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>This week marks a crucial test for the Bank of Thailand (BoT) in maintaining financial stability.</li><li>In January 2026, foreign investors became net buyers in both the Thai bond market (THB 44 billion) and the Thai stock market (THB 4.4 billion), propelling the SET Index up by over 5.2% (Figure 3).</li><li>The standout strategy in this environment is 'Dividend Plays,' which offer a potential 'triple gain' from consistent dividends.</li></ul>

This week marks a crucial test for the Bank of Thailand (BoT) in maintaining financial stability.In January 2026, foreign investors became net buyers in both the Thai bond market (THB 44 billion) and the Thai stock market (THB 4.4 billion), propelling the SET Index up by over 5.2% (Figure 3).The standout strategy in this environment is 'Dividend Plays,' which offer a potential 'triple gain' from consistent dividends.

KTX AHEAD: BoT's Dilemma: Further Intervention Vs. Market Mechanisms.

<ul><li>The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.</li><li>The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.</li><li>We expect the index to trade within a narrow range with rebound potential.</li></ul>

The Fed’s decision to keep interest rates unchanged at 3.50–3.75% and signal no urgency to cut rates unsettled foreign bourses.The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25 earnings results have had mixed impacts on the market.We expect the index to trade within a narrow range with rebound potential.

Krungthai XSpring Technical Eng. January 30, 2026

<ul><li>The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.</li><li>The index has entered a short-term consolidation phase after a continued pullback and is trending toward the key support at 1,300 points.</li><li>We therefore expect the index to see limited downside or move sideways while awaiting clearer reversal signals.</li></ul>

The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.The index has entered a short-term consolidation phase after a continued pullback and is trending toward the key support at 1,300 points.We therefore expect the index to see limited downside or move sideways while awaiting clearer reversal signals.

Krungthai XSpring Technical Eng. February 2, 2026

<ul><li>The US financial markets reacted with slight volatility and both the 10-year and 2-year Treasury yields rose from 4.24% to 4.26%.</li><li>While the economy shows a continued expansion trend, valuations remain stretched.</li><li>The Bank of Thailand (BOT) reported that the economy continued to expand in December, driven by growth in exports, private investment, and private consumption.</li></ul>

The US financial markets reacted with slight volatility and both the 10-year and 2-year Treasury yields rose from 4.24% to 4.26%.While the economy shows a continued expansion trend, valuations remain stretched.The Bank of Thailand (BOT) reported that the economy continued to expand in December, driven by growth in exports, private investment, and private consumption.

Krungthai XSpring Zoom Eng. February 2, 2026

<ul><li>The US is closely monitoring the baht, limiting downside pressure on the currency.</li><li>The SET Index is expected to trade sideways to slightly higher today, with support at 1,330/1,311 and resistance at 1,346/1,355.</li><li>The US Treasury will continue to closely monitor countries on its Monitoring List, including China, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland.</li></ul>

The US is closely monitoring the baht, limiting downside pressure on the currency.The SET Index is expected to trade sideways to slightly higher today, with support at 1,330/1,311 and resistance at 1,346/1,355.The US Treasury will continue to closely monitor countries on its Monitoring List, including China, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland.

Krungthai XSpring Zoom Eng. January 30, 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wha Industrial Development (HEMRAJ TB)

KTX AHEAD: BoT's Dilemma: Further Intervention Vs. Market Mechanisms.

In January 2026, foreign investors became net buyers in both the Thai bond market (THB 44 billion) and the Thai stock market (THB 4.4 billion),...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 30, 2026

The index remains volatile amid the absence of new positive catalysts, as foreign investors alternate between buying and selling, while 4Q25...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 2, 2026

The SET came under pressure from profit-taking amid a lack of new positive catalysts, alongside continued fund outflows.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 2, 2026

The US financial markets reacted with slight volatility and both the 10-year and 2-year Treasury yields rose from 4.24% to 4.26%.

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 30, 2026

The SET Index is expected to trade sideways to slightly higher today, with support at 1,330/1,311 and resistance at 1,346/1,355.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)