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>Out of 571 listed companies in the SET Index (accounting for 97% of total market capitalization) that announced 2Q25 results up to the afternoon of August 15, the combined net profit amounted to Bt253,151mn, down 8% QoQ and 1% YoY.</li><li>Excluding the energy, petrochemical, and banking sectors, net profit was Bt144,020mn, down 2% QoQ but up 11% YoY.</li><li>Stronger-than-expected bank earnings supported rise in SET Index.</li></ul>

Out of 571 listed companies in the SET Index (accounting for 97% of total market capitalization) that announced 2Q25 results up to the afternoon of August 15, the combined net profit amounted to Bt253,151mn, down 8% QoQ and 1% YoY.Excluding the energy, petrochemical, and banking sectors, net profit was Bt144,020mn, down 2% QoQ but up 11% YoY.Stronger-than-expected bank earnings supported rise in SET Index.

Special Report: Overall 2Q25 Performance Rather Soft But Mostly In Line With Expectations

<ul><li>The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.</li><li>The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).</li><li>The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. 

<ul><li>The SET Index is expected to move in a sideways-down trend, with the support levels at 1,105 and 1,100 points and the resistance levels at 1,123 and 1,130 points.</li><li>The technical indicators remain in a downward direction, and the index may decline further toward 1,094 points (the gap opened on April 9).</li><li>External factors are negative, as the US may intervene in the Israel-Iran conflict, potentially pushing up oil prices and benefiting oil-linked stocks such as PTTEP and TOP.</li></ul>

The SET Index is expected to move in a sideways-down trend, with the support levels at 1,105 and 1,100 points and the resistance levels at 1,123 and 1,130 points.The technical indicators remain in a downward direction, and the index may decline further toward 1,094 points (the gap opened on April 9).External factors are negative, as the US may intervene in the Israel-Iran conflict, potentially pushing up oil prices and benefiting oil-linked stocks such as PTTEP and TOP.

<ul><li>The SET Index is expected to weaken, with the support levels at 1,105/1,100 points and the resistance at 1,123/1,130 points.</li><li>The technical signals remain in a downtrend, and the index could decline further to 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low), respectively.</li><li>External factors remain slightly negative. Although the Israel-Iran war has not escalated, concerns persist after President Trump called for an evacuation from Tehran. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,105/1,100 points and the resistance at 1,123/1,130 points.The technical signals remain in a downtrend, and the index could decline further to 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low), respectively.External factors remain slightly negative. Although the Israel-Iran war has not escalated, concerns persist after President Trump called for an evacuation from Tehran. 

KTX Zoom: Trump Calls for an Evacuation from Tehran; All Eyes on BoJ Meeting

<ul><li>KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.</li><li>Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.</li><li>On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).</li></ul>

KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).

Thailand

Thanachart Capital Public Company Limited provides financial services including consumer, corporate and mortgage financing.  Additionally the Company provides securities underwriting and investment advisory services.  Thanachart Capital also provides insurance services through its subsidiaries.

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Thanachart Capital (TCAP TB)

Special Report: Overall 2Q25 Performance Rather Soft But Mostly In Line With Expectations

For individual stocks, we highlight GUNKUL, CK, and TCAP as standouts, with potential for earnings upgrades or share prices that have yet to rise...

Krungthai XSpring

KTX Zoom - JUNE 20, 2025

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.

Krungthai XSpring

KTX Zoom - JUNE 18, 2025

The SET Index is expected to move in a sideways-down trend, with the support levels at 1,105 and 1,100 points and the resistance levels at 1,123...

Krungthai XSpring

KTX Zoom: Trump Calls for an Evacuation from Tehran; All Eyes on BoJ Meeting

The SET Index is expected to weaken, with the support levels at 1,105/1,100 points and the resistance at 1,123/1,130 points.

Krungthai XSpring

Monthly Report: May 2025

Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific...

Krungthai XSpring

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