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 not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.</li><li>These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.</li><li>As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.</li></ul>

The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.

Krungthai XSpring Technical Eng. October 16, 2025

<ul><li>The MPC voted 5–2 to keep the policy rate unchanged at 1.50%, contrary to market expectations.</li><li>The pass-through of lower rates should help shorten deposit durations and benefit smaller banks such as TISCO and KKP.</li><li>We view the recent short-term sell-off in financial stocks as a buying opportunity, supported by improving bond market sentiment, lower deposit rates, and grassroots economic stimulus measures.</li></ul>

The MPC voted 5–2 to keep the policy rate unchanged at 1.50%, contrary to market expectations.The pass-through of lower rates should help shorten deposit durations and benefit smaller banks such as TISCO and KKP.We view the recent short-term sell-off in financial stocks as a buying opportunity, supported by improving bond market sentiment, lower deposit rates, and grassroots economic stimulus measures.

Banking And Financial Group: MPC Holds Rates — Short-Term Dip In Financials Opens A Buy Window

<ul><li>For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).</li><li>Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.</li><li>We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.</li></ul>

For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

<ul><li>The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.</li><li>US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.</li><li>The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.</li></ul>

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.

Krungthai XSpring Zoom Eng. September 19, 2025.

<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

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)

Krungthai XSpring Technical Eng. October 16, 2025

These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp...

Krungthai XSpring

Banking And Financial Group: MPC Holds Rates — Short-Term Dip In Financials Opens A Buy Window

We view the recent short-term sell-off in financial stocks as a buying opportunity, supported by improving bond market sentiment, lower deposit...

Krungthai XSpring

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 19, 2025.

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.

Krungthai XSpring

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

Price Gauge

52-week Range

Market Cap (USDm)

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