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>Most Asian bourses rebounded after the US government shutdown was resolved.</li><li>The index has been moving within a narrow sideways range and is approaching the BB Bottom line.</li><li>We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.</li></ul>

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is approaching the BB Bottom line.We therefore recommend buying near the support level and waiting for a clearer rebound accompanied by stronger trading volume.

Krungthai XSpring Technical Eng. November 14, 2025

<ul><li>The SET Index is expected to trade sideways down today, with the support at 1,283/1,268 points and the resistance at 1,300/1,313 points.</li><li>Crude oil prices dropped sharply (WTI –4.18%, Brent –3.76%), marking the steepest decline since June, driven by concerns over rising supply after OPEC+ revised its 3Q25 oil market outlook from a deficit to a surplus due to higher-than-expected US production.</li><li>The Board of Investment (BOI) has approved revised investment incentives for data centers to promote technology transfer and more balanced regional development.</li></ul>

The SET Index is expected to trade sideways down today, with the support at 1,283/1,268 points and the resistance at 1,300/1,313 points.Crude oil prices dropped sharply (WTI –4.18%, Brent –3.76%), marking the steepest decline since June, driven by concerns over rising supply after OPEC+ revised its 3Q25 oil market outlook from a deficit to a surplus due to higher-than-expected US production.The Board of Investment (BOI) has approved revised investment incentives for data centers to promote technology transfer and more balanced regional development.

Krungthai XSpring Zoom Eng. November 13, 2025

<ul><li>Asian bourses closed mixed despite gains in the US market, while the SET fluctuated within a narrow range before slipping back to the 1,300-point level.</li><li>The recent decline in the index is viewed as profit-taking amid light trading volume and the absence of heavy selling pressure on large-cap stocks that could dampen sentiment.</li><li>We expect the index to edge down only slightly, as selling pressure remains limited and buying interest in large-cap stocks persists.</li></ul>

Asian bourses closed mixed despite gains in the US market, while the SET fluctuated within a narrow range before slipping back to the 1,300-point level.The recent decline in the index is viewed as profit-taking amid light trading volume and the absence of heavy selling pressure on large-cap stocks that could dampen sentiment.We expect the index to edge down only slightly, as selling pressure remains limited and buying interest in large-cap stocks persists.

Krungthai XSpring Technical Eng. November 12, 2025

<ul><li>The SET Index is expected to trade sideways up today, though with limited momentum, with the resistance at 1,311/1,322 and the support at 1,300/1,285.</li><li>Japan: The Bank of Japan (BoJ) released minutes from its October meeting, showing that policymakers discussed the possibility of raising interest rates as early as December.</li><li>Thailand: Finance Minister Ekkaniti stated that the Economic Cabinet approved an Upskill/Reskill program for retailers participating in the Khon La Khrueng Plus initiative (“Phase 1.5”) with a total budget of Bt800mn.</li></ul>

The SET Index is expected to trade sideways up today, though with limited momentum, with the resistance at 1,311/1,322 and the support at 1,300/1,285.Japan: The Bank of Japan (BoJ) released minutes from its October meeting, showing that policymakers discussed the possibility of raising interest rates as early as December.Thailand: Finance Minister Ekkaniti stated that the Economic Cabinet approved an Upskill/Reskill program for retailers participating in the Khon La Khrueng Plus initiative (“Phase 1.5”) with a total budget of Bt800mn.

Krungthai XSpring Zoom Eng. November 11, 2025

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes</li>
<li>We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term</li>
<li>Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term</li>
</ul>


We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes
We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term
Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term


Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

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.

Price Gauge
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Siam Commercial Bank (SCB TB)

Krungthai XSpring Technical Eng. November 14, 2025

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 13, 2025

The SET Index is expected to trade sideways down today, with the support at 1,283/1,268 points and the resistance at 1,300/1,313 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. November 12, 2025

Asian bourses closed mixed despite gains in the US market, while the SET fluctuated within a narrow range before slipping back to the 1,300-point...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 11, 2025

The SET Index is expected to trade sideways up today, though with limited momentum, with the resistance at 1,311/1,322 and the support at 1,300/1,285.

Krungthai XSpring

Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

We turn cautious on Bangkok Bank, downgrading it to neutral from buy; Thailand’s suspension of the peace accord in the conflict with Cambodia is...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Technical Eng. November 14, 2025

Most Asian bourses rebounded after the US government shutdown was resolved.The index has been moving within a narrow sideways range and is...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 13, 2025

The SET Index is expected to trade sideways down today, with the support at 1,283/1,268 points and the resistance at 1,300/1,313 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. November 12, 2025

Asian bourses closed mixed despite gains in the US market, while the SET fluctuated within a narrow range before slipping back to the 1,300-point...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 11, 2025

The SET Index is expected to trade sideways up today, though with limited momentum, with the resistance at 1,311/1,322 and the support at 1,300/1,285.

Krungthai XSpring

Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

​We turn cautious on Bangkok Bank, downgrading it to neutral from buy; Thailand’s suspension of the peace accord in the conflict with Cambodia is...

Victor Galliano

We turn cautious on Bangkok Bank, downgrading it to neutral from buy; Thailand’s suspension of the peace accord in the conflict with Cambodia is...