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>Electronics stocks are supported by easing US Treasury yields.</li><li>Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).</li><li>The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.</li></ul>

Electronics stocks are supported by easing US Treasury yields.Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.

<ul><li>Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting a tech rebound.</li><li>The government is proceeding with the Bt160bn Chai Nat-Pa Sak-Gulf of Thailand drainage project, directly benefiting major contractors (STECON, CK).</li><li>US diesel export restrictions could further tighten the global diesel market, keeping refiners' market GRMs elevated longer (BCP, SPRC).</li></ul>

Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting a tech rebound.The government is proceeding with the Bt160bn Chai Nat-Pa Sak-Gulf of Thailand drainage project, directly benefiting major contractors (STECON, CK).US diesel export restrictions could further tighten the global diesel market, keeping refiners' market GRMs elevated longer (BCP, SPRC).

<ul><li>The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.</li><li>The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.</li><li>We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.</li></ul>

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.

Krungthai XSpring Zoom Eng. September 3, 2026

<ul><li>Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).</li><li>The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).</li><li>The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).</li></ul>

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).

Krungthai XSpring Zoom Eng. August 18, 2026

Equity Bottom-Up

<ul>
<li>We recommend selling TOP to limit losses at a holding-period return of -5.8%.</li>
<li>KKP has fallen out of the rankings with a holding-period return of -1.5%.</li>
<li>GPSC, ITC and SPRC are being added to the portfolio.</li>
</ul>


We recommend selling TOP to limit losses at a holding-period return of -5.8%.
KKP has fallen out of the rankings with a holding-period return of -1.5%.
GPSC, ITC and SPRC are being added to the portfolio.


KTX Tactical Picks - October 12, 2026 (Eng.)

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

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

SET Index Outlook

Markets are pricing in a lower probability of an October Fed rate hike as the US labor market weakens and consumer confidence plunges, supporting...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 3, 2026

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 18, 2026

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks...

Krungthai XSpring

KTX Tactical Picks - October 12, 2026 (Eng.)

We recommend selling TOP to limit losses at a holding-period return of -5.8%. KKP has fallen out of the rankings with a holding-period return of...

Krungthai XSpring

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