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>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.</li><li>In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.</li><li>Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. 

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

Equity Bottom-Up

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust / Equity Bottom-Up

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust

<ul><li>We switch to a Neutral rating (vs. Outperform previously).</li><li>The share price is currently fully valued compared with our fair value of Bt10 (based on a required return of 7.7%) after rallying by over 28% since our initiation in the middle of July 2024.</li><li>The short-term tactical upside risk is very limited while the long- term earnings prospects remain unchanged.</li></ul>

We switch to a Neutral rating (vs. Outperform previously).The share price is currently fully valued compared with our fair value of Bt10 (based on a required return of 7.7%) after rallying by over 28% since our initiation in the middle of July 2024.The short-term tactical upside risk is very limited while the long- term earnings prospects remain unchanged.

Whart Tb - In-Line 2Q24 Earnings; Share Price Fully Valued

<ul><li>KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth consecutive month in July.</li><li>The inflation trend in August is expected to mirror that of July, driven by increases in diesel and fruit prices compared to the same period last year.</li><li>However, factors such as the high base price of crude oil from last year and lower electricity prices due to government subsidies are expected to exert a drag on inflation. </li></ul>

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth consecutive month in July.The inflation trend in August is expected to mirror that of July, driven by increases in diesel and fruit prices compared to the same period last year.However, factors such as the high base price of crude oil from last year and lower electricity prices due to government subsidies are expected to exert a drag on inflation. 

Thailand

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust is a real estate investment trust.

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART TB)

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WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART TB)

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

Economic Update: Inflation in July 2024

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

Whart Tb - In-Line 2Q24 Earnings; Share Price Fully Valued

The share price is currently fully valued compared with our fair value of Bt10 (based on a required return of 7.7%) after rallying by over 28%...

Krungthai XSpring

Economic Update: Inflation in July 2024

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth...

Krungthai XSpring