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 rebound today, with resistance at 1,391/1,427 and support at 1,362/1,340.</li><li>Global financial markets have begun to ease concerns over tensions in the Middle East.</li><li>The Thai equity market corrected sharply, with the SET Index dropping 8% in the morning session before rebounding in the afternoon to close at 1,384.61, down 5.58%.</li></ul>

The SET Index is expected to rebound today, with resistance at 1,391/1,427 and support at 1,362/1,340.Global financial markets have begun to ease concerns over tensions in the Middle East.The Thai equity market corrected sharply, with the SET Index dropping 8% in the morning session before rebounding in the afternoon to close at 1,384.61, down 5.58%.

Krungthai XSpring Zoom Eng. March 5, 2026

<ul><li>The war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.</li><li>The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.</li><li>The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.</li></ul>

The war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.

Krungthai XSpring Technical Eng. March 4, 2026

<ul><li>The 4Q25 earnings season for Thai listed companies clearly reflects a “two-track economy.”</li><li>This divergence is driven by accelerating digital adoption across industries—particularly in electronics and data centers—where earnings have surged structurally, moving beyond the traditional commodity cycle toward a new economy model.</li><li>Against this backdrop, we favor cyclical and value stocks positioned to benefit from economic normalization and capital gains potential.</li></ul>

The 4Q25 earnings season for Thai listed companies clearly reflects a “two-track economy.”This divergence is driven by accelerating digital adoption across industries—particularly in electronics and data centers—where earnings have surged structurally, moving beyond the traditional commodity cycle toward a new economy model.Against this backdrop, we favor cyclical and value stocks positioned to benefit from economic normalization and capital gains potential.

KTX Ahead: Paradigm Shift From Digital Transformation...

<ul><li>The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.</li><li>We believe rising tensions in the Middle East will push global markets into risk-off mode, at least in the short term.</li><li>Funds are likely to rotate into safer domestic assets, particularly Thai bonds, before returning to equities once tensions ease.</li></ul>

The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.We believe rising tensions in the Middle East will push global markets into risk-off mode, at least in the short term.Funds are likely to rotate into safer domestic assets, particularly Thai bonds, before returning to equities once tensions ease.

Krungthai XSpring Zoom Eng. March 2, 2026

<ul><li>The SET rose strongly for a sixth consecutive session, led by DELTA, which added 14.55 points to the index.</li><li>The index has continued to advance, forming a consistently upward-sloping price pattern.</li><li>Therefore, we continue to recommend selective speculation.</li></ul>

The SET rose strongly for a sixth consecutive session, led by DELTA, which added 14.55 points to the index.The index has continued to advance, forming a consistently upward-sloping price pattern.Therefore, we continue to recommend selective speculation.

Krungthai XSpring Technical Eng. January 22, 2026

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 Zoom Eng. March 5, 2026

The Thai equity market corrected sharply, with the SET Index dropping 8% in the morning session before rebounding in the afternoon to close at...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 4, 2026

The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at...

Krungthai XSpring

KTX Ahead: Paradigm Shift From Digital Transformation...

This divergence is driven by accelerating digital adoption across industries—particularly in electronics and data centers—where earnings have...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 2, 2026

The SET Index is expected to trade lower with heightened volatility today, with support at 1,521/1,506 and resistance at 1,532/1,550.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 22, 2026

The index has continued to advance, forming a consistently upward-sloping price pattern. Therefore, we continue to recommend selective speculation.

Krungthai XSpring

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