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 lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.</li><li>The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.</li><li>Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.</li></ul>

The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.

Krungthai XSpring Technical Eng. April 17, 2026

<ul><li>The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.</li><li>Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.</li><li>We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.</li></ul>

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.Gains were driven by DELTA’s surge to a new high and a rebound in the PTT group, lifting the index closer to the 1,500 level. However, the overall outlook remains relatively stable.We expect the index to test the 1,500-point resistance, supported by a strong bullish price pattern. We therefore recommend selective speculation.

Krungthai XSpring Technical Eng. April 10, 2026

<ul><li>The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.</li><li>The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.</li><li>We expect the index to test the 1,500 resistance, supported by positive indicator signals.</li></ul>

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.We expect the index to test the 1,500 resistance, supported by positive indicator signals.

Krungthai XSpring Technical Eng. April 9, 2026

<ul><li>The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.</li><li>The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.</li><li>Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.</li></ul>

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.

Krungthai XSpring Zoom Eng. April 8, 2026

<ul><li>The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.</li><li>The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.</li><li>Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.</li></ul>

The US and Iran are considering a ceasefire proposal to ease tensions in the Strait of Hormuz, supporting equity market sentiment.The US deadline for potential strikes on Iran’s infrastructure (morning of April 8, Thai time) may keep investors cautious.Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring Zoom Eng. April 7, 2026

Thailand

TMBThanachart Bank Public Company Limited (ttb) is a financial institution in Thailand offering a comprehensive range of banking and financial products and services. The bank serves retail, small and medium-sized enterprises (SMEs), and corporate customers, emphasizing customer-centricity and digital innovation. TMBThanachart Bank is headquartered in Bangkok, Thailand, and was founded in 1957.

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TMBThanachart Bank (TTB TB)

Krungthai XSpring Technical Eng. April 17, 2026

The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 10, 2026

The SET advanced against declines in other Asian markets, which were pressured by concerns over the ongoing Middle East conflict.

Krungthai XSpring

Krungthai XSpring Technical Eng. April 9, 2026

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 8, 2026

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 7, 2026

Consumption plays (CPALL, CPAXT) should benefit from stimulus measures following the government’s policy statement on April 9–10.

Krungthai XSpring

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