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 global economy remains pressured by war-driven oil price increases, keeping US bond yields elevated and attracting fund flows back to the US, which limits the SET Index’s short-term upside.</li><li>However, the resulting “double squeeze” cost environment in Japan is accelerating FDI relocation to Thailand, reinforcing its role as a relative safe haven.</li><li>The crisis between the two major powers is accelerating FDI inflows into Thailand, upgrading the country from a secondary manufacturing base to an “economic safe haven.”</li></ul>

The global economy remains pressured by war-driven oil price increases, keeping US bond yields elevated and attracting fund flows back to the US, which limits the SET Index’s short-term upside.However, the resulting “double squeeze” cost environment in Japan is accelerating FDI relocation to Thailand, reinforcing its role as a relative safe haven.The crisis between the two major powers is accelerating FDI inflows into Thailand, upgrading the country from a secondary manufacturing base to an “economic safe haven.”

KTX AHEAD: Geopolitical Risk May Accelerate A Major Production Relocation Wave.

<ul><li>The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.</li><li>The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.</li><li>We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.</li></ul>

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.

Krungthai XSpring Technical Eng. February 26, 2026

<ul><li>Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.</li><li>The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.</li><li>The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.</li></ul>

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.

Krungthai XSpring Zoom Eng. February 26, 2026

<ul><li>The US Supreme Court’s decision to overturn President Trump’s markets.</li><li>Therefore, we recommend buying near support levels, while closely monitoring DELTA’s price movement and fund flow trends for guidance.</li><li>DELTA’s sharp surge was the key driver, pushing the index up to 1,506 points and helping it close in positive territory, despite afternoon selling pressure in banking, energy, commerce, finance, and hospital stocks.</li></ul>

The US Supreme Court’s decision to overturn President Trump’s markets.Therefore, we recommend buying near support levels, while closely monitoring DELTA’s price movement and fund flow trends for guidance.DELTA’s sharp surge was the key driver, pushing the index up to 1,506 points and helping it close in positive territory, despite afternoon selling pressure in banking, energy, commerce, finance, and hospital stocks.

Krungthai XSpring Technical Eng. February 24, 2026

<ul><li>With the Monetary Policy Committee (MPC) holding the policy rate amid Thailand’s recovery, bond yields are likely to trend higher, prompting foreign investors to adjust asset allocation by trimming bond exposure and increasing equities to avoid pricing losses as yields rise.</li><li>Thailand’s economy at the turn of 2025–26 has shown stronger-than-expected recovery.</li><li>Domestic demand remains resilient, giving the MPC room to hold interest rates throughout the year.</li></ul>

With the Monetary Policy Committee (MPC) holding the policy rate amid Thailand’s recovery, bond yields are likely to trend higher, prompting foreign investors to adjust asset allocation by trimming bond exposure and increasing equities to avoid pricing losses as yields rise.Thailand’s economy at the turn of 2025–26 has shown stronger-than-expected recovery.Domestic demand remains resilient, giving the MPC room to hold interest rates throughout the year.

KTX Ahead: Thailand’s Rate-Cut Cycle Nearing Its End; Rotate From Dividend Stocks To Cyclicals

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)

KTX AHEAD: Geopolitical Risk May Accelerate A Major Production Relocation Wave.

The crisis between the two major powers is accelerating FDI inflows into Thailand, upgrading the country from a secondary manufacturing base to an...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 26, 2026

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 26, 2026

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%

Krungthai XSpring

Krungthai XSpring Technical Eng. February 24, 2026

DELTA’s sharp surge was the key driver, pushing the index up to 1,506 points and helping it close in positive territory, despite afternoon selling...

Krungthai XSpring

KTX Ahead: Thailand’s Rate-Cut Cycle Nearing Its End; Rotate From Dividend Stocks To Cyclicals

With the Monetary Policy Committee (MPC) holding the policy rate amid Thailand’s recovery, bond yields are likely to trend higher, prompting...

Krungthai XSpring

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