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>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,180/1,173 points and the resistance at 1,195/1,205 points.</li><li>The medium-term trend remains downward in a zig-zag down pattern, searching for the bottoming-out point within the range of 1,130-1,506 points.</li><li>In the short term, the market has returned to a downtrend direction, and there is a possibility of dropping to a new low below 1,173.13 points, which was established on March 4. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,180/1,173 points and the resistance at 1,195/1,205 points.The medium-term trend remains downward in a zig-zag down pattern, searching for the bottoming-out point within the range of 1,130-1,506 points.In the short term, the market has returned to a downtrend direction, and there is a possibility of dropping to a new low below 1,173.13 points, which was established on March 4. 

Watch for Signals from Speech by Fed Chair Powell, Alongside the US Feb. Non-Farm Payrolls Report

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,193 points.</li><li>The medium-term trend remains in a zig-zag down pattern, seeking the bottom within the 1,130-1,506 point range.</li><li>In the short term, the index continues to form new lows with limited rebounds, having recently hit a new low for the year at 1,173.13 points, the lowest in four years and 11 months, compared to 1,130.54 points on April 3, 2020. </li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,193 points.The medium-term trend remains in a zig-zag down pattern, seeking the bottom within the 1,130-1,506 point range.In the short term, the index continues to form new lows with limited rebounds, having recently hit a new low for the year at 1,173.13 points, the lowest in four years and 11 months, compared to 1,130.54 points on April 3, 2020. 

KTX Zoom - China's NPC Meeting and US ISM Services PMI for February

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,180/1,167 points and the resistance at 1,193/1,200 points.</li><li>The medium-term outlook remains in a downtrend, with the index forming a zig-zag down pattern to find the bottom within the range of 1,130-1,506 points.</li><li>In the short term, the index has resumed its decline, testing the previous new low of 1,186.36 points (recorded on February 28) to determine whether this is the cycle's bottom or if it will continue downward to establish a new low. </li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,180/1,167 points and the resistance at 1,193/1,200 points.The medium-term outlook remains in a downtrend, with the index forming a zig-zag down pattern to find the bottom within the range of 1,130-1,506 points.In the short term, the index has resumed its decline, testing the previous new low of 1,186.36 points (recorded on February 28) to determine whether this is the cycle's bottom or if it will continue downward to establish a new low. 

KTX Zoom - Keep an Eye on Trump's Speech and US Retail Sector Earnings

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>'s preconditional voluntary conditional offer from <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> is HK$5.23. Including the HK$0.165 dividend, the total offer is HK$5.395, an 11.0% premium to last close.</li>
<li>The offer seems rushed and a reaction to a potential competing offer from I Squared. The lack of privatisation through a scheme and MBK's irrevocable suggest the offer is light.   </li>
<li>An unattractive offer, a lengthy precondition long-stop date and the irrevocable competing offer clause invite I Squared to enter the fray. </li>
</ul>



HKBN Ltd (1310 HK)'s preconditional voluntary conditional offer from China Mobile (941 HK) is HK$5.23. Including the HK$0.165 dividend, the total offer is HK$5.395, an 11.0% premium to last close.
The offer seems rushed and a reaction to a potential competing offer from I Squared. The lack of privatisation through a scheme and MBK's irrevocable suggest the offer is light.   
An unattractive offer, a lengthy precondition long-stop date and the irrevocable competing offer clause invite I Squared to enter the fray. 


HKBN (1310 HK): China Mobile’s Half-Baked Preconditional VGO

Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

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True Corp Pcl (TRUE TB)

Watch for Signals from Speech by Fed Chair Powell, Alongside the US Feb. Non-Farm Payrolls Report

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,180/1,173 points and the resistance at 1,195/1,205...

Krungthai XSpring

KTX Zoom - China's NPC Meeting and US ISM Services PMI for February

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,193 points.

Krungthai XSpring

KTX Zoom - Keep an Eye on Trump's Speech and US Retail Sector Earnings

Technically, the SET Index is expected to weaken, with the support at 1,180/1,167 points and the resistance at 1,193/1,200 points.

Krungthai XSpring

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

HKBN (1310 HK): China Mobile’s Half-Baked Preconditional VGO

An unattractive offer, a lengthy precondition long-stop date and an irrevocable competing offer clause are invitations for competing offers. The...

Arun George

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