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>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 fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.</li><li>The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.</li><li>We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.</li></ul>

The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. October 1, 2025

<ul><li>The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.</li><li>Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.</li><li>We do not anticipate a deep correction in the index and believe it will eventually rebound.</li></ul>

The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.We do not anticipate a deep correction in the index and believe it will eventually rebound.

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

<ul><li>The SET advanced for a second consecutive day, supported by two straight sessions of foreign investor buying.</li><li>The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.</li><li>We expect the index to continue climbing toward the 1,300-point target.</li></ul>

The SET advanced for a second consecutive day, supported by two straight sessions of foreign investor buying.The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.We expect the index to continue climbing toward the 1,300-point target.

Krungthai XSpring Technical Eng. September 26, 2025

<ul><li>The SET Index is expected to trade with upward volatility today, with the resistance at 1,300/1,310 and the support at 1,290/1,284.</li><li>US equities closed higher on Friday (S&amp;P500 +0.49%, NASDAQ +0.72%), supported by the Fed’s rate cut after new Fed governor Stephen Miran remarked that “import tariffs have no significant impact on inflation.”</li><li>The Royal Gazette has officially published the royal endorsement of the new Cabinet.</li></ul>

The SET Index is expected to trade with upward volatility today, with the resistance at 1,300/1,310 and the support at 1,290/1,284.US equities closed higher on Friday (S&amp;P500 +0.49%, NASDAQ +0.72%), supported by the Fed’s rate cut after new Fed governor Stephen Miran remarked that “import tariffs have no significant impact on inflation.”The Royal Gazette has officially published the royal endorsement of the new Cabinet.

Krungthai XSpring Zoom Eng. September 22, 2025

Thailand

SCG Packaging is a leading multinational provider of integrated packaging solutions, offering a comprehensive portfolio including fiber-based packaging, performance and polymer packaging, foodservice products, pulp, and paper products. The company provides innovative and sustainable products and services for various industries, including food, beverage, consumer goods, and medical supplies. Headquartered in Bangkok, Thailand, the company was founded in 1975.

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SCG Packaging (SCGP TB)

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. October 1, 2025

We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline. We do not anticipate a deep correction in the index...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 26, 2025

The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 22, 2025

The SET Index is expected to trade with upward volatility today, with the resistance at 1,300/1,310 and the support at 1,290/1,284.

Krungthai XSpring

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