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>High banking-system liquidity remains limited in its transmission to the real economy but allows banks to optimize balance sheets and pursue capital management strategies amid a downcycle in interest rates.</li><li>Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth assumptions.</li><li>Although system liquidity has recovered post-COVID, it remains largely parked in banks rather than flowing to the real economy, as reflected by a higher broad money–to–total assets ratio and an LDR below 90%, resulting in a weaker money multiplier.</li></ul>

High banking-system liquidity remains limited in its transmission to the real economy but allows banks to optimize balance sheets and pursue capital management strategies amid a downcycle in interest rates.Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth assumptions.Although system liquidity has recovered post-COVID, it remains largely parked in banks rather than flowing to the real economy, as reflected by a higher broad money–to–total assets ratio and an LDR below 90%, resulting in a weaker money multiplier.

Banking: Low-Growth Backdrop Opens Valuation Re-Rating For Banks - Overweight

<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>The US labor market continues to show signs of softening.</li><li>Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.</li><li>The Finance Minister said after discussions with the Election Commission (EC) that the government cannot proceed with the Khon La Khrueng Plus Phase 2 scheme, nor other economic stimulus measures, as the caretaker cabinet is constitutionally prohibited from committing budgetary spending.</li></ul>

The US labor market continues to show signs of softening.Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.The Finance Minister said after discussions with the Election Commission (EC) that the government cannot proceed with the Khon La Khrueng Plus Phase 2 scheme, nor other economic stimulus measures, as the caretaker cabinet is constitutionally prohibited from committing budgetary spending.

Krungthai XSpring Zoom Eng. December 17, 2025

<ul><li>No changes were made to the KTX Tactical Portfolio.</li><li>The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

No changes were made to the KTX Tactical Portfolio.The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 22, 2025 (Eng.)

<ul><li>The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.</li><li>We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.</li><li>Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.</li></ul>

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.

Krungthai XSpring Zoom Eng. October 20, 2025

Thailand

TISCO Financial Group Public Co. Ltd. is a Thai financial services company operating through commercial banking, securities, asset management, and support businesses. It offers a wide range of products including retail and corporate loans, deposit products, investment services, and insurance. The company also provides investment banking, private banking, and wealth management services. Headquartered in Bangkok, Thailand, TISCO was established in 1969 as Thailand's first investment bank.

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TISCO Financial Group (TISCO TB)

Banking: Low-Growth Backdrop Opens Valuation Re-Rating For Banks - Overweight

Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth...

Krungthai XSpring

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 Zoom Eng. December 17, 2025

Crude oil prices rose by around 1% this morning after the US announced a blockade on oil tankers entering and leaving Venezuela.

Krungthai XSpring

KTX Tactical Picks - October 22, 2025 (Eng.)

The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 20, 2025

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses...

Krungthai XSpring

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