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>Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.</li><li>Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.</li><li>We recommend selective speculation, as the upward trend remains intact.</li></ul>

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.We recommend selective speculation, as the upward trend remains intact.

Krungthai XSpring Technical Eng. August 15, 2025

<ul><li>The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.</li><li>The index rebounded sharply and advanced further, supported by rising RSI and MACD, and remains above all short-term EMA lines.</li><li>We recommend selective speculation as the index continues to advance with the potential to rally towards the 1,300-point level.</li></ul>

The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.The index rebounded sharply and advanced further, supported by rising RSI and MACD, and remains above all short-term EMA lines.We recommend selective speculation as the index continues to advance with the potential to rally towards the 1,300-point level.

Krungthai XSpring Technical Eng. August 14, 2025

<ul><li>The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.</li><li>If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.</li><li>However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). </li></ul>

The US has maintained the reciprocal tariff rate on Thailand at 36%, while allowing room for negotiations before the new tariff takes effect on August 1, 2025.If the US ultimately imposes this 36% tariff on Thai exports (with KTX estimating a 30% probability), it would undermine the competitiveness of Thai products — particularly electronics and rubber — posing downside risk that could push the SET Index down to 1,037 points over the next 12 months.However, we believe the Thai government will make strong efforts to negotiate the rate down closer to 18% (55% probability). 

Special Report: Reciprocal Tariff - JULY 9, 2025

<ul><li>The SET and Asian bourses declined due to concerns over the trade war, the impact of the MSCI Rebalancing, and weaker-than-expected 4Q24 earnings.</li><li>The index plunged to a new low of 1,186.36 points, pressured by blue-chip stocks, before recovering to stay above the 1,200-point mark in the afternoon session.</li><li>However, it still dropped 3.41% from the previous week.</li></ul>

The SET and Asian bourses declined due to concerns over the trade war, the impact of the MSCI Rebalancing, and weaker-than-expected 4Q24 earnings.The index plunged to a new low of 1,186.36 points, pressured by blue-chip stocks, before recovering to stay above the 1,200-point mark in the afternoon session.However, it still dropped 3.41% from the previous week.

<ul><li>Asian bourses mostly declined as concerns over US tariffs continued to pressure markets.</li><li>The SET had a brief rebound, supported by hospital and banking stocks, before plunging sharply due to a lack of new catalysts and weaker-than-expected 4Q24 earnings.</li><li>Large- cap stocks, including ADVANC, CPALL, GULF, PTTEP, and SCC, led the decline.</li></ul>

Asian bourses mostly declined as concerns over US tariffs continued to pressure markets.The SET had a brief rebound, supported by hospital and banking stocks, before plunging sharply due to a lack of new catalysts and weaker-than-expected 4Q24 earnings.Large- cap stocks, including ADVANC, CPALL, GULF, PTTEP, and SCC, led the decline.

Thailand

WHA Corporation is a leading Thai company engaged in logistics, industrial development, utilities and power, digital services, and mobility businesses. It develops and manages industrial estates, ready-built factories and warehouses, and provides comprehensive solutions including water and wastewater management, and power generation. The company was founded in 2003 and is headquartered in Samut Prakan, Thailand.

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WHA Corporation (WHA TB)

Krungthai XSpring Technical Eng. August 15, 2025

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 14, 2025

The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.

Krungthai XSpring

Special Report: Reciprocal Tariff - JULY 9, 2025

We recommend speculative buying of stocks affected by concerns over the 36% tariff, namely DELTA, HANA, CCET, SVI, STA, NER, WHA, and AMATA.

Krungthai XSpring

Technical Analysis MARCH 3, 2025

The SET and Asian bourses declined due to concerns over the trade war, the impact of the MSCI Rebalancing, and weaker-than-expected 4Q24 earnings.

Krungthai XSpring

Technical Analysis - FEBRUARY 28, 2025

The SET had a brief rebound, supported by hospital and banking stocks, before plunging sharply due to a lack of new catalysts and weaker-than...

Krungthai XSpring

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