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>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%).

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,120/1,110 points and the resistance at 1,135 points (10-day EMA)/1,136/1,146 points.</li><li>In the medium term, the index remains in a downtrend within the 960-1,200-point range, seeking a bottoming-out signal.</li><li>In the short term, there is potential for a continued rebound, with a target of 1,162 points, which could mark a shift in trend from the previous downtrend pattern (new lows followed by rebounds) to a base-building phase for a new upward cycle (possibly forming a double bottom or W-shape). </li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,120/1,110 points and the resistance at 1,135 points (10-day EMA)/1,136/1,146 points.In the medium term, the index remains in a downtrend within the 960-1,200-point range, seeking a bottoming-out signal.In the short term, there is potential for a continued rebound, with a target of 1,162 points, which could mark a shift in trend from the previous downtrend pattern (new lows followed by rebounds) to a base-building phase for a new upward cycle (possibly forming a double bottom or W-shape). 

KTX Zoom - ECB Expected to Cut Interest Rates to Support Growth: April 17, 2025

<ul><li>Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at 1,118 and 1,110 points.</li><li>The index is supported by positive news from the US announcing the removal of tariffs on IT products such as smartphones, hard disks, etc., with its trading partners.</li><li>In the medium term, the index remains in a downtrend within the range of 960-1,200 points as it seeks a bottoming-out signal. </li></ul>

Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at 1,118 and 1,110 points.The index is supported by positive news from the US announcing the removal of tariffs on IT products such as smartphones, hard disks, etc., with its trading partners.In the medium term, the index remains in a downtrend within the range of 960-1,200 points as it seeks a bottoming-out signal. 

KTX Zoom - Keep an Eye on China’s 1Q25 GDP Growth Along with Economic Data

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.</li><li>The medium-term outlook remains bearish, as the index continues to follow a zig-zag downtrend pattern while searching for the bottom.</li><li>The trading range has been revised to 960-1,200 points. </li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.The medium-term outlook remains bearish, as the index continues to follow a zig-zag downtrend pattern while searching for the bottom.The trading range has been revised to 960-1,200 points. 

KTX Zoom: CH and US Inflation - April 10, 2025

<ul><li>KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.</li><li>A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.</li><li>If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. </li></ul>

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. 

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

Thailand

Thanachart Capital Public Company Limited operates as an investment holding company and is the parent company of Thanachart Group. It offers a diverse range of financial services including hire purchase, non-life and life insurance, securities brokerage, asset-based financing, non-performing asset management, and investment businesses. The company was incorporated in 1959 and is headquartered in Bangkok, Thailand.

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Thanachart Capital (TCAP TB)

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

KTX Zoom - ECB Expected to Cut Interest Rates to Support Growth: April 17, 2025

Technically, the SET Index is expected to move sideways, with the support at 1,120/1,110 points and the resistance at 1,135 points (10-day EMA)...

Krungthai XSpring

KTX Zoom - Keep an Eye on China’s 1Q25 GDP Growth Along with Economic Data

Technically, the SET Index is expected to rise, with the resistance levels at 1,135 points (10-day EMA) and 1,146 points, and the support levels at...

Krungthai XSpring

KTX Zoom: CH and US Inflation - April 10, 2025

Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.

Krungthai XSpring

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.

Krungthai XSpring

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