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>Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.</li><li>The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.</li><li>Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.</li></ul>

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

<ul><li>The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.</li><li>The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.</li><li>Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.</li></ul>

The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.

Banking: Virtual Banks and the Thai Banking Landscape

<ul><li>TH: Assessing the impact of US reciprocal tariffs Trade negotiations between Thailand and the US remain unresolved.</li><li>Thailand is preparing to submit a revised proposal before the July 9 deadline, with the possibility of an extension to August 1.</li><li>After that, the US is expected to impose tariffs at the rate announced in early April on countries that fail to reach an agreement.</li></ul>

TH: Assessing the impact of US reciprocal tariffs Trade negotiations between Thailand and the US remain unresolved.Thailand is preparing to submit a revised proposal before the July 9 deadline, with the possibility of an extension to August 1.After that, the US is expected to impose tariffs at the rate announced in early April on countries that fail to reach an agreement.

<ul><li>The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a continued contraction in total revenue, both interest and non-interest income.</li><li>Overall loan growth has slightly slowed, while NIM continues to decline, although total provisions have also decreased.</li><li>We maintain our Neutral investment weighting for the banking sector, despite continued weakness in loan growth and NIMs. </li></ul>

The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a continued contraction in total revenue, both interest and non-interest income.Overall loan growth has slightly slowed, while NIM continues to decline, although total provisions have also decreased.We maintain our Neutral investment weighting for the banking sector, despite continued weakness in loan growth and NIMs. 

<ul><li>The MPC voted 6 to 1 to maintain the policy interest rate at 1.75%.</li><li>This decision to hold the rate suggests that the MPC views the three previous rate cuts as sufficiently accommodative for the  time being.</li><li>We expect limited downside for interest rates going forward, as the MPC has signaled that the scope for further rate reductions is narrowing. </li></ul>

The MPC voted 6 to 1 to maintain the policy interest rate at 1.75%.This decision to hold the rate suggests that the MPC views the three previous rate cuts as sufficiently accommodative for the  time being.We expect limited downside for interest rates going forward, as the MPC has signaled that the scope for further rate reductions is narrowing. 

Economic Update: MPC Holds Policy Rate at 1.75% - June 27, 2025

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

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Tisco Financial Group (TISCO TB)

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund...

Krungthai XSpring

Banking: Virtual Banks and the Thai Banking Landscape

The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in...

Krungthai XSpring

KTX Ahead - July 7, 2025

TH: Assessing the impact of US reciprocal tariffs Trade negotiations between Thailand and the US remain unresolved. Thailand is preparing to submit...

Krungthai XSpring

Industry Update: Banking - JULY 4, 2025

The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a...

Krungthai XSpring

Economic Update: MPC Holds Policy Rate at 1.75% - June 27, 2025

We expect limited downside for interest rates going forward, as the MPC has signaled that the scope for further rate reductions is narrowing.

Krungthai XSpring

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