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 SET Index is expected to trade sideways up today, with the resistance at 1,334/1,350 and the support at 1,314/1,300.</li><li>Thai exports rose sharply in September, expanding by +19% YoY (vs market expectation of +9% YoY), marking the 15th consecutive month of growth and the strongest increase in three and a half years.</li><li>We maintain our view that Thai exports continue to benefit from trade diversion after the US maintained import tariffs on Thailand, Malaysia, and Vietnam at 19%, 19%, and 20%, respectively—significantly lower than those imposed on China (55%) and India (50%).</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,334/1,350 and the support at 1,314/1,300.Thai exports rose sharply in September, expanding by +19% YoY (vs market expectation of +9% YoY), marking the 15th consecutive month of growth and the strongest increase in three and a half years.We maintain our view that Thai exports continue to benefit from trade diversion after the US maintained import tariffs on Thailand, Malaysia, and Vietnam at 19%, 19%, and 20%, respectively—significantly lower than those imposed on China (55%) and India (50%).

Krungthai XSpring Zoom Eng. October 28, 2025

<ul><li>Japan’s Prime Minister’s support for continued easy monetary policy is putting significant pressure on the Bank of Japan’s (BOJ) rate decision.</li><li>US inflation remains exposed to upside risks, mainly from cost-push pressures driven by supply-side factors beyond the direct reach of monetary policy.</li><li>Fed Chair Jerome Powell’s explicit concern over labor market weakness—highlighting a “significant slowdown in new hiring”—reflects rising employment risks.</li></ul>

Japan’s Prime Minister’s support for continued easy monetary policy is putting significant pressure on the Bank of Japan’s (BOJ) rate decision.US inflation remains exposed to upside risks, mainly from cost-push pressures driven by supply-side factors beyond the direct reach of monetary policy.Fed Chair Jerome Powell’s explicit concern over labor market weakness—highlighting a “significant slowdown in new hiring”—reflects rising employment risks.

KTX AHEAD: Global Spotlight: Key Central Bank Meetings To Watch This Week

<ul><li>Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.</li><li>The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.</li><li>Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.</li></ul>

Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.

Krungthai XSpring Technical Eng. October 27, 2025

<ul><li>The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.</li><li>The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.</li><li>We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).</li></ul>

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.The US and Thailand have signed a Memorandum of Understanding (MOU) on cooperation in critical minerals.We recommend focusing on defensive stocks (ADVANC, CPALL, BDMS, BCH, GPSC) or accumulating shares with potential 3Q25 earnings growth both QoQ and YoY (ADVANC, BCPG, PR9, PTTGC, MTC).

Krungthai XSpring Zoom Eng. October 27, 2025

<ul><li>The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.</li><li>Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.</li><li>Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.</li></ul>

The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.

Krungthai XSpring Zoom Eng. October 24, 2025

China

Shenzhen MTC Co., Ltd. develops, designs, manufactures and sells consumer electronics.  The Company's products include LCD television, digital set-top box, disc player, and multimedia audio system.

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Shenzhen Mtc Co Ltd A (002429 CH)

Krungthai XSpring Zoom Eng. October 28, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,334/1,350 and the support at 1,314/1,300. Thai exports rose sharply...

Krungthai XSpring

KTX AHEAD: Global Spotlight: Key Central Bank Meetings To Watch This Week

Japan’s Prime Minister’s support for continued easy monetary policy is putting significant pressure on the Bank of Japan’s (BOJ) rate decision.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 27, 2025

Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 27, 2025

The SET Index is expected to move in a limited sideways-up pattern today, with the support at 1,300/1,280 and the resistance at 1,322/1,334.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 24, 2025

The SET Index is expected to trade in a sideways-up pattern today, with the resistance at 1,314 and 1,334 points, and support at 1,300 and 1,280...

Krungthai XSpring

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