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>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

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to rebound further, with the resistance at 1,490/1,495 points and the support at 1,470/1,465 points, after the occurrence of a reversal sign yesterday for the first time in nine days (a candlestick formed in the bullish engulfing pattern).</li><li>The key factors today include the rebalancing of the SET50/SET100 Indexes in 2H23, which will have an impact on the closing prices for the first day.</li><li>We recommend stocks with positive factors, i.e., TLI and WHA (newly added to the SET50 Index), as well as ERW, as the number of tourist arrivals from the beginning of the year until June 26 marked at 12.4mn (vs. the 2023E target of 28mn).</li></ul>

Technically, the SET Index is expected to rebound further, with the resistance at 1,490/1,495 points and the support at 1,470/1,465 points, after the occurrence of a reversal sign yesterday for the first time in nine days (a candlestick formed in the bullish engulfing pattern).The key factors today include the rebalancing of the SET50/SET100 Indexes in 2H23, which will have an impact on the closing prices for the first day.We recommend stocks with positive factors, i.e., TLI and WHA (newly added to the SET50 Index), as well as ERW, as the number of tourist arrivals from the beginning of the year until June 26 marked at 12.4mn (vs. the 2023E target of 28mn).

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,520/1,507 points and the resistance at 1,535/1,546 points, based on the influence of the rounding-top downtrend pattern.</li><li>Today's highlights are still focused on external factors.</li><li>We still expect the Fed to maintain its hawkish stance and reaffirm the necessity of further interest rate hikes to bring inflation down to the target of 2%.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,520/1,507 points and the resistance at 1,535/1,546 points, based on the influence of the rounding-top downtrend pattern.Today's highlights are still focused on external factors.We still expect the Fed to maintain its hawkish stance and reaffirm the necessity of further interest rate hikes to bring inflation down to the target of 2%.

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)

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

Today's Dominant Ideas

Technically, the SET Index is expected to rebound further, with the resistance at 1,490/1,495 points and the support at 1,470/1,465 points, after...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,520/1,507 points and the resistance at 1,535/1,546 points, based on the...

Krungthai XSpring

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