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 index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.</li><li>We recommend buying on weakness, as the index has the potential to rebound quickly.</li><li>Many global markets were closed for Good Friday.</li></ul>

The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.We recommend buying on weakness, as the index has the potential to rebound quickly.Many global markets were closed for Good Friday.

Krungthai XSpring Technical Eng. April 7, 2026

Cross Asset Strategy

<ul><li>The Thai equity market could benefit from external factors.</li><li>A weaker-than-expected US labor market would ease concerns over the Fed’s rate outlook, leading to lower US yields and a softer dollar.</li><li>WHa (KTX fair value: Bt5.20) stands to benefit first from new manufacturing relocations, supporting record-high land sales driven by EV, PCB, and data center demand.</li></ul>

The Thai equity market could benefit from external factors.A weaker-than-expected US labor market would ease concerns over the Fed’s rate outlook, leading to lower US yields and a softer dollar.WHa (KTX fair value: Bt5.20) stands to benefit first from new manufacturing relocations, supporting record-high land sales driven by EV, PCB, and data center demand.

KTX AHEAD: Watch: Weak US Jobs Could Lift Thai Equities

<ul><li>Although Asian stock markets traded mixed amid concerns over the prolonged Middle East conflict and profit-taking ahead of the weekend, the SET moved against the trend, led by gains in energy and petrochemical stocks, alongside strong foreign investor buying.</li><li>The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing signs of turning positive.</li><li>However, we recommend a buy-on-dips, sell-on-rallies strategy, as the index is likely to remain volatile and the situation in the Middle East should be closely monitored.</li></ul>

Although Asian stock markets traded mixed amid concerns over the prolonged Middle East conflict and profit-taking ahead of the weekend, the SET moved against the trend, led by gains in energy and petrochemical stocks, alongside strong foreign investor buying.The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing signs of turning positive.However, we recommend a buy-on-dips, sell-on-rallies strategy, as the index is likely to remain volatile and the situation in the Middle East should be closely monitored.

Krungthai XSpring Technical Eng. March 30, 2026

Credit

<ul><li>Surging long-term bond yields raise asset discount rates, putting global equities at risk of valuation de-rating.</li><li>A weaker euro supports the dollar, while higher Western real yields pressure non-dollar assets, including gold and Asian currencies, and increase the risk of capital outflows.</li><li>The Thai stock market, up around 25% YTD, fell sharply last week as US funds (under IRC Section 4982) and European funds took profits ahead of their fiscal year-end and managed tax obligations, suggesting selling unrelated to fundamentals.</li></ul>

Surging long-term bond yields raise asset discount rates, putting global equities at risk of valuation de-rating.A weaker euro supports the dollar, while higher Western real yields pressure non-dollar assets, including gold and Asian currencies, and increase the risk of capital outflows.The Thai stock market, up around 25% YTD, fell sharply last week as US funds (under IRC Section 4982) and European funds took profits ahead of their fiscal year-end and managed tax obligations, suggesting selling unrelated to fundamentals.

US, Japan and Europe: Three Pressures Keep Global Yields Surging

<ul><li>The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with the US.</li><li>The index rebounded from support at 1,400, reinforcing the 1,400–1,386 support zone.</li><li>We recommend buying on weakness, as the index is likely to remain volatile while Middle East developments continue to influence market movements.</li></ul>

The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with the US.The index rebounded from support at 1,400, reinforcing the 1,400–1,386 support zone.We recommend buying on weakness, as the index is likely to remain volatile while Middle East developments continue to influence market movements.

Krungthai XSpring Technical Eng. March 25, 2026

Thailand

Wha Industrial Development Public Company Limited operates as a real estate developer. The Company provides industrial estates, utilities, power, and property solutions. Wha Industrial Development serves customers in Thailand.

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Wha Industrial Development (HEMRAJ TB)

Krungthai XSpring Technical Eng. April 7, 2026

We recommend buying on weakness, as the index has the potential to rebound quickly. Many global markets were closed for Good Friday.

Krungthai XSpring

KTX AHEAD: Watch: Weak US Jobs Could Lift Thai Equities

The Thai equity market could benefit from external factors. A weaker-than-expected US labor market would ease concerns over the Fed’s rate...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 30, 2026

The index has held above all short-term EMA lines for three consecutive days, while the RSI remains above 50 and the MACD histogram is showing...

Krungthai XSpring

US, Japan and Europe: Three Pressures Keep Global Yields Surging

Surging long-term bond yields raise asset discount rates, putting global equities at risk of valuation de-rating. A weaker euro supports the...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 25, 2026

The US president postponed the attack on Iran’s energy infrastructure for five days, although Iran stated that there had been no negotiations with...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)