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 US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

<ul><li>The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).</li><li>External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight’s meeting between the US and Ukraine if Ukraine agrees to Russia’s proposal, contrary to market expectations.</li><li>Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.</li></ul>

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight’s meeting between the US and Ukraine if Ukraine agrees to Russia’s proposal, contrary to market expectations.Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.

Krungthai XSpring Zoom Eng. August 18, 2025

Macroeconomics

<ul><li>Technically, the SET Index is expected to move sideways with the resistance at 1,364/1,370 points and the support at 1,346/1,340 points.</li><li>KTX expects China's 4Q24 GDP to show signs of recovery, with consensus estimating GDP growth of 5.0% YoY and 1.6% QoQ (compared to 4.6% YoY and 0.9% QoQ in 3Q24).</li><li>The Easy e-Receipt 2.0 tax reduction measure (from January 16 to February 28, 2025) is expected to generate cash flow of Bt70bn and boost the economy by approximately 0.38%, benefiting the commerce sector.</li></ul>

Technically, the SET Index is expected to move sideways with the resistance at 1,364/1,370 points and the support at 1,346/1,340 points.KTX expects China's 4Q24 GDP to show signs of recovery, with consensus estimating GDP growth of 5.0% YoY and 1.6% QoQ (compared to 4.6% YoY and 0.9% QoQ in 3Q24).The Easy e-Receipt 2.0 tax reduction measure (from January 16 to February 28, 2025) is expected to generate cash flow of Bt70bn and boost the economy by approximately 0.38%, benefiting the commerce sector.

Cross Asset Strategy

<ul><li>Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points.</li><li>The European Central Bank is expected to maintain the policy interest rate at 4.25%.</li><li>Conclusions from the Central Committee of the Communist Party meeting are anticipated to be positive for the Chinese and broader Asian stock markets, particularly if there are indications of large-scale economic stimulus.</li></ul>

Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points.The European Central Bank is expected to maintain the policy interest rate at 4.25%.Conclusions from the Central Committee of the Communist Party meeting are anticipated to be positive for the Chinese and broader Asian stock markets, particularly if there are indications of large-scale economic stimulus.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>The global foundry sales reached US$117bn in 2023, according to Counterpoint.</li><li>The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.</li><li>The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The global foundry sales reached US$117bn in 2023, according to Counterpoint.The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

Taiwan

Taiwan Semiconductor Manufacturing Co. (TSMC) is a Taiwanese multinational semiconductor contract manufacturing and design company. It is the world's largest dedicated independent semiconductor foundry, specializing in manufacturing integrated circuits based on customer designs for various applications, including high-performance computing, smartphones, and automotive electronics. TSMC was founded in 1987 and is headquartered in Hsinchu, Taiwan.

TSMC (Taiwan Semiconductor Manufacturing) (TSMC34 BR)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (TSMC34 BR)

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 18, 2025

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points...

Krungthai XSpring

China's Retail Sales and 4Q24 GDP

Technically, the SET Index is expected to move sideways with the resistance at 1,364/1,370 points and the support at 1,346/1,340 points. KTX...

Krungthai XSpring

Keep a Close Watch on the ECB Meeting

Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points. The European...

Krungthai XSpring

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector.

CMB International

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