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: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.</li><li>Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.</li><li>Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.</li></ul>

The US: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.

Krungthai XSpring Zoom Eng. January 22, 2026

<ul><li>Despite declines across most Asian bourses, the SET advanced firmly, driven by buying in key sectors—particularly DELTA, AOT, and hospital, commerce, finance, and tourism stocks.</li><li>The index extended its rally for a fifth consecutive day, with foreign investors recording net buying for five straight sessions.</li><li>Therefore, we recommend selective speculation, as the index is trending upward toward resistance and is expected to consolidate around the 1,300 level.</li></ul>

Despite declines across most Asian bourses, the SET advanced firmly, driven by buying in key sectors—particularly DELTA, AOT, and hospital, commerce, finance, and tourism stocks.The index extended its rally for a fifth consecutive day, with foreign investors recording net buying for five straight sessions.Therefore, we recommend selective speculation, as the index is trending upward toward resistance and is expected to consolidate around the 1,300 level.

Krungthai XSpring Technical Eng. January 21, 2026

<ul><li>The SET Index today is expected to trade sideways, with support at 1,282/1,270 and resistance at 1,300/1,317.</li><li>Foreign fund flows continued into Thai equities for a fifth day.</li><li>Among names, ERW and AAV should benefit most from improving trends of Chinese arrivals, given China revenue exposure of 13% and 9%, respectively.</li></ul>

The SET Index today is expected to trade sideways, with support at 1,282/1,270 and resistance at 1,300/1,317.Foreign fund flows continued into Thai equities for a fifth day.Among names, ERW and AAV should benefit most from improving trends of Chinese arrivals, given China revenue exposure of 13% and 9%, respectively.

Krungthai XSpring Zoom Eng. January 21, 2026

<ul><li>SET Index today is expected to move sideways, with support at 1,282/1,265 and resistance at 1,300/1,317.</li><li>External factors remain slightly negative after declines in European equities and US stock futures, reflecting subdued sentiment.</li><li>Domestically, sentiment is slightly positive as the IMF notes that Asian exports (including Thailand) benefit from US technology investment, while fund inflows should help support the market.</li></ul>

SET Index today is expected to move sideways, with support at 1,282/1,265 and resistance at 1,300/1,317.External factors remain slightly negative after declines in European equities and US stock futures, reflecting subdued sentiment.Domestically, sentiment is slightly positive as the IMF notes that Asian exports (including Thailand) benefit from US technology investment, while fund inflows should help support the market.

Krungthai XSpring Zoom Eng. January 20, 2026

<ul><li>The SET initially faced profit-taking pressure but recovered gradually on expectations of fund flow returns and optimism over 4Q25 earnings, extending last week’s momentum.</li><li>The index surged for four consecutive days, in line with foreign investors being net buyers for four straight sessions, indicating fund inflows as a key market driver.</li><li>Four consecutive higher white candlesticks, holding above all short-term EMAs, suggest the index is poised to move higher.</li></ul>

The SET initially faced profit-taking pressure but recovered gradually on expectations of fund flow returns and optimism over 4Q25 earnings, extending last week’s momentum.The index surged for four consecutive days, in line with foreign investors being net buyers for four straight sessions, indicating fund inflows as a key market driver.Four consecutive higher white candlesticks, holding above all short-term EMAs, suggest the index is poised to move higher.

Krungthai XSpring Technical Eng. January 20, 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. January 22, 2026

Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 21, 2026

Despite declines across most Asian bourses, the SET advanced firmly, driven by buying in key sectors—particularly DELTA, AOT, and hospital,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 21, 2026

The SET Index today is expected to trade sideways, with support at 1,282/1,270 and resistance at 1,300/1,317.Foreign fund flows continued into Thai...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 20, 2026

Domestically, sentiment is slightly positive as the IMF notes that Asian exports (including Thailand) benefit from US technology investment, while...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 20, 2026

The SET initially faced profit-taking pressure but recovered gradually on expectations of fund flow returns and optimism over 4Q25 earnings,...

Krungthai XSpring

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