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 is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.</li><li>The US: US equities edged higher (S&amp;P500 +0.06%, NASDAQ +0.39%), with gains led by technology stocks.</li><li>Thailand: Finance Minister Ekniti Nitithanprapas reaffirmed that the government will accelerate economic stimulus through consumption, particularly via the “Khon La Khrueng Plus” co-payment scheme.</li></ul>

The SET Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.The US: US equities edged higher (S&amp;P500 +0.06%, NASDAQ +0.39%), with gains led by technology stocks.Thailand: Finance Minister Ekniti Nitithanprapas reaffirmed that the government will accelerate economic stimulus through consumption, particularly via the “Khon La Khrueng Plus” co-payment scheme.

Krungthai XSpring Zoom Eng. October 3, 2025

<ul><li>We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.</li><li>Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We recommend cutting loss on MOSHI after its holding-period return dropped –6.2%, breaching the threshold.Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose 0.90%.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 2, 2025 (Eng.)

<ul><li>External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.</li><li>We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.</li><li>The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.</li></ul>

External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.

Krungthai XSpring Zoom Eng. October 1, 2025

<ul><li>The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.</li><li>Buying from broker proprietary accounts introduced some volatility, but the index was lifted by a rotation in blue-chip stocks while selling pressure stayed light.</li><li>However, with light volume and the need for stronger fund inflows, the index remains volatile.</li></ul>

The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.Buying from broker proprietary accounts introduced some volatility, but the index was lifted by a rotation in blue-chip stocks while selling pressure stayed light.However, with light volume and the need for stronger fund inflows, the index remains volatile.

Krungthai XSpring Technical Eng. September 30, 2025

<ul><li>The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.</li><li>The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.</li><li>We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.</li></ul>

The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.

Krungthai XSpring Technical Eng. September 23, 2025

Malaysia

SCC Holdings Bhd. is an investment holding company. The Company's subsidiaries are involved in the sales, marketing, and distribution of non-antibiotic animal health products and the sales, marketing, and distribution of food service equipment.

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Scc Holdings (SCHB MK)

Krungthai XSpring Zoom Eng. October 3, 2025

The SET Index is expected to trade sideways with an upward bias today, though momentum may be softer than in the previous session.

Krungthai XSpring

KTX Tactical Picks - October 2, 2025 (Eng.)

Selling pressure in commerce stocks (M, MOSHI) pulled the portfolio’s average return down 0.09% from the previous day, lagging the SET, which rose...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 1, 2025

We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 30, 2025

The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 23, 2025

The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a...

Krungthai XSpring

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