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 continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.</li><li>In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.</li><li>Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.</li></ul>

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.

Krungthai XSpring Technical Eng. September 10, 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>President Trump’s threat to raise tariffs on imports from Europe and China pressured Asian markets and the SET to move lower.</li><li>Although the index tumbled, no negative signals emerged to further weigh on it.</li><li>We recommend selective speculation while expecting the index to show limited downside or move sideways in the near term.</li></ul>

President Trump’s threat to raise tariffs on imports from Europe and China pressured Asian markets and the SET to move lower.Although the index tumbled, no negative signals emerged to further weigh on it.We recommend selective speculation while expecting the index to show limited downside or move sideways in the near term.

Krungthai XSpring Technical Eng. August 27, 2025

<ul><li>The SET rebounded in line with Asian bourses, boosted by Fed Chair Jerome Powell’s signal of a potential interest rate cut.</li><li>The quick recovery of blue-chip stocks, which had previously declined, strengthened overall market sentiment, as there was no heavy selling pressure to weigh on the index.</li><li>We recommend selective speculation, as the index is expected to continue climbing and stocks are likely to move in a rotation of gains and pullbacks.</li></ul>

The SET rebounded in line with Asian bourses, boosted by Fed Chair Jerome Powell’s signal of a potential interest rate cut.The quick recovery of blue-chip stocks, which had previously declined, strengthened overall market sentiment, as there was no heavy selling pressure to weigh on the index.We recommend selective speculation, as the index is expected to continue climbing and stocks are likely to move in a rotation of gains and pullbacks.

Krungthai XSpring Technical Eng. August 26, 2025

<ul><li>The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's speech at Jackson Hole.</li><li>The index has formed a higher price pattern, signaling a potential reversal, supported by its ability to stay above all the short-term EMA lines.</li><li>We recommend buying on dips and selling on rises, as trading volume remains weak and sector rotation among blue-chip stocks has alternately supported and weighed on the index.</li></ul>

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's speech at Jackson Hole.The index has formed a higher price pattern, signaling a potential reversal, supported by its ability to stay above all the short-term EMA lines.We recommend buying on dips and selling on rises, as trading volume remains weak and sector rotation among blue-chip stocks has alternately supported and weighed on the index.

Krungthai XSpring Technical Eng. August 25, 2025

Thailand

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

Krungthai XSpring Technical Eng. September 10, 2025

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.

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

Krungthai XSpring Technical Eng. August 27, 2025

President Trump’s threat to raise tariffs on imports from Europe and China pressured Asian markets and the SET to move lower.

Krungthai XSpring

Krungthai XSpring Technical Eng. August 26, 2025

The SET rebounded in line with Asian bourses, boosted by Fed Chair Jerome Powell’s signal of a potential interest rate cut.

Krungthai XSpring

Krungthai XSpring Technical Eng. August 25, 2025

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)