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 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

<ul><li>The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.</li><li>The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.</li><li>Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.</li></ul>

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.

Krungthai XSpring Zoom Eng. April 8, 2026

<ul><li>Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, in his capacity as Chairman of the Committee on Fuel Price Structure Review, convened a meeting with refinery representatives on April 3 to gather input and request detailed data on the oil pricing structure.</li><li>We assess a case study based on a subsidy contribution assumption, benchmarked against a reduction in refining margins of every USD5/bbl (approximately Bt1/liter), applied to diesel and gasoline production over a one-month period.</li><li>We expect policy risk stemming from recent news flow to weigh on sentiment and share prices of refinery stocks.</li></ul>

Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, in his capacity as Chairman of the Committee on Fuel Price Structure Review, convened a meeting with refinery representatives on April 3 to gather input and request detailed data on the oil pricing structure.We assess a case study based on a subsidy contribution assumption, benchmarked against a reduction in refining margins of every USD5/bbl (approximately Bt1/liter), applied to diesel and gasoline production over a one-month period.We expect policy risk stemming from recent news flow to weigh on sentiment and share prices of refinery stocks.

Energy (Refinery): Government To Overhaul Oil Pricing Structure - Neutral

<ul><li>The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.</li><li>The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.</li><li>Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.</li></ul>

The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring Zoom Eng. April 7, 2026

<ul><li>The market was pressured by a rebound in oil prices and uncertainty surrounding the US stance.</li><li>Domestically, continued government efforts to ease the cost of living remain a positive signal.</li><li>We maintain a trading-oriented strategy.</li></ul>

The market was pressured by a rebound in oil prices and uncertainty surrounding the US stance.Domestically, continued government efforts to ease the cost of living remain a positive signal.We maintain a trading-oriented strategy.

Krungthai XSpring Zoom Eng. March 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)

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

Krungthai XSpring Zoom Eng. April 8, 2026

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been...

Krungthai XSpring

Energy (Refinery): Government To Overhaul Oil Pricing Structure - Neutral

We assess a case study based on a subsidy contribution assumption, benchmarked against a reduction in refining margins of every USD5/bbl...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 7, 2026

Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 30, 2026

The market was pressured by a rebound in oil prices and uncertainty surrounding the US stance.Domestically, continued government efforts to ease...

Krungthai XSpring

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