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 climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's speech at Jackson Hole.</li><li>The index has formed a higher price pattern, signaling a potential reversal, supported by its ability to stay above all the short-term EMA lines.</li><li>We recommend buying on dips and selling on rises, as trading volume remains weak and sector rotation among blue-chip stocks has alternately supported and weighed on the index.</li></ul>

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's speech at Jackson Hole.The index has formed a higher price pattern, signaling a potential reversal, supported by its ability to stay above all the short-term EMA lines.We recommend buying on dips and selling on rises, as trading volume remains weak and sector rotation among blue-chip stocks has alternately supported and weighed on the index.

Krungthai XSpring Technical Eng. August 25, 2025

<ul><li>The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.</li><li>Although the index retreated, no clear bearish signals have emerged.</li><li>We recommend buying on dips, selling on strength, as we still expect the index to be able to have a swift rebound.</li></ul>

The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.Although the index retreated, no clear bearish signals have emerged.We recommend buying on dips, selling on strength, as we still expect the index to be able to have a swift rebound.

Krungthai XSpring Technical Eng. August 22, 2025

<ul><li>The SET opened in a narrow range as THAI and DELTA extended their declines, but buying interest gradually picked up.</li><li>The index's rebound, accompanied by a bullish engulfing signal, suggests a potential trend reversal with further upside momentum.</li><li>We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this week.</li></ul>

The SET opened in a narrow range as THAI and DELTA extended their declines, but buying interest gradually picked up.The index's rebound, accompanied by a bullish engulfing signal, suggests a potential trend reversal with further upside momentum.We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this week.

Krungthai XSpring Technical Eng. August 21, 2025

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The outlook for verticals such as Security Solutions and Facility Management remains positive.</li><li>International business has experienced a decline but is expected to regain momentum.</li><li>The management is confident that demand will pick up in the medium term, supported by orders won in recent quarters. It also anticipates further improvement in margins moving forward.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The outlook for verticals such as Security Solutions and Facility Management remains positive.International business has experienced a decline but is expected to regain momentum.The management is confident that demand will pick up in the medium term, supported by orders won in recent quarters. It also anticipates further improvement in margins moving forward.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Better Recovery; Improving Outlook to Support Growth

<ul><li>In Q4FY24, SIS reported revenue of Rs 3,138 Cr, registering a growth of 2%/5% QoQ/YoY.</li><li>The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong demand for Indian security solutions.</li><li>It reported a net income of Rs -11.7 Cr, which declined by 132%/113% QoQ/YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY24, SIS reported revenue of Rs 3,138 Cr, registering a growth of 2%/5% QoQ/YoY.The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong demand for Indian security solutions.It reported a net income of Rs -11.7 Cr, which declined by 132%/113% QoQ/YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Results Below Expectations; Improving Outlook to Support Growth

India

SIS Ltd provides private security services. The Company offers security solutions including planning and deployment of security and armed guards, firemen, dog handlers, consulting, and investigation works. SIS serves customers in India, New Zealand, and Australia.

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SIS (SECIS IN)

Krungthai XSpring Technical Eng. August 25, 2025

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 22, 2025

The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.

Krungthai XSpring

Krungthai XSpring Technical Eng. August 21, 2025

We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this...

Krungthai XSpring

SIS Ltd. - Better Recovery; Improving Outlook to Support Growth

The outlook for verticals such as Security Solutions and Facility Management remains positive. International business has experienced a decline but...

Axis Direct

SIS Ltd. - Results Below Expectations; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong...

Axis Direct

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