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>We believe IT retail stocks are still in the early stages of a new upward cycle, driven by the sharp increase in IT product prices.</li>
<li>Companies in the sector are expected to benefit from this development throughout 2026, which should continue to support strong earnings growth.</li>
<li>Meanwhile, the sector is trading at only 10-16x P/E, below its historical average and at a discount to the broader retail sector.</li>
</ul>


We believe IT retail stocks are still in the early stages of a new upward cycle, driven by the sharp increase in IT product prices.
Companies in the sector are expected to benefit from this development throughout 2026, which should continue to support strong earnings growth.
Meanwhile, the sector is trading at only 10-16x P/E, below its historical average and at a discount to the broader retail sector.


Commerce IT: Compelling Opportunity for the Sector's Next Upcycle - Overweight

Technical Analysis

PTT Exploration & Production / Technical Analysis

<ul><li>Market sentiment and momentum remain constructive despite persistent volatility.</li><li>We therefore continue to recommend buying on weakness, with a focus on domestic plays and laggard stocks.</li><li>A breakout above this level would confirm the start of a new uptrend and reinforce the ongoing recovery.</li></ul>

Market sentiment and momentum remain constructive despite persistent volatility.We therefore continue to recommend buying on weakness, with a focus on domestic plays and laggard stocks.A breakout above this level would confirm the start of a new uptrend and reinforce the ongoing recovery.

Krungthai XSpring Technical Eng. July 15, 2026

<ul><li>Most Asian equity markets declined as continued weakness in the technology and semiconductor sectors weighed on investor sentiment.</li><li>The SET Index briefly fell to an intraday low of 1,594.69 before rebounding to reclaim the 1,600 level.</li><li>We therefore continue to recommend a selective buying strategy, using market weakness as an opportunity to accumulate quality stocks, as the broader uptrend remains intact.</li></ul>

Most Asian equity markets declined as continued weakness in the technology and semiconductor sectors weighed on investor sentiment.The SET Index briefly fell to an intraday low of 1,594.69 before rebounding to reclaim the 1,600 level.We therefore continue to recommend a selective buying strategy, using market weakness as an opportunity to accumulate quality stocks, as the broader uptrend remains intact.

Krungthai XSpring Technical Eng. July 8, 2026

Bangkok Dusit Medical Services / Technical Analysis

Bangkok Dusit Medical Services (BDMS-R TB)

<ul><li>Asian equity markets continued to trade mixed.</li><li>The pullback did not alter the index's upward trajectory toward the 1,600-point resistance.</li><li>We therefore expect the index to rebound quickly, with the 1,600-point level remaining the key upside target.</li></ul>

Asian equity markets continued to trade mixed.The pullback did not alter the index's upward trajectory toward the 1,600-point resistance.We therefore expect the index to rebound quickly, with the 1,600-point level remaining the key upside target.

Krungthai XSpring Technical Eng. July 2, 2026

<ul><li>The SET plans to introduce a 10% capped-weight limit for individual constituents in its major indices to reduce index volatility.</li><li>The government is accelerating FY2026 budget disbursement to support domestic economic activity, with 35.91% of the annual budget already disbursed in 1Q26.</li><li>MSCI revised Indonesia's market accessibility assessment to Negative, citing concerns over the effectiveness of price discovery mechanisms, limited transparency in shareholder information, and trading activity.</li></ul>

The SET plans to introduce a 10% capped-weight limit for individual constituents in its major indices to reduce index volatility.The government is accelerating FY2026 budget disbursement to support domestic economic activity, with 35.91% of the annual budget already disbursed in 1Q26.MSCI revised Indonesia's market accessibility assessment to Negative, citing concerns over the effectiveness of price discovery mechanisms, limited transparency in shareholder information, and trading activity.

Krungthai XSpring Zoom Eng. June 22, 2026

Thailand

Synnex (Thailand) Public Company Limited distributes computers, computer peripherals, software, information technology systems, computer consumables, and communication devices. The company also offers retail and online platform services, computer system repair and maintenance, and training. It was incorporated in 1988 and is headquartered in Bangkok, Thailand.

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Synnex (SYNEX TB)

Commerce IT: Compelling Opportunity for the Sector's Next Upcycle - Overweight

We believe IT retail stocks are still in the early stages of a new upward cycle, driven by the sharp increase in IT product prices. Companies in...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 15, 2026

Market sentiment and momentum remain constructive despite persistent volatility. We therefore continue to recommend buying on weakness, with a...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 8, 2026

Most Asian equity markets declined as continued weakness in the technology and semiconductor sectors weighed on investor sentiment. The SET Index...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 2, 2026

Asian equity markets continued to trade mixed. The pullback did not alter the index's upward trajectory toward the 1,600-point resistance. We...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 22, 2026

The government is accelerating FY2026 budget disbursement to support domestic economic activity, with 35.91% of the annual budget already disbursed...

Krungthai XSpring

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Market Cap (USDm)

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