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>KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could influence both global and Thai equities—particularly upcoming policy meetings by major central banks (the Fed, BoJ, ECB, and Thailand’s MPC).</li><li>KTX recommends ADVANC, KBANK, KKP, SCB, and WHAUP for the portfolio.</li><li>We expect the Thai stock market to remain volatile in December 2025, as this period represents a key turning point for several factors that could shape market direction through the rest of 2025 and into early 1Q26.</li></ul>

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could influence both global and Thai equities—particularly upcoming policy meetings by major central banks (the Fed, BoJ, ECB, and Thailand’s MPC).KTX recommends ADVANC, KBANK, KKP, SCB, and WHAUP for the portfolio.We expect the Thai stock market to remain volatile in December 2025, as this period represents a key turning point for several factors that could shape market direction through the rest of 2025 and into early 1Q26.

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.</li>
<li>The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.</li>
<li>We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.</li>
</ul>


Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.
The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.
We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.


Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

<ul><li>The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.</li><li>The Cabinet approved financial assistance measures to support, compensate, and rehabilitate flood-affected communities in the South through state-owned financial institutions (SFIs), including GSB, BAAC, and SME Bank.</li><li>The decline is still mainly driven by government cost-of-living measures, such as the Ft reduction during September–December, and lower crude oil prices.</li></ul>

The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.The Cabinet approved financial assistance measures to support, compensate, and rehabilitate flood-affected communities in the South through state-owned financial institutions (SFIs), including GSB, BAAC, and SME Bank.The decline is still mainly driven by government cost-of-living measures, such as the Ft reduction during September–December, and lower crude oil prices.

Krungthai XSpring Zoom Eng. December 3, 2025

<ul><li>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

<ul><li>Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.</li><li>The index stayed firmly above the 1,250–1,230 support zone and began to rebound.</li><li>However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.</li></ul>

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.The index stayed firmly above the 1,250–1,230 support zone and began to rebound.However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.

Krungthai XSpring Technical Eng. December 2, 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)

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could...

Krungthai XSpring

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. December 3, 2025

The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 2, 2025

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could...

Krungthai XSpring

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

​Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. December 3, 2025

The SET Index is expected to move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,274/1,264 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 2, 2025

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks...

Krungthai XSpring

Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...