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>KTX expects the SET Index to fluctuate, with the resistance at 1,580/1,600 points and the support of 1,540/1,520 points.</li><li>The anticipated delay in the disbursement of the 2024 budget is expected to result in diminished economic momentum during 4Q23 through 1Q24.</li><li>Moreover, the NESDC has revised down its Thai GDP growth projection for the current year to 2.75% compared to the previous estimate of 3.2%.</li></ul>

KTX expects the SET Index to fluctuate, with the resistance at 1,580/1,600 points and the support of 1,540/1,520 points.The anticipated delay in the disbursement of the 2024 budget is expected to result in diminished economic momentum during 4Q23 through 1Q24.Moreover, the NESDC has revised down its Thai GDP growth projection for the current year to 2.75% compared to the previous estimate of 3.2%.

Market Outlook: Volatile, With the Support at 1,540/1,520 Points and the Resistance at 1,580/1,600 Points

<ul><li>Technically, the SET Index is expected to weaken, with the resistance at 1,570/1,576 points and the support at 1,557 points.</li><li>Positive momentum in the market today can be attributed to several factors.</li><li>The newly formed Srettha-led government has signaled its intention to implement populist policies, including reductions in oil prices, electricity tariffs and debt moratoriums for various groups, such as farmers, teachers and police officers.</li></ul>

Technically, the SET Index is expected to weaken, with the resistance at 1,570/1,576 points and the support at 1,557 points.Positive momentum in the market today can be attributed to several factors.The newly formed Srettha-led government has signaled its intention to implement populist policies, including reductions in oil prices, electricity tariffs and debt moratoriums for various groups, such as farmers, teachers and police officers.

<ul><li>We anticipate that risky assets will show gains in July, particularly in DMs.</li><li>The survey revealed that most fund managers have maintained their bearish sentiment, expecting a global economic slowdown in 4Q23E.</li><li>Amid this cautious outlook, investment portfolios have raised cash levels to 5.3% (from 5.1%).</li></ul>

We anticipate that risky assets will show gains in July, particularly in DMs.The survey revealed that most fund managers have maintained their bearish sentiment, expecting a global economic slowdown in 4Q23E.Amid this cautious outlook, investment portfolios have raised cash levels to 5.3% (from 5.1%).

Still Cautious Despite Rising Bets on a Soft Landing for the Economy

Technical Analysis

<ul><li>The SET ascended significantly and outperformed regional bourses.</li><li>The index rebounded strongly with a big white candlestick for the first time in 26 days and stood above the 25-day EMA line.</li><li>The index is therefore expected to continue rising.</li></ul>

The SET ascended significantly and outperformed regional bourses.The index rebounded strongly with a big white candlestick for the first time in 26 days and stood above the 25-day EMA line.The index is therefore expected to continue rising.

<ul><li>KTX expects the SET Index to rebound, with the target at 1,589 points in 3Q23E.</li><li>On a monthly basis, the resistance is at 1,540/1,560 points, with the support at 1,460/1,445 points.</li><li>The key factor is the successful formation of a new government without any unrest.</li></ul>

KTX expects the SET Index to rebound, with the target at 1,589 points in 3Q23E.On a monthly basis, the resistance is at 1,540/1,560 points, with the support at 1,460/1,445 points.The key factor is the successful formation of a new government without any unrest.

Monthly Report: July 2023: To Recover, With the Support at 1,460/1,445 Points and the Resistance at 1,540/1,560 Points

Thailand

Srinanaporn Marketing Public Company Limited manufactures and distributes a variety of snacks and beverages, including ready-to-drink jellies, squid snacks, biscuits, wafers, and coconut juice. Key brands include Jele, Bento, Lotus, Magic Farm, and Chocky. The company was founded in 1972 and is headquartered in Bangkok, Thailand.

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Srinanaporn Marketing (SNNP TB)

Market Outlook: Volatile, With the Support at 1,540/1,520 Points and the Resistance at 1,580/1,600 Points

KTX expects the SET Index to fluctuate, with the resistance at 1,580/1,600 points and the support of 1,540/1,520 points. The anticipated delay in...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the resistance at 1,570/1,576 points and the support at 1,557 points. Positive momentum in...

Krungthai XSpring

Still Cautious Despite Rising Bets on a Soft Landing for the Economy

We anticipate that risky assets will show gains in July, particularly in DMs. The survey revealed that most fund managers have maintained their...

Krungthai XSpring

Technical Analysis

The SET ascended significantly and outperformed regional bourses. The index rebounded strongly with a big white candlestick for the first time in...

Krungthai XSpring

Monthly Report: July 2023: To Recover, With the Support at 1,460/1,445 Points and the Resistance at 1,540/1,560 Points

KTX expects the SET Index to rebound, with the target at 1,589 points in 3Q23E. On a monthly basis, the resistance is at 1,540/1,560 points, with...

Krungthai XSpring

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