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>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>Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,372 points (200-day EMA) and the support at 1,343 points (25-week EMA)/1,336 points.</li><li>We maintain our recommendation that investors accumulate when the index weakens and wait to take profit at the resistance at 1,372 points.</li><li>In August, foreign investment in Thailand became more pronounced.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,372 points (200-day EMA) and the support at 1,343 points (25-week EMA)/1,336 points.We maintain our recommendation that investors accumulate when the index weakens and wait to take profit at the resistance at 1,372 points.In August, foreign investment in Thailand became more pronounced.

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).</li><li>The MSCI Quarterly Review will impact closing prices today for the first day.</li><li>KTX has downgraded our short-term outlook on the SET Index due to increasing risk factors.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).The MSCI Quarterly Review will impact closing prices today for the first day.KTX has downgraded our short-term outlook on the SET Index due to increasing risk factors.

MSCI Rebalancing to Impact Closing Prices Today & Weekly Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,360/1,350 points (1/2 and 2/3 of the Fibonacci range of 1,320-1,404 points) and the resistance at 1,371/1,375 points (25-day EMA/50-day EMA).</li><li>Consensus expectations for German inflation in May are +0.2% MoM and +2.4% YoY (compared to April's +0.5% MoM and +2.2% YoY).</li><li>We recommend stocks with positive news stories: TTB, HANA and SVI.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,360/1,350 points (1/2 and 2/3 of the Fibonacci range of 1,320-1,404 points) and the resistance at 1,371/1,375 points (25-day EMA/50-day EMA).Consensus expectations for German inflation in May are +0.2% MoM and +2.4% YoY (compared to April's +0.5% MoM and +2.2% YoY).We recommend stocks with positive news stories: TTB, HANA and SVI.

<ul><li>Technically, the SET Index is expected to rebound in a narrow range, with the resistance at 1,385/1,390 points and the support at 1,373/1,366 points (this year's low).</li><li>Keep a close watch on the earnings guidance of HFT, PJW, SEAFCO, CH, TPIPL, PCC and PRI, which may affect the prices of the related stocks.</li><li>We recommend blue chip stocks whose share prices are lower than the fair values: SABINA, BCP and MTC.</li></ul>

Technically, the SET Index is expected to rebound in a narrow range, with the resistance at 1,385/1,390 points and the support at 1,373/1,366 points (this year's low).Keep a close watch on the earnings guidance of HFT, PJW, SEAFCO, CH, TPIPL, PCC and PRI, which may affect the prices of the related stocks.We recommend blue chip stocks whose share prices are lower than the fair values: SABINA, BCP and MTC.

Thailand

Seafco Public Company Limited is a leading deep foundation specialist in Thailand, primarily operating as a contractor for foundation and general civil works for both government and private sectors. The company specializes in bored piling, barrette piling, diaphragm wall construction, ground improvement, and various testing services. Seafco was incorporated on December 19, 1974, and is headquartered in Bangkok, Thailand.

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Seafco (SEAFCO-R TB)

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

Thai Trade Balance in July

Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,372 points (200-day EMA) and the support at 1,343...

Krungthai XSpring

MSCI Rebalancing to Impact Closing Prices Today & Weekly Strategy

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points...

Krungthai XSpring

Strategic Daily Picks

Technically, the SET Index is expected to move sideways down, with the support at 1,360/1,350 points (1/2 and 2/3 of the Fibonacci range of...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to rebound in a narrow range, with the resistance at 1,385/1,390 points and the support at 1,373/1,366...

Krungthai XSpring

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