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>Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.</li><li>Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.</li><li>Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.</li></ul>

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.Although there remains some hope for buying support from Thai ESG funds, RMFs, and window dressing, such support may not be strong enough to lift the index meaningfully.Hence, we recommend buying on dips and selling on rallies, as the index is expected to move sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. December 26, 2025

<ul><li>Asian bourses were mixed during the Christmas period, while the baht strengthened, raising hopes of fund inflows, with foreign investors buying for a fifth consecutive day.</li><li>During this period, the index is likely to rely on domestic buying support from Thai ESG funds, RMFs, and window dressing, as many overseas markets are closed for Christmas.</li><li>Accordingly, we recommend buying on dips and selling on rallies, as the index is expected to remain volatile.</li></ul>

Asian bourses were mixed during the Christmas period, while the baht strengthened, raising hopes of fund inflows, with foreign investors buying for a fifth consecutive day.During this period, the index is likely to rely on domestic buying support from Thai ESG funds, RMFs, and window dressing, as many overseas markets are closed for Christmas.Accordingly, we recommend buying on dips and selling on rallies, as the index is expected to remain volatile.

Krungthai XSpring Technical Eng. December 25, 2025

<ul><li>Trade negotiations between the US and Thailand showed no progress ahead of next week's deadline.</li><li>Combined with the absence of new market catalysts, this prompted investors to reduce risk or take profit following a four-day rebound.</li><li>As a result, blue-chip stocks declined, putting pressure on the SET Index. </li></ul>

Trade negotiations between the US and Thailand showed no progress ahead of next week's deadline.Combined with the absence of new market catalysts, this prompted investors to reduce risk or take profit following a four-day rebound.As a result, blue-chip stocks declined, putting pressure on the SET Index. 

Technical Analysis

<ul><li>The market lacked new catalysts but remained under pressure from concerns over trade negotiations between Thailand and the U.S.</li><li>Nonetheless, the SET continued its rally, with several consecutive sessions marked by strong afternoon gains.</li><li>We maintain our recommendation to selectively trade individual stocks for short-term gains and suggest closely monitoring the movements of leading blue-chip stocks that have been driving the market.</li></ul>

The market lacked new catalysts but remained under pressure from concerns over trade negotiations between Thailand and the U.S.Nonetheless, the SET continued its rally, with several consecutive sessions marked by strong afternoon gains.We maintain our recommendation to selectively trade individual stocks for short-term gains and suggest closely monitoring the movements of leading blue-chip stocks that have been driving the market.

<ul><li>The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.</li><li>However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.</li><li>Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.</li></ul>

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.

Thailand

Thaicom is a leading Asian satellite operator and SpaceTech company, providing comprehensive satellite communications services, including broadband via High Throughput Satellite (HTS) and satellite TV broadcasting. The company also offers geospatial intelligence (GEOINT) services by leveraging Earth Observation satellite data, AI, and Machine Learning. Thaicom was founded in 1991 and is headquartered in Bangkok, Thailand.

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Thaicom (THCOM TB)

Krungthai XSpring Technical Eng. December 26, 2025

Overseas bourses were closed during the Christmas period, while the market lacked supportive catalysts, prompting profit-taking.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 25, 2025

Asian bourses were mixed during the Christmas period, while the baht strengthened, raising hopes of fund inflows, with foreign investors buying for...

Krungthai XSpring

Technical Analysis - JULY 7, 2025

Trade negotiations between the US and Thailand showed no progress ahead of next week's deadline. Combined with the absence of new market catalysts,...

Krungthai XSpring

Recommendation: Selective Speculation

The market lacked new catalysts but remained under pressure from concerns over trade negotiations between Thailand and the U.S. Nonetheless, the...

Krungthai XSpring

Technical Analysis - MAY 30, 2025

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.

Krungthai XSpring

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