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>The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.</li><li>On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.</li><li>In addition, yesterday, foreign investors turned net buyers of Thai equities for the first time in 12 trading days, signaling that they still have confidence in Thailand.</li></ul>

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.In addition, yesterday, foreign investors turned net buyers of Thai equities for the first time in 12 trading days, signaling that they still have confidence in Thailand.

Thai Equities to Be Affected by Political Developments Today, While Foreign Investors Have Already Turned Net Buyers

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.</li><li>US: Fed Chair Jerome Powell signaled the possibility of an interest rate cut at the Jackson Hole meeting, noting that “the labor market now faces greater downside risks” and that “the impact of import tariffs on prices may be relatively short lived.”</li><li>TH: The focus today will be on Thailand’s September export report. Bloomberg consensus expects growth of around 10% YoY.</li></ul>

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.US: Fed Chair Jerome Powell signaled the possibility of an interest rate cut at the Jackson Hole meeting, noting that “the labor market now faces greater downside risks” and that “the impact of import tariffs on prices may be relatively short lived.”TH: The focus today will be on Thailand’s September export report. Bloomberg consensus expects growth of around 10% YoY.

Krungthai XSpring Zoom Eng. August 25, 2025

<ul><li>The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.</li><li>The index advanced steadily, led by a rise in DELTA and further bolstered by gains in PTT, PTTEP, KBANK, and ADVANC, alongside consistent fund inflows.</li><li>These factors lifted the index above the 1,200-point level, ultimately closing the week up 7.62%.</li></ul>

The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.The index advanced steadily, led by a rise in DELTA and further bolstered by gains in PTT, PTTEP, KBANK, and ADVANC, alongside consistent fund inflows.These factors lifted the index above the 1,200-point level, ultimately closing the week up 7.62%.

Technical Analysis

<ul><li>The market lacked fresh catalysts, though there is optimism surrounding trade negotiations between Thailand and the US.</li><li>We expect the index to resume its upward momentum, with a short-term target at 1,173 points.</li><li>Therefore, we recommend selective speculation.</li></ul>

The market lacked fresh catalysts, though there is optimism surrounding trade negotiations between Thailand and the US.We expect the index to resume its upward momentum, with a short-term target at 1,173 points.Therefore, we recommend selective speculation.

<ul><li>The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.</li><li>If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.</li><li>However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). </li></ul>

The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). 

Special Report: Reciprocal Tariff - JULY 9, 2025

Thailand

SVI Public Company Limited is a global provider of electronic manufacturing services (EMS), offering turnkey box-build assembly and manufacturing solutions for original equipment manufacturing clients. The company's services encompass industrial electronics, micro-electronics for telecommunications, specialized electronic assemblies, and medical technologies. SVI was founded in 1985 and is headquartered in Pathum Thani, Thailand.

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SVI (SVI TB)

Thai Equities to Be Affected by Political Developments Today, While Foreign Investors Have Already Turned Net Buyers

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points. On...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 25, 2025

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.

Krungthai XSpring

Technical Analysis - JULY 21, 2025

The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.

Krungthai XSpring

Recommendation: Selective Speculation

The market lacked fresh catalysts, though there is optimism surrounding trade negotiations between Thailand and the US. We expect the index to...

Krungthai XSpring

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

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