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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,436/1,425 points (25-day EMA) and the resistance at 1,453/1,460 points.</li><li>In the short term, there is risk of a major correction to 1,425 points (25-day EMA) or 1,400 points if the index breaks below the key support level of 1,440.31 points (yesterday's low).</li><li>After the index formed a bearish double-top pattern, investors are recommended to delay investments until a new buying signal emerges.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,436/1,425 points (25-day EMA) and the resistance at 1,453/1,460 points.In the short term, there is risk of a major correction to 1,425 points (25-day EMA) or 1,400 points if the index breaks below the key support level of 1,440.31 points (yesterday's low).After the index formed a bearish double-top pattern, investors are recommended to delay investments until a new buying signal emerges.

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>The past week saw insights on <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</a>, </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - Berli Jucker, CSAP, and Silverlake Asia

Macroeconomics

<ul><li>KTX anticipates that the return to a trade surplus and better-than-expected export growth in August will positively impact the Thai economy, particularly for exporters enjoying growing demand, such as rice, rubber, pet food, and canned/processed seafood.</li><li>We recommend accumulating export-related stocks on dips, particularly those with strong orders, such as rubber-related companies NER, STA, and STGT, as well as pet food companies AAI and ITC, which have experienced stock price declines of 7-10% since mid-August.</li><li>The Trade Policy and Strategy Office (TPSO) of the Ministry of Commerce reported on Thailand's international trade situation for August 2024, revealing that exports totaled USD26,182.3mn, up 7% YoY (compared to the market expectation of +6% YoY).</li></ul>

KTX anticipates that the return to a trade surplus and better-than-expected export growth in August will positively impact the Thai economy, particularly for exporters enjoying growing demand, such as rice, rubber, pet food, and canned/processed seafood.We recommend accumulating export-related stocks on dips, particularly those with strong orders, such as rubber-related companies NER, STA, and STGT, as well as pet food companies AAI and ITC, which have experienced stock price declines of 7-10% since mid-August.The Trade Policy and Strategy Office (TPSO) of the Ministry of Commerce reported on Thailand's international trade situation for August 2024, revealing that exports totaled USD26,182.3mn, up 7% YoY (compared to the market expectation of +6% YoY).

Trade Balance Returned to a Surplus as Exports Continued to Grow in August 2024

<ul><li>Technically, the SET Index is expected to move sideways up, with resistance at 1,471/1,478 points and the support at 1,451/1,442 points.</li><li>Thailand's trade balance for August is expected by consensus to show a surplus of +USD0.45bn, a significant improvement from the deficit of -USD1.37bn in July.</li><li>KTX anticipates that Thailand's exports in August will recover better than expected, continuing to align with growth from key trading partners such as Japan and China (intermediate producers).</li></ul>

Technically, the SET Index is expected to move sideways up, with resistance at 1,471/1,478 points and the support at 1,451/1,442 points.Thailand's trade balance for August is expected by consensus to show a surplus of +USD0.45bn, a significant improvement from the deficit of -USD1.37bn in July.KTX anticipates that Thailand's exports in August will recover better than expected, continuing to align with growth from key trading partners such as Japan and China (intermediate producers).

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern with the support at 1,442/1,434 points (10-day EMA) and the resistance at 1,455/1,462 points.</li><li>In the short term, there is a signal of a pullback, indicated by the hammer candlestick pattern (opened high but closed at the day's low) seen on Friday, combined with the lower high, lower low movement of the index yesterday.</li><li>We recommend speculating when the index falls, looking for the potential to hit a new high in the next round of upward movement.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern with the support at 1,442/1,434 points (10-day EMA) and the resistance at 1,455/1,462 points.In the short term, there is a signal of a pullback, indicated by the hammer candlestick pattern (opened high but closed at the day's low) seen on Friday, combined with the lower high, lower low movement of the index yesterday.We recommend speculating when the index falls, looking for the potential to hit a new high in the next round of upward movement.

Flash Composite PMI in September of Japan

Thailand

Sri Trang Gloves (Thailand) Public Company Limited manufactures and distributes a wide range of natural rubber and nitrile gloves. These disposable gloves, both powdered and powder-free, cater to various applications including healthcare, medical, food processing, and general industrial uses. The company was established in 1989 and is headquartered in Bangkok, Thailand.

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Sri Trang Gloves (Thailand) (STGT TB)

Daily Market Outlook and Strategic Picks

Technically, the SET Index is expected to move sideways down, with the support at 1,436/1,425 points (25-day EMA) and the resistance at...

Krungthai XSpring

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh

Trade Balance Returned to a Surplus as Exports Continued to Grow in August 2024

KTX anticipates that the return to a trade surplus and better-than-expected export growth in August will positively impact the Thai economy,...

Krungthai XSpring

Thai Trade Balance in August

Technically, the SET Index is expected to move sideways up, with resistance at 1,471/1,478 points and the support at 1,451/1,442...

Krungthai XSpring

Flash Composite PMI in September of Japan

Technically, the SET Index is expected to move in a sideways-down pattern with the support at 1,442/1,434 points (10-day EMA) and the resistance...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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