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 attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.</li><li>The index plunged for the fifth straight day, pressured by continuous foreign investor sell-offs over the same period.</li><li>We expect the index to either rebound or move sideways after consecutive declines.</li></ul>

The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.The index plunged for the fifth straight day, pressured by continuous foreign investor sell-offs over the same period.We expect the index to either rebound or move sideways after consecutive declines.

Krungthai XSpring Technical Eng. September 24, 2025

<ul><li>The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.</li><li>The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.</li><li>We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.</li></ul>

The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.

Krungthai XSpring Technical Eng. September 23, 2025

<ul><li>The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.</li><li>US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.</li><li>The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.</li></ul>

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.

Krungthai XSpring Zoom Eng. September 19, 2025.

<ul><li>The SET Index is expected to edge lower today, with the support at 1,300/1,284 points and the resistance at 1,316/1,334 points.</li><li>The Fed cut its policy rate by 0.25% to 4.00–4.25% from 4.25–4.50%, in line with market expectations.</li><li>The Retail Sentiment Index (RSI) rose to 47.6 in August (+8.2 points MoM), with improvements across all regions and nearly all store types, partly driven by promotional activities.</li></ul>

The SET Index is expected to edge lower today, with the support at 1,300/1,284 points and the resistance at 1,316/1,334 points.The Fed cut its policy rate by 0.25% to 4.00–4.25% from 4.25–4.50%, in line with market expectations.The Retail Sentiment Index (RSI) rose to 47.6 in August (+8.2 points MoM), with improvements across all regions and nearly all store types, partly driven by promotional activities.

Krungthai XSpring Zoom Eng. September 18, 2025

<ul><li>The improved tone in US-China talks is expected to boost market sentiment in Asia and Thailand today.</li><li>Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for royal endorsement expected this week.</li><li>Bloomberg reported that the Bank of Thailand (BOT) and the Ministry of Finance are considering a tax on gold transactions settled in baht to ease pressure on the currency and curb excessive appreciation.</li></ul>

The improved tone in US-China talks is expected to boost market sentiment in Asia and Thailand today.Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for royal endorsement expected this week.Bloomberg reported that the Bank of Thailand (BOT) and the Ministry of Finance are considering a tax on gold transactions settled in baht to ease pressure on the currency and curb excessive appreciation.

Krungthai XSpring Zoom Eng. September 16, 2025

Thailand

CP Axtra Public Company Limited operates retail and wholesale businesses for consumer goods, and manages lease spaces in shopping centers under banners like Makro and Lotus's. Their product portfolio includes fresh food, dry groceries, non-food items, and general consumer goods. The company is headquartered in Bangkok, Thailand, and was founded in 1988.

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CP Axtra (CPAXT TB)

Krungthai XSpring Technical Eng. September 24, 2025

The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 23, 2025

The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 19, 2025.

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 18, 2025

The SET Index is expected to edge lower today, with the support at 1,300/1,284 points and the resistance at 1,316/1,334 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 16, 2025

Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for...

Krungthai XSpring

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