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 down today, with the support at 1,284/1,266 and the resistance at 1,300/1,313.</li><li>Domestically, sentiment remains slightly positive, supported by Thailand’s low inflation, which keeps real yields high and helps limit potential foreign fund outflows.</li><li>The Tourism Authority of Thailand (TAT) reported 2.57mn tourist arrivals in October, down 4% YoY (vs –11% in September), marking a slower contraction as Chinese visitors fell 22% YoY, compared with the average decline of 42% YoY during February–September.</li></ul>

The SET Index is expected to trade sideways down today, with the support at 1,284/1,266 and the resistance at 1,300/1,313.Domestically, sentiment remains slightly positive, supported by Thailand’s low inflation, which keeps real yields high and helps limit potential foreign fund outflows.The Tourism Authority of Thailand (TAT) reported 2.57mn tourist arrivals in October, down 4% YoY (vs –11% in September), marking a slower contraction as Chinese visitors fell 22% YoY, compared with the average decline of 42% YoY during February–September.

Krungthai XSpring Zoom Eng. November 5, 2025

<ul><li>The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.</li><li>The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.</li><li>We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.</li></ul>

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.

Krungthai XSpring Technical Eng. November 5, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.</li><li>The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.</li><li>Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.

Krungthai XSpring Zoom Eng. November 4, 2025

<ul><li>The baht is likely to strengthen further, supported by low inflation and limited intervention capacity by the Bank of Thailand (BoT), which could sustain foreign fund inflows seeking both capital and exchange rate gains.</li><li>Given the limited near-term upside for Thai equities, we revise our recommendation from ”delaying purchases to “trading,”.</li><li>BoT is concerned about the baht’s strength and has stepped in to stabilize it.</li></ul>

The baht is likely to strengthen further, supported by low inflation and limited intervention capacity by the Bank of Thailand (BoT), which could sustain foreign fund inflows seeking both capital and exchange rate gains.Given the limited near-term upside for Thai equities, we revise our recommendation from ”delaying purchases to “trading,”.BoT is concerned about the baht’s strength and has stepped in to stabilize it.

KTX AHEAD: The Baht May Strengthen Sharply Again

<ul><li>The SET attempted to rebound but encountered selling pressure throughout the day, eventually closing lower.</li><li>The higher high, higher low pattern remains intact as long as the index stays above the uptrend line support at 1,273.</li><li>Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have been mixed.</li></ul>

The SET attempted to rebound but encountered selling pressure throughout the day, eventually closing lower.The higher high, higher low pattern remains intact as long as the index stays above the uptrend line support at 1,273.Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have been mixed.

Krungthai XSpring Technical Eng. November 3, 2025

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

Krungthai XSpring Zoom Eng. November 5, 2025

Domestically, sentiment remains slightly positive, supported by Thailand’s low inflation, which keeps real yields high and helps limit potential...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 5, 2025

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 4, 2025

Thailand's S&P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by...

Krungthai XSpring

KTX AHEAD: The Baht May Strengthen Sharply Again

The baht is likely to strengthen further, supported by low inflation and limited intervention capacity by the Bank of Thailand (BoT), which could...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 3, 2025

Therefore, we maintain our “buy on dips” strategy, as the recent pullback has occurred on light volume and movements among bluechip stocks have...

Krungthai XSpring

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