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.

Cross Asset Strategy

<ul><li>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

Equity Bottom-Up

<ul><li>We recommend taking profit on SPRC after a 23.2% holding-period return, exceeding our target, and adding BGRIM and COM7 to the portfolio.</li><li>The rebound in energy stocks lifted the portfolio by 0.49%, outperforming the SET's 0.46% gain.</li><li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li></ul>

We recommend taking profit on SPRC after a 23.2% holding-period return, exceeding our target, and adding BGRIM and COM7 to the portfolio.The rebound in energy stocks lifted the portfolio by 0.49%, outperforming the SET's 0.46% gain.The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.

<ul>
<li>Crude prices remain elevated on tight supply.</li>
<li>US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.</li>
<li>Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).</li>
</ul>


Crude prices remain elevated on tight supply.
US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US dollar gains, positive for Thai exporters.
Rubber supply from Thailand and Indonesia may fall 12% and 25% YoY, respectively, supporting 4Q26 rubber prices (STGT, NER, TRUBB).


<ul><li>Geopolitical risk remains a trading catalyst and provides downside support for both upstream and downstream stocks.</li><li>However, strong YTD share-price gains-35% for upstream stocks and 75-120% for downstream stocks-have stretched valuations.</li><li>We maintain our Neutral rating and recommend accumulating on weakness.</li></ul>

Geopolitical risk remains a trading catalyst and provides downside support for both upstream and downstream stocks.However, strong YTD share-price gains-35% for upstream stocks and 75-120% for downstream stocks-have stretched valuations.We maintain our Neutral rating and recommend accumulating on weakness.

Energy (Upstream-Downstream): Valuation Stretched; Accumulate Sustainable High Dividend and Story-Driven Plays on Weakness – Neutral

<ul>
<li>(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.</li>
<li>(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.</li>
<li>(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.</li>
</ul>


(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected US jobs data.
(-) Brent crude holds above USD100/bbl despite the G7 agreeing to release emergency oil reserves, as Middle East tensions persist.
(+) The government is seeking Bt75bn in loan funding for the "Solar for the People" program, offering Bt50,000 per household to cover 1.5mn homes.


Israel

SciSparc Ltd. provides pharmaceutical products. The Company develops cannabinoid technologies for treatment of central nervous system disorders. SciSparc serves customers worldwide.

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SciSparc (SPRC US)

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

KTX Tactical Picks

We recommend taking profit on SPRC after a 23.2% holding-period return, exceeding our target, and adding BGRIM and COM7 to the portfolio. The...

Krungthai XSpring

SET Index Outlook

Crude prices remain elevated on tight supply. US long-term bond yields hit a 24-year high, benefiting banks and insurers and supporting further US...

Krungthai XSpring

Energy (Upstream-Downstream): Valuation Stretched; Accumulate Sustainable High Dividend and Story-Driven Plays on Weakness – Neutral

Geopolitical risk remains a trading catalyst and provides downside support for both upstream and downstream stocks. However, strong YTD...

Krungthai XSpring

SET Index Outlook

(+)The CME FedWatch Tool shows a 22.1% probability of an October Fed rate hike, down from 64.2% the previous week, following weaker-than-expected...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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