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.

Technical Analysis

<ul>
<li>We remove PTT and SPRC from the portfolio after they fell out of our ranking criteria, with holding-period returns of -4.6% and +8.4%, respectively.</li>
<li>We replace them with DOHOME, ITC, and KCE.</li>
<li>Broad-based weakness across the portfolio, led by energy, tourism, and ICT stocks, dragged the portfolio's average return down 0.78%, underperforming the SET's 0.21% decline.</li>
</ul>


We remove PTT and SPRC from the portfolio after they fell out of our ranking criteria, with holding-period returns of -4.6% and +8.4%, respectively.
We replace them with DOHOME, ITC, and KCE.
Broad-based weakness across the portfolio, led by energy, tourism, and ICT stocks, dragged the portfolio's average return down 0.78%, underperforming the SET's 0.21% decline.


KTX TACTICAL PICKS - August 4, 2026 (Eng.)

Cross Asset Strategy

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

Thematic (Sector/Industry)

<ul><li>The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.</li><li>US and Iranian media outlets reported that the US and Iran have electronically signed a peace agreement, resulting in the immediate reopening of the Strait of Hormuz.</li><li>Crude oil prices continued to decline, increasing the likelihood that refining margins could fall to single-digit levels.</li></ul>

The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.US and Iranian media outlets reported that the US and Iran have electronically signed a peace agreement, resulting in the immediate reopening of the Strait of Hormuz.Crude oil prices continued to decline, increasing the likelihood that refining margins could fall to single-digit levels.

Krungthai XSpring Zoom Eng. June 18, 2026

Equity Bottom-Up

<ul><li>Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.</li><li>Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.</li><li>GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.</li></ul>

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns.Brent crude remains elevated amid Middle East tensions and a hurricane approaching the US coast, benefiting PTTEP, SPRC and BCP.GrabFood reports over 20mn orders from restaurants participating in phase one of Thai Chuai Thai Plus, doubling their average sales.

<ul><li>The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.</li><li>Crude oil prices continued to rally following a report by Axios that Donald Trump plans to maintain a blockade of Iranian ports until a clear nuclear agreement is reached.</li><li>The Board of Investment of Thailand reported that investment promotion applications in 1Q26 reached Bt1.02trn, surging 2.4x YoY.</li></ul>

The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.Crude oil prices continued to rally following a report by Axios that Donald Trump plans to maintain a blockade of Iranian ports until a clear nuclear agreement is reached.The Board of Investment of Thailand reported that investment promotion applications in 1Q26 reached Bt1.02trn, surging 2.4x YoY.

Krungthai XSpring Zoom Eng. April 30, 2026

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)

KTX TACTICAL PICKS - August 4, 2026 (Eng.)

We remove PTT and SPRC from the portfolio after they fell out of our ranking criteria, with holding-period returns of -4.6% and +8.4%,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 18, 2026

The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.

Krungthai XSpring

SET Index OUTLOOK

Humanoid Technology stocks are correcting on reports of OpenAI's revenue miss and concerns over AI investment returns. Brent crude remains...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 30, 2026

The Fed kept its policy rate unchanged at 3.50–3.75%, but divisions within the FOMC have begun to emerge over the wording of the press release.

Krungthai XSpring

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