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>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

<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

<ul><li>The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s meeting.</li><li>Although the uptrend has ended and the index is weakening, the broader trend remains sideways.</li><li>We therefore recommend gradually buying near the support level.</li></ul>

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s meeting.Although the uptrend has ended and the index is weakening, the broader trend remains sideways.We therefore recommend gradually buying near the support level.

Krungthai XSpring Technical Eng. November 17, 2025

Equity Bottom-Up

<ul><li>We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).</li><li>The share price offers around 20% upside to the new FV; tactical downside risk is very limited.</li><li>We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.</li></ul>

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical downside risk is very limited.We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.

SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses

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)

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

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

Krungthai XSpring Technical Eng. November 17, 2025

The SET came under pressure and retreated in line with global markets, weighed down by concerns that the Fed may delay rate cuts at next month’s...

Krungthai XSpring

SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical...

Krungthai XSpring

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