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 SET surged as DELTA extended its rally, supported by strong buying in blue-chip sectors including energy, banking, commerce, transportation, finance, and petroleum.</li><li>The index rebounded without notable pullbacks. Strong buying in large-cap stocks supported the move, which is viewed as a positive signal of a bullish outlook.</li><li>Therefore, we recommend selective speculation, as the index resumes its upward path toward the 1,300 area, with blue-chip stocks likely to take the lead.</li></ul>

The SET surged as DELTA extended its rally, supported by strong buying in blue-chip sectors including energy, banking, commerce, transportation, finance, and petroleum.The index rebounded without notable pullbacks. Strong buying in large-cap stocks supported the move, which is viewed as a positive signal of a bullish outlook.Therefore, we recommend selective speculation, as the index resumes its upward path toward the 1,300 area, with blue-chip stocks likely to take the lead.

Krungthai XSpring Technical Eng. October 3, 2025

<ul><li>Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.</li><li>The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.</li><li>We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.</li></ul>

Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring Technical Eng. October 2, 2025

<ul><li>The SET rallied strongly for the third consecutive day, despite a decline in banking stocks due to concerns over potential interest rate cuts.</li><li>Robust buying activity in energy, finance, transportation, commerce, tourism, electronics, and food sectors, combined with the absence of significant negative market factors, helped the index overcome profit-taking pressure and remain on track toward the 1,200-point level.</li><li>The index surged alongside positive technical signals, including a steadily rising RSI that remains far from the overbought zone and the MACD that may have a golden cross signal.</li></ul>

The SET rallied strongly for the third consecutive day, despite a decline in banking stocks due to concerns over potential interest rate cuts.Robust buying activity in energy, finance, transportation, commerce, tourism, electronics, and food sectors, combined with the absence of significant negative market factors, helped the index overcome profit-taking pressure and remain on track toward the 1,200-point level.The index surged alongside positive technical signals, including a steadily rising RSI that remains far from the overbought zone and the MACD that may have a golden cross signal.

<ul><li>The SET managed to move up against concerns over the US imposing 30% tariffs on the EU and Mexico while most Asian bourses rebounded due to the market hopes for trade negotiations with the US.</li><li>Buying activities flowed into large-cap stocks, particularly in the energy, banking, transportation, commerce, electronic, food and healthcare sectors.</li><li>Meanwhile, foreign investors kept buying for the fifth consecutive day</li></ul>

The SET managed to move up against concerns over the US imposing 30% tariffs on the EU and Mexico while most Asian bourses rebounded due to the market hopes for trade negotiations with the US.Buying activities flowed into large-cap stocks, particularly in the energy, banking, transportation, commerce, electronic, food and healthcare sectors.Meanwhile, foreign investors kept buying for the fifth consecutive day

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We maintain HOLD recommendation for WICE with a new target price of Bt12.0. (Previous TP: Bt12.60) after derated PE multiple to 14.5xPE’23E (-0.5S.D. five-year average), as we expect earnings </li>
<li>3Q22 profit came out below market expectation at Bt130m WICE report 3Q22 net profit at Bt130m(-20%YoY and -24%QoQ),the lowest level in the past five quarters. YoY and QoQ drops pressured</li>
<li>However, gross profit margin in 3Q22 reached 16-quarter high due to benefit from cross-selling amongst all businesses and effective cost management.</li>
</ul>


We maintain HOLD recommendation for WICE with a new target price of Bt12.0. (Previous TP: Bt12.60) after derated PE multiple to 14.5xPE’23E (-0.5S.D. five-year average), as we expect earnings 
3Q22 profit came out below market expectation at Bt130m WICE report 3Q22 net profit at Bt130m(-20%YoY and -24%QoQ),the lowest level in the past five quarters. YoY and QoQ drops pressured
However, gross profit margin in 3Q22 reached 16-quarter high due to benefit from cross-selling amongst all businesses and effective cost management.


WICE : 3Q22 Net Profit Fell to Five-Quarter Low

Thailand

WICE Logistics Public Company Limited provides freight shipping services. The Company offers marine freight shipping, air freight shipping and trucking services.

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Wice Logistics (WICE TB)

Krungthai XSpring Technical Eng. October 3, 2025

The SET surged as DELTA extended its rally, supported by strong buying in blue-chip sectors including energy, banking, commerce, transportation,...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 2, 2025

We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring

Technical Analysis - JULY 16, 2025

The SET rallied strongly for the third consecutive day, despite a decline in banking stocks due to concerns over potential interest rate cuts.

Krungthai XSpring

Technical Analysis - JULY 15, 2025

Buying activities flowed into large-cap stocks, particularly in the energy, banking, transportation, commerce, electronic, food and healthcare...

Krungthai XSpring

WICE : 3Q22 Net Profit Fell to Five-Quarter Low

We maintain HOLD recommendation for WICE with a new target price of Bt12.0. (Previous TP: Bt12.60) after derated PE multiple to 14.5xPE’23E (...

Pi Securities PCL, Thailand

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