.49% YoY in November.

Krungthai XSpring Zoom Eng. January 8, 2026

<ul><li>High banking-system liquidity remains limited in its transmission to the real economy but allows banks to optimize balance sheets and pursue capital management strategies amid a downcycle in interest rates.</li><li>Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth assumptions.</li><li>Although system liquidity has recovered post-COVID, it remains largely parked in banks rather than flowing to the real economy, as reflected by a higher broad money–to–total assets ratio and an LDR below 90%, resulting in a weaker money multiplier.</li></ul>

High banking-system liquidity remains limited in its transmission to the real economy but allows banks to optimize balance sheets and pursue capital management strategies amid a downcycle in interest rates.Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth assumptions.Although system liquidity has recovered post-COVID, it remains largely parked in banks rather than flowing to the real economy, as reflected by a higher broad money–to–total assets ratio and an LDR below 90%, resulting in a weaker money multiplier.

Banking: Low-Growth Backdrop Opens Valuation Re-Rating For Banks - Overweight

<ul><li>Although Asian bourses continued to rise in line with the US market, supported by a stronger baht and the absence of negative catalysts, the SET unexpectedly declined.</li><li>The pullback did not alter the overall price pattern, as the index remains in a phase of testing the 1,280-point resistance.</li><li>We maintain a positive outlook on the index, as it still has the opportunity to move back above the 1,280-point level.</li></ul>

Although Asian bourses continued to rise in line with the US market, supported by a stronger baht and the absence of negative catalysts, the SET unexpectedly declined.The pullback did not alter the overall price pattern, as the index remains in a phase of testing the 1,280-point resistance.We maintain a positive outlook on the index, as it still has the opportunity to move back above the 1,280-point level.

Krungthai XSpring Technical Eng. January 7, 2026

Thailand

SCB X 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. The company was officially established on September 15, 2021, and is headquartered in Bangkok, Thailand.

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SCB X (SCB TB)

Krungthai XSpring Technical Eng. January 9, 2026

The SET fell sharply after DELTA plunged following a big-lot transaction priced below the market, dragging the index down by 23.5 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 9, 2026

US equities moved largely sideways (S&P 500 +0.01%, NASDAQ -0.44%), as gains in non-tech sectors such as energy, consumer staples, and materials...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 8, 2026

The SET Index is expected to move sideways down, with the support at 1,280/1,270 points and the resistance at 1,300/1,318 points.

Krungthai XSpring

Banking: Low-Growth Backdrop Opens Valuation Re-Rating For Banks - Overweight

Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 7, 2026

Although Asian bourses continued to rise in line with the US market, supported by a stronger baht and the absence of negative catalysts, the SET...

Krungthai XSpring

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