Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Thematic (Sector/Industry)

<ul>
<li>On Monday evening in the US, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> reported Q422 results that beat low expectations, but shares in the US traded down about 3% in Tuesday's session</li>
<li>As for guidance, management offered few specifics but noted a sharp improvement in booking activity early in 2023, but also highlighted an outbound capacity bottleneck at the airlines</li>
<li>Just as Covid's negative impacts papered over the secular challenges facing Trip.com, the dramatic near-term recovery in travel activity also obscures longstanding threats</li>
</ul>


On Monday evening in the US, Trip.com (TCOM US) reported Q422 results that beat low expectations, but shares in the US traded down about 3% in Tuesday's session
As for guidance, management offered few specifics but noted a sharp improvement in booking activity early in 2023, but also highlighted an outbound capacity bottleneck at the airlines
Just as Covid's negative impacts papered over the secular challenges facing Trip.com, the dramatic near-term recovery in travel activity also obscures longstanding threats


Trip.com Q4/2022 Results: Back to Reality?

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.

<ul><li>The SET Index today is expected to have some recovery, with resistance at 1,275 / 1,285 points and support at 1,260 / 1,250 points.</li><li>Although the sentiment from abroad remains positive and foreign fund flows continue to come in, it is advisable to exercise more caution in investing as fund flows tend to weaken.</li><li>The outlook is neutral, as the situation regarding flooding in the southern region appears to be easing, which may help reduce market concerns.</li></ul>

The SET Index today is expected to have some recovery, with resistance at 1,275 / 1,285 points and support at 1,260 / 1,250 points.Although the sentiment from abroad remains positive and foreign fund flows continue to come in, it is advisable to exercise more caution in investing as fund flows tend to weaken.The outlook is neutral, as the situation regarding flooding in the southern region appears to be easing, which may help reduce market concerns.

Krungthai Xspring Zoom Eng. November 27, 2025

<ul><li>Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.</li><li>We believe selling pressure remains intact, making any rebound difficult to sustain. Therefore, we recommend holding cash and waiting for a clearer reversal signal before re-entering the market.</li><li>The index has retreated to its previous base at 1,250–1,230 points, increasing the risk of slipping into a downtrend as the price structure continues to slope downward.</li></ul>

Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.We believe selling pressure remains intact, making any rebound difficult to sustain. Therefore, we recommend holding cash and waiting for a clearer reversal signal before re-entering the market.The index has retreated to its previous base at 1,250–1,230 points, increasing the risk of slipping into a downtrend as the price structure continues to slope downward.

Krungthai XSpring Technical Eng. November 24, 2025

<ul><li>Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.</li><li>The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.</li><li>The index is expected to rebound, but the upside is likely limited with higher volatility.</li></ul>

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.The index is expected to rebound, but the upside is likely limited with higher volatility.

Krungthai XSpring Technical Eng. November 21, 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

Thailand

Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific.  The Company is a state enterprise which is controlled by the government and partly owned by the public.

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Thai Airways International (THAI TB)

Trip.com Q4/2022 Results: Back to Reality?

As China emerges from Covid, old challenges remain for Trip.com. After posting solid Q422 results and pointing to signs of a strong recovery, these...

Daniel Hellberg

Krungthai Xspring Zoom Eng. November 27, 2025

The SET Index today is expected to have some recovery, with resistance at 1,275 / 1,285 points and support at 1,260 / 1,250 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. November 24, 2025

Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.

Krungthai XSpring

Krungthai XSpring Technical Eng. November 21, 2025

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including...

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

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