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 market did not have any new supporting factors, and the 2Q25 earnings were already priced in.</li><li>The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.</li><li>Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.</li></ul>

The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.

Krungthai XSpring Technical Eng. August 18, 2025

<ul><li>The SET Index is expected to weaken today, with the support at 1,253/1,250 points (10-day EMA) and the resistance at 1,270/1,280 points.</li><li>US Producer Price Index (PPI) in July rose 0.9% MoM and 3.3% YoY (market expected +0.2% MoM / +2.5% YoY), marking the highest increase since March 2022, mainly driven by higher service costs.</li><li>Thai listed companies that have reported 2Q25 earnings account for 94.3% of total market capitalization (considering only stocks with Bloomberg consensus).</li></ul>

The SET Index is expected to weaken today, with the support at 1,253/1,250 points (10-day EMA) and the resistance at 1,270/1,280 points.US Producer Price Index (PPI) in July rose 0.9% MoM and 3.3% YoY (market expected +0.2% MoM / +2.5% YoY), marking the highest increase since March 2022, mainly driven by higher service costs.Thai listed companies that have reported 2Q25 earnings account for 94.3% of total market capitalization (considering only stocks with Bloomberg consensus).

Krungthai XSpring Zoom Eng. August 15, 2025.

<ul><li>The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.</li><li>The index advanced steadily, led by a rise in DELTA and further bolstered by gains in PTT, PTTEP, KBANK, and ADVANC, alongside consistent fund inflows.</li><li>These factors lifted the index above the 1,200-point level, ultimately closing the week up 7.62%.</li></ul>

The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.The index advanced steadily, led by a rise in DELTA and further bolstered by gains in PTT, PTTEP, KBANK, and ADVANC, alongside consistent fund inflows.These factors lifted the index above the 1,200-point level, ultimately closing the week up 7.62%.

<ul><li>The SET rallied strongly for the third consecutive day, despite a decline in banking stocks due to concerns over potential interest rate cuts.</li><li>Robust buying activity in energy, finance, transportation, commerce, tourism, electronics, and food sectors, combined with the absence of significant negative market factors, helped the index overcome profit-taking pressure and remain on track toward the 1,200-point level.</li><li>The index surged alongside positive technical signals, including a steadily rising RSI that remains far from the overbought zone and the MACD that may have a golden cross signal.</li></ul>

The SET rallied strongly for the third consecutive day, despite a decline in banking stocks due to concerns over potential interest rate cuts.Robust buying activity in energy, finance, transportation, commerce, tourism, electronics, and food sectors, combined with the absence of significant negative market factors, helped the index overcome profit-taking pressure and remain on track toward the 1,200-point level.The index surged alongside positive technical signals, including a steadily rising RSI that remains far from the overbought zone and the MACD that may have a golden cross signal.

<ul><li>The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.</li><li>However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.</li><li>The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.</li></ul>

The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.

Thailand

SCG Packaging Public Company Limited provides packaging services and solutions. The Company offers fiber-based packaging, performance and polymer packaging, and food service products, as well as designing and printing services. SCG Packaging serves customers worldwide.

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SCG Packaging (SCGP TB)

Krungthai XSpring Technical Eng. August 18, 2025

The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 15, 2025.

The SET Index is expected to weaken today, with the support at 1,253/1,250 points (10-day EMA) and the resistance at 1,270/1,280 points.

Krungthai XSpring

Technical Analysis - JULY 21, 2025

The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.

Krungthai XSpring

Technical Analysis - JULY 16, 2025

The SET rallied strongly for the third consecutive day, despite a decline in banking stocks due to concerns over potential interest rate cuts.

Krungthai XSpring

Technical Analysis -JULY 2, 2025

The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci...

Krungthai XSpring

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