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 in a sideway-up range today, though with lighter momentum than yesterday.</li><li>The US: US equities continued to recover (S&amp;P 500 +0.47%, NASDAQ +0.9%), led by further gains in technology stocks.</li><li>Thailand: Unofficial election results indicate that the Bhumjaithai Party is likely to lead the next government.</li></ul>

The SET Index is expected to trade in a sideway-up range today, though with lighter momentum than yesterday.The US: US equities continued to recover (S&amp;P 500 +0.47%, NASDAQ +0.9%), led by further gains in technology stocks.Thailand: Unofficial election results indicate that the Bhumjaithai Party is likely to lead the next government.

Krungthai XSpring Zoom Eng. February 10, 2026

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Despite relatively healthy revenue growth from retailers in Southeast Asia, specifically retailers, the share prices of listed consumer companies have been weak, with valuations being compressed to historically low levels.</li>
<li>The long-term consumption theme for Southeast Asia is intact, as consumers become more affluent and aspirational in their shopping habits, and naturally consume more. </li>
<li>Our view is that the Southeast Asian consumer is alive and well, but has been going through a cautious period given local political issues in Indonesia, Thailand, and the Philippines.</li>
</ul>


Despite relatively healthy revenue growth from retailers in Southeast Asia, specifically retailers, the share prices of listed consumer companies have been weak, with valuations being compressed to historically low levels.
The long-term consumption theme for Southeast Asia is intact, as consumers become more affluent and aspirational in their shopping habits, and naturally consume more. 
Our view is that the Southeast Asian consumer is alive and well, but has been going through a cautious period given local political issues in Indonesia, Thailand, and the Philippines.


<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<ul><li>The SET Index is expected to rebound today but with limited upside, with the resistance at 1,262 / 1,273 points and the support at 1,250 / 1,235 points.</li><li>On the trade front, President Trump said he had spoken by phone with President Xi Jinping, discussing trade issues and the Russia–Ukraine conflict.</li><li>The Economic Cabinet approved three investment-support measures: i) Thailand Fast Pass, aimed at accelerating large-scale projects such as data centers, industrial-estate development, clean energy, and electronics manufacturing.</li></ul>

The SET Index is expected to rebound today but with limited upside, with the resistance at 1,262 / 1,273 points and the support at 1,250 / 1,235 points.On the trade front, President Trump said he had spoken by phone with President Xi Jinping, discussing trade issues and the Russia–Ukraine conflict.The Economic Cabinet approved three investment-support measures: i) Thailand Fast Pass, aimed at accelerating large-scale projects such as data centers, industrial-estate development, clean energy, and electronics manufacturing.

Krungthai XSpring Zoom Eng. November 25, 2025

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,266/1,250 points and the resistance at 1,278/1,287 points.</li><li>The US: US equities extended their decline (S&amp;P 500 –0.83%, NASDAQ –1.21%), driven by a global shift into risk-off mode ahead of the October Fed minutes.</li><li>Japan: Japan’s 20-year bond yield climbed to 2.77%, the highest since 1999, while the yen weakened past 155 yen/USD, marking an 11-month low.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,266/1,250 points and the resistance at 1,278/1,287 points.The US: US equities extended their decline (S&amp;P 500 –0.83%, NASDAQ –1.21%), driven by a global shift into risk-off mode ahead of the October Fed minutes.Japan: Japan’s 20-year bond yield climbed to 2.77%, the highest since 1999, while the yen weakened past 155 yen/USD, marking an 11-month low.

Krungthai XSpring Zoom Eng. November 19, 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CP Axtra (CPAXT TB)

Krungthai XSpring Zoom Eng. February 10, 2026

The SET Index is expected to trade in a sideway-up range today, though with lighter momentum than yesterday. The US: US equities continued to...

Krungthai XSpring

CrossASEAN Strategy - Consumption Purge

Despite relatively healthy revenue growth from retailers in Southeast Asia, the share prices of listed consumer companies have been weak, with...

Angus Mackintosh

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 25, 2025

The SET Index is expected to rebound today but with limited upside, with the resistance at 1,262 / 1,273 points and the support at 1,250 / 1,235...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 19, 2025

The SET Index is expected to trade sideways today, with the support at 1,266/1,250 points and the resistance at 1,278/1,287 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)