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.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.</li><li>Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.</li><li>We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.

<ul><li>Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.</li><li>In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.</li><li>We recommend holding positions and waiting to take profit at the resistance level.</li></ul>

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.We recommend holding positions and waiting to take profit at the resistance level.

Technical Analysis

<ul><li>The index risks facing a correction, but we expect it to rebound if it can stand above the support at 1,273 points.</li><li>We recommend waiting for a clear signal at the support.</li><li>A harami signal has occurred at the low point, which suggests that OR may experience a technical rebound, potentially returning to the 15-baht level.</li></ul>

The index risks facing a correction, but we expect it to rebound if it can stand above the support at 1,273 points.We recommend waiting for a clear signal at the support.A harami signal has occurred at the low point, which suggests that OR may experience a technical rebound, potentially returning to the 15-baht level.

Recommendation: Wait for a Clear Signal at the Support

<ul><li>Trading Economics expects better growth at +0.4% QoQ and 0% YoY (vs. 4Q23 at -0.3% QoQ and -0.2% YoY) and forecasts economic growth in 2Q-4Q24E at +0.4% QoQ, +0.3% QoQ and +0.4% QoQ, respectively.</li><li>The consensus expects the University of Michigan Consumer Sentiment Index to drop to 76 (vs. April at 77.2) and continue to decline to 75.0 at the end of 2Q24E.</li><li>We recommend stocks with positive news stories: TQM, TKN and CPN.</li></ul>

Trading Economics expects better growth at +0.4% QoQ and 0% YoY (vs. 4Q23 at -0.3% QoQ and -0.2% YoY) and forecasts economic growth in 2Q-4Q24E at +0.4% QoQ, +0.3% QoQ and +0.4% QoQ, respectively.The consensus expects the University of Michigan Consumer Sentiment Index to drop to 76 (vs. April at 77.2) and continue to decline to 75.0 at the end of 2Q24E.We recommend stocks with positive news stories: TQM, TKN and CPN.

University of Michigan Consumer Sentiment Index & UK's 1Q24 GDP

Thailand

TQM Alpha Public Company Limited is a Thailand-based holding company primarily engaged in providing insurance brokerage services, offering a wide array of life and non-life insurance products. The company also extends into personal lending, IT and software services, and consulting for computer hardware and software. TQM Alpha was founded in 2011 and is headquartered in Bangkok, Thailand.

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TQM Alpha (TQM-R TB)

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Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356...

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Recommendation: Wait for a Clear Signal at the Support

The index risks facing a correction, but we expect it to rebound if it can stand above the support at 1,273 points. We recommend waiting for a...

Krungthai XSpring

University of Michigan Consumer Sentiment Index & UK's 1Q24 GDP

Trading Economics expects better growth at +0.4% QoQ and 0% YoY (vs. 4Q23 at -0.3% QoQ and -0.2% YoY) and forecasts economic growth in 2Q-4Q24E at...

Krungthai XSpring

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