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>SET Index today is expected to fluctuate with a slight downward bias.</li><li>Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.</li><li>Monitor the Bank of Thailand’s (BOT) October monthly economic report.</li></ul>

SET Index today is expected to fluctuate with a slight downward bias.Foreign investors switched to net selling Thai stocks yesterday, totaling THB 874 million.Monitor the Bank of Thailand’s (BOT) October monthly economic report.

Krungthai XSpring Zoom Eng. November 28, 2025

<ul><li>Despite pressure on the SET from concerns that the Fed may delay rate cuts, continued selling in the technology sector, and ongoing fund outflows—along with the lack of positive catalysts—the index continued to move within a narrow range.</li><li>The index tested the support at 1,263 points and managed to rebound for consecutive sessions.</li><li>With trading volume remaining thin, it is difficult to gauge the index’s short-term trend.</li></ul>

Despite pressure on the SET from concerns that the Fed may delay rate cuts, continued selling in the technology sector, and ongoing fund outflows—along with the lack of positive catalysts—the index continued to move within a narrow range.The index tested the support at 1,263 points and managed to rebound for consecutive sessions.With trading volume remaining thin, it is difficult to gauge the index’s short-term trend.

Krungthai XSpring Technical Eng. November 20, 2025

<ul><li>Asian bourses fell in tandem with the Dow Jones, pressured by fading prospects of a Fed rate cut and renewed selling in technology shares.</li><li>The index is now at a critical juncture, as any further pullback would increase the risk of slipping into a downtrend.</li><li>We expect it to hold above 1,266 points to preserve the current sideways pattern.</li></ul>

Asian bourses fell in tandem with the Dow Jones, pressured by fading prospects of a Fed rate cut and renewed selling in technology shares.The index is now at a critical juncture, as any further pullback would increase the risk of slipping into a downtrend.We expect it to hold above 1,266 points to preserve the current sideways pattern.

Krungthai XSpring Technical Eng. November 19, 2025

<ul><li>Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.</li><li>37% of companies reported earnings above expectations, 23% below expectations, and 40% in line with expectations.</li><li>Sectors that delivered relatively strong results included CONS, AUTO, ETRON, and BANK, while the CONMAT sector was relatively weak.</li></ul>

Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.37% of companies reported earnings above expectations, 23% below expectations, and 40% in line with expectations.Sectors that delivered relatively strong results included CONS, AUTO, ETRON, and BANK, while the CONMAT sector was relatively weak.

Special Report: 3Q25 Results Softened, But Most Were Not Worse Than Expected.

<ul><li>Although the SET lacked clear catalysts after 3Q25 GDP grew only 1.2%, the index quickly stabilized and rebounded to the 1,280 level, supported by renewed buying in DELTA, ADVANC, CPN, banking, and energy stocks.</li><li>The index held above the 1,266 support level, backed by a bullish candlestick signal and sustained interest in large-cap stocks, indicating potential for a quick rebound.</li><li>We therefore recommend buying on weakness and selling on rebounds.</li></ul>

Although the SET lacked clear catalysts after 3Q25 GDP grew only 1.2%, the index quickly stabilized and rebounded to the 1,280 level, supported by renewed buying in DELTA, ADVANC, CPN, banking, and energy stocks.The index held above the 1,266 support level, backed by a bullish candlestick signal and sustained interest in large-cap stocks, indicating potential for a quick rebound.We therefore recommend buying on weakness and selling on rebounds.

Krungthai XSpring Technical Eng. November 18, 2025

Thailand

Star Petroleum Refining Public Company Limited operates an oil refining business in Thailand, owning and operating a complex refinery with a processing capacity of 175,000 barrels per day. The company produces and distributes a wide range of petroleum products, including liquefied petroleum gas, gasoline, jet fuel, diesel, fuel oil, and asphalt, along with petrochemical feedstocks. Its headquarters are in Mueang Rayong, Thailand, and it was founded in 1992.

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Star Petroleum Refining (SPRC TB)

Krungthai XSpring Zoom Eng. November 28, 2025

SET Index today is expected to fluctuate with a slight downward bias. Foreign investors switched to net selling Thai stocks yesterday, totaling THB...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 20, 2025

The index tested the support at 1,263 points and managed to rebound for consecutive sessions. With trading volume remaining thin, it is difficult...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 19, 2025

Asian bourses fell in tandem with the Dow Jones, pressured by fading prospects of a Fed rate cut and renewed selling in technology shares.

Krungthai XSpring

Special Report: 3Q25 Results Softened, But Most Were Not Worse Than Expected.

Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.37% of companies reported earnings above expectations, 23% below expectations

Krungthai XSpring

Krungthai XSpring Technical Eng. November 18, 2025

The index held above the 1,266 support level, backed by a bullish candlestick signal and sustained interest in large-cap stocks, indicating...

Krungthai XSpring

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