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 sideways, with the support levels at 1,180/1,175 points and the resistance at 1,195/1,200 points.</li>
<li>In the medium term, the index remains in a downtrend with a zig-zag pattern seeking the bottoming-out zone within the 1,100-1,506-point range.</li>
<li>In the short term, the market continues in a downward direction, forming new lows with intermittent rebounds. </li>
</ul>


Technically, the SET Index is expected to move sideways, with the support levels at 1,180/1,175 points and the resistance at 1,195/1,200 points.
In the medium term, the index remains in a downtrend with a zig-zag pattern seeking the bottoming-out zone within the 1,100-1,506-point range.
In the short term, the market continues in a downward direction, forming new lows with intermittent rebounds. 


<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.</li><li>In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.</li><li>Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. 

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,205 points and the support at 1,182 (10-day EMA)/1,177 points.</li><li>In the medium term, the index remains in a zig-zag downtrend, seeking the bottom within a range of 1,100-1,506 points.</li><li>While the short-term trend is still downward, bullish signals have emerged, which could support a rally toward 1,195/1,214 points, following the index’s breakout above the key 10-day EMA resistance for the first time in nearly two months since January 22, 2025. </li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,205 points and the support at 1,182 (10-day EMA)/1,177 points.In the medium term, the index remains in a zig-zag downtrend, seeking the bottom within a range of 1,100-1,506 points.While the short-term trend is still downward, bullish signals have emerged, which could support a rally toward 1,195/1,214 points, following the index’s breakout above the key 10-day EMA resistance for the first time in nearly two months since January 22, 2025. 

<ul><li>Technically, the SET Index is expected to move sideways, with the support levels at 1,170/1,165 points and the resistance at 1,182 (10-day EMA)/1,195 points.</li><li>In the medium term, the index remains in a downtrend following a zig-zag down pattern as it searches for the bottom within the range of 1,100-1,506 points.</li><li>In the short term, the index remains in a downtrend, continuously making new lows with intermittent technical rebounds.</li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,170/1,165 points and the resistance at 1,182 (10-day EMA)/1,195 points.In the medium term, the index remains in a downtrend following a zig-zag down pattern as it searches for the bottom within the range of 1,100-1,506 points.In the short term, the index remains in a downtrend, continuously making new lows with intermittent technical rebounds.

KTX Zoom: US FOMC Meeting & BoJ Meeting - March 19, 2025

<ul><li>The latest MPC meeting signaled that there is no urgency to cut the policy interest rate, despite pressures from the government or the downward revision of the inflation forecasts for 2024-25E to +0.4% and +1.1% (vs. the previous forecasts of +0.7% and +1.2%), which are only slightly above the lower bound of the MPC's inflation target range of 1-3%.</li><li>We anticipate that a rate cut would only occur if external risks escalate, such as a potential tax hike policy under a Trump 2.0 administration.</li><li>We maintain our recommendation for stocks that benefit from stable interest rates, including the banking and insurance sectors, with the top picks being SCB, TTB, TISCO, and TLI.</li></ul>

The latest MPC meeting signaled that there is no urgency to cut the policy interest rate, despite pressures from the government or the downward revision of the inflation forecasts for 2024-25E to +0.4% and +1.1% (vs. the previous forecasts of +0.7% and +1.2%), which are only slightly above the lower bound of the MPC's inflation target range of 1-3%.We anticipate that a rate cut would only occur if external risks escalate, such as a potential tax hike policy under a Trump 2.0 administration.We maintain our recommendation for stocks that benefit from stable interest rates, including the banking and insurance sectors, with the top picks being SCB, TTB, TISCO, and TLI.

Economic Update: Policy Interest Rate Maintained at 2.25% - DECEMBER 19, 2024

Thailand

Thai Life Insurance Public Company Limited provides a comprehensive range of life insurance products in Thailand, including whole life, endowment, annuity, term life, investment-linked, group life, and personal accident insurance. They also offer health and retirement plans, serving customers through agent and multi-channel partnerships such as commercial banks and digital platforms. The company was founded in 1942 and is headquartered in Bangkok, Thailand.

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Thai Life Insurance (TLI TB)

KTX Zoom - MARCH 24, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,180/1,175 points and the resistance at 1,195/1,200 points.

Krungthai XSpring

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

KTX Zoom: BoE Meeting - MARCH 20, 2025

Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,205 points and the support at 1,182 (10-day EMA)/1,177...

Krungthai XSpring

KTX Zoom: US FOMC Meeting & BoJ Meeting - March 19, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,170/1,165 points and the resistance at 1,182 (10-day EMA)...

Krungthai XSpring

Economic Update: Policy Interest Rate Maintained at 2.25% - DECEMBER 19, 2024

We maintain our recommendation for stocks that benefit from stable interest rates, including the banking and insurance sectors, with the top picks...

Krungthai XSpring

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