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 Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.</li><li>Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.</li><li>Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.

Krungthai XSpring Zoom Eng. October 31, 2025

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,314/1,300 points and the resistance at 1,334/1,350 points.</li><li>Domestically, sentiment is seen as neutral to slightly negative, with potential volatility from external factors.</li><li>Notably, today is the final day of DELTA’s exclusion from trading limit calculations and its cash balance period.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,314/1,300 points and the resistance at 1,334/1,350 points.Domestically, sentiment is seen as neutral to slightly negative, with potential volatility from external factors.Notably, today is the final day of DELTA’s exclusion from trading limit calculations and its cash balance period.

Krungthai XSpring Zoom Eng. October 30, 2025

<ul><li>Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.</li><li>The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.</li><li>Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.</li></ul>

Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.

Krungthai XSpring Technical Eng. October 27, 2025

<ul><li>The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.</li><li>We maintain a Neutral sector weighting. Despite tight short-term valuations, downside risk is limited by high dividends and solid CET1 ratios.</li><li>We select TTB (Neutral, TP: Bt2.00) as our top pick this quarter, given its laggard performance (flat YTD vs the sector’s +11.7%) and about 7% upside.</li></ul>

The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.We maintain a Neutral sector weighting. Despite tight short-term valuations, downside risk is limited by high dividends and solid CET1 ratios.We select TTB (Neutral, TP: Bt2.00) as our top pick this quarter, given its laggard performance (flat YTD vs the sector’s +11.7%) and about 7% upside.

Banking: Upbeat 3Q25 Earnings On Investment Gains – Neutral

<ul><li>The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian markets declined.</li><li>The rebound was led by blue-chip stocks, with sentiment further lifted by foreign investor buying.</li><li>We recommend selective speculation, as trading volume has strengthened and investor focus remains on blue-chip stocks that are likely to stay on the market’s radar.</li></ul>

The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian markets declined.The rebound was led by blue-chip stocks, with sentiment further lifted by foreign investor buying.We recommend selective speculation, as trading volume has strengthened and investor focus remains on blue-chip stocks that are likely to stay on the market’s radar.

Krungthai XSpring Technical Eng. October 24, 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 Zoom Eng. October 31, 2025

Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 30, 2025

The SET Index is expected to trade sideways today, with the support at 1,314/1,300 points and the resistance at 1,334/1,350 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 27, 2025

Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks...

Krungthai XSpring

Banking: Upbeat 3Q25 Earnings On Investment Gains – Neutral

The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 24, 2025

The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian...

Krungthai XSpring

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52-week Range

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