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>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance at 1,225/1,231 points.</li><li>In the short term, the rally of over 15% from the recent low of 1,056.41 points on April 8 appears to be nearing its end.</li><li>We expect clarity soon on the peak of Wave 1 (out of 5 upward waves in the Elliott Wave pattern), before entering a correction phase, where Wave 2 typically retraces 50-61.8% of Wave 1. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance at 1,225/1,231 points.In the short term, the rally of over 15% from the recent low of 1,056.41 points on April 8 appears to be nearing its end.We expect clarity soon on the peak of Wave 1 (out of 5 upward waves in the Elliott Wave pattern), before entering a correction phase, where Wave 2 typically retraces 50-61.8% of Wave 1. 

KTX Zoom - Fed Chair's Speech and Russia-Ukraine Ceasefire Negotiations

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance at 1,225/1,231 points.</li><li>In the short term, the market is still awaiting clarity on the peak of Wave 1 (from the 5-wave upward pattern in Elliott Wave theory) before entering a correction phase, where Wave 2 typically retraces about 50-61.8% of Wave 1’s length.</li><li>We recommend a Sell into Rallies strategy for short-term investments, while for the 1-3 month horizon, a Selective Buy approach is advised once prices enter a major correction phase.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance at 1,225/1,231 points.In the short term, the market is still awaiting clarity on the peak of Wave 1 (from the 5-wave upward pattern in Elliott Wave theory) before entering a correction phase, where Wave 2 typically retraces about 50-61.8% of Wave 1’s length.We recommend a Sell into Rallies strategy for short-term investments, while for the 1-3 month horizon, a Selective Buy approach is advised once prices enter a major correction phase.

KTX Zoom: Earnings Results -  MAY 14, 2025

<ul><li>Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200 points.</li><li>The index is buoyed by progress in US-China trade talks over the past weekend, where both sides agreed to lower tariffs for 90 days — US tariffs on Chinese imports will drop to 30% (from 145%), while China will impose 10% tariffs on US goods (down from 125%).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (out of 5 in the Elliott Wave uptrend) will occur, before entering a Wave 2 correction phase, typically retracing 50–61.8% of Wave 1. </li></ul>

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200 points.The index is buoyed by progress in US-China trade talks over the past weekend, where both sides agreed to lower tariffs for 90 days — US tariffs on Chinese imports will drop to 30% (from 145%), while China will impose 10% tariffs on US goods (down from 125%).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (out of 5 in the Elliott Wave uptrend) will occur, before entering a Wave 2 correction phase, typically retracing 50–61.8% of Wave 1. 

KTX Zoom: US-China Trade War -  MAY 13, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.</li><li>Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. 

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We maintain our BUY rating and TP of Bt24.25 based on21.1xPE’23E(+1.0S.D of 10-year trading history).Analyst meeting came with a positive tone as management expects continued growth across all its segments</li>
<li>Analyst Meeting Details Management expects double-digit revenue growth, primarily driven by commercial segment and an expanding ecosystem. Our revenue growth forecast of 5% YoY in 23E illustrates our cautious</li>
<li>Commercial segment (17% of 2021 revenue) should see strong growth from additional network and cloud services added to SYNEX’s portfolio. According to management, the segment has “large” amounts of backlog </li>
</ul>


We maintain our BUY rating and TP of Bt24.25 based on21.1xPE’23E(+1.0S.D of 10-year trading history).Analyst meeting came with a positive tone as management expects continued growth across all its segments
Analyst Meeting Details Management expects double-digit revenue growth, primarily driven by commercial segment and an expanding ecosystem. Our revenue growth forecast of 5% YoY in 23E illustrates our cautious
Commercial segment (17% of 2021 revenue) should see strong growth from additional network and cloud services added to SYNEX’s portfolio. According to management, the segment has “large” amounts of backlog 


SYNEX : Weak 4Q22 but Positive 2023 Outlook

Thailand

Synnex Thailand PCL distributes computer products.  The Company distributes computer components and peripherals, servers and storage devices, security products, computer software, and consumables.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Synnex Thailand (SYNEX TB)

KTX Zoom - Fed Chair's Speech and Russia-Ukraine Ceasefire Negotiations

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance...

Krungthai XSpring

KTX Zoom: Earnings Results - MAY 14, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,205/1,194 points (10-day EMA) and the resistance...

Krungthai XSpring

KTX Zoom: US-China Trade War - MAY 13, 2025

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200...

Krungthai XSpring

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219...

Krungthai XSpring

SYNEX : Weak 4Q22 but Positive 2023 Outlook

We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E (+1.0S.D of 10-year trading history). Analyst meeting came with a positive tone...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)