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 SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).</li><li>Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.</li><li>Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. </li></ul>

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. 

<ul><li>The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217 points (10-day EMA)/1,210 points.</li><li>External factors have become more positive, following a rebound in the US stock market and other markets that had sharply declined on Friday, creating more favorable sentiment for Asian markets this morning.</li><li>Domestic factors are also seen as positive, with continued signs of upward revisions to Thailand’s economic forecasts driven by sustained export momentum, which has helped boost investor confidence. </li></ul>

The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217 points (10-day EMA)/1,210 points.External factors have become more positive, following a rebound in the US stock market and other markets that had sharply declined on Friday, creating more favorable sentiment for Asian markets this morning.Domestic factors are also seen as positive, with continued signs of upward revisions to Thailand’s economic forecasts driven by sustained export momentum, which has helped boost investor confidence. 

<ul><li>The US tariff measure requiring Thailand to increase imports of certain agricultural products from the US (details and procedures are not yet available, but the approach is expected to be similar to the Thailand-Australia FTA, which sets import quotas and gradually reduces tariff rates) may include frozen swine products and animal feed ingredients such as corn and soybean meal.</li><li>We initially assess the net impact to be neutral for large integrated meat producers but negative for small- to mid-sized livestock farmers.</li><li>Overall, we expect a slightly positive impact on TFG (Neutral; FV=Bt5.10), a neutral impact on BTG (Neutral; FV=Bt17.50), a slightly negative impact on CPF (Neutral; FV=Bt21.50), and net positive impact for sole broiler producers like GFPT (Neutral; FV=Bt9.20).</li></ul>

The US tariff measure requiring Thailand to increase imports of certain agricultural products from the US (details and procedures are not yet available, but the approach is expected to be similar to the Thailand-Australia FTA, which sets import quotas and gradually reduces tariff rates) may include frozen swine products and animal feed ingredients such as corn and soybean meal.We initially assess the net impact to be neutral for large integrated meat producers but negative for small- to mid-sized livestock farmers.Overall, we expect a slightly positive impact on TFG (Neutral; FV=Bt5.10), a neutral impact on BTG (Neutral; FV=Bt17.50), a slightly negative impact on CPF (Neutral; FV=Bt21.50), and net positive impact for sole broiler producers like GFPT (Neutral; FV=Bt9.20).

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

<ul><li>The market has continued to hold positive expectations for the trade negotiations between Thailand and the US, following successful agreements between the US and both Japan and the Philippines.</li><li>Meanwhile, strong buying activities quickly flowed into large-cap stocks — particularly DELTA, GULF, CPALL, KBANK, AOT and ADVANC — which accelerated the SET to soar significantly, with foreign investors continuing to buy for the sixth consecutive day.</li><li>Yesterday’s strong rebound in the index managed to eliminate the previous negative signals and swiftly brought it back on track toward the resistance at 1,231 points.</li></ul>

The market has continued to hold positive expectations for the trade negotiations between Thailand and the US, following successful agreements between the US and both Japan and the Philippines.Meanwhile, strong buying activities quickly flowed into large-cap stocks — particularly DELTA, GULF, CPALL, KBANK, AOT and ADVANC — which accelerated the SET to soar significantly, with foreign investors continuing to buy for the sixth consecutive day.Yesterday’s strong rebound in the index managed to eliminate the previous negative signals and swiftly brought it back on track toward the resistance at 1,231 points.

<ul>
<li>Although the SET initially attempted to rebound, it ultimately failed to withstand the selling pressure and dropped sharply in the afternoon session.</li>
<li>This was due to weakness in energy, commerce, finance, transportation, electronic, and petrol stocks.</li>
<li>In contrast, banking stocks moved within a narrow range, despite having already priced in 2Q25 earnings and the appointment of Thailand’s new central bank chief. </li>
</ul>


Although the SET initially attempted to rebound, it ultimately failed to withstand the selling pressure and dropped sharply in the afternoon session.
This was due to weakness in energy, commerce, finance, transportation, electronic, and petrol stocks.
In contrast, banking stocks moved within a narrow range, despite having already priced in 2Q25 earnings and the appointment of Thailand’s new central bank chief. 


Thailand

Thaifoods Group is a vertically integrated food producer specializing in the production of chicken and swine, operating in Thailand and Vietnam. The company's core activities include chicken breeding, meat production, processed chicken products, pig breeding, and live pig sales. It also operates feed mills and a retail business. Thaifoods Group was founded in 1987 and is headquartered in Bangkok, Thailand.

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Thaifoods Group (TFG TB)

KTX Zoom - AUGUST 6, 2025

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231...

Krungthai XSpring

KTX Zoom - AUGUST 5, 2025

The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217...

Krungthai XSpring

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

US tariffs on Thai livestock in case Thailand opens up imports of certain agricultural products from the US at a 0% tariff rate

Krungthai XSpring

Technical Analysis - JULY 24, 2025

The market has continued to hold positive expectations for the trade negotiations between Thailand and the US, following successful agreements...

Krungthai XSpring

Technical Analysis - JULY 23, 2025

Although the SET initially attempted to rebound, it ultimately failed to withstand the selling pressure and dropped sharply in the afternoon session.

Krungthai XSpring

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