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.

Macroeconomics

<ul><li>SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%</li><li>Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.</li><li>The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.</li></ul>

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.

Krungthai XSpring Zoom Eng. August 26, 2026

Thematic (Sector/Industry)

<ul><li>The normalization of CPO price implies a less volatile B100-CPO spread, with no material stock impact in 2023E</li><li>Ethanol spread to be on an improving trend in 2023E, given the accelerating ethanol price in line with raw material costs</li><li>JV SAF project to be a new growth engine, with a meaningful profit contribution starting in 2025E</li></ul>

The normalization of CPO price implies a less volatile B100-CPO spread, with no material stock impact in 2023EEthanol spread to be on an improving trend in 2023E, given the accelerating ethanol price in line with raw material costsJV SAF project to be a new growth engine, with a meaningful profit contribution starting in 2025E

Core Biofuel and New Businesses to Spur Improvement

Equity Bottom-Up

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.</li><li>Technically, the SET may continue to fluctuate until breaking out from the current trading range, at which point its direction will be determined.</li><li>Today's momentum is slightly positive due to the buybacks of risk assets after the Fed signaled a slower pace for rate hikes.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.Technically, the SET may continue to fluctuate until breaking out from the current trading range, at which point its direction will be determined.Today's momentum is slightly positive due to the buybacks of risk assets after the Fed signaled a slower pace for rate hikes.

United States

Windstream Holdings Inc offers telecommunications services to residential and business customers in rural communities in the United States. The Company provides local telephone, high-speed Internet, long distance, network access, and video services in multiple states.

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Windstream Holdings (WIN US)

Krungthai XSpring Zoom Eng. August 26, 2026

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3% Thailand Focus 2026 will highlight the new engines driving...

Krungthai XSpring

Core Biofuel and New Businesses to Spur Improvement

The normalization of CPO price implies a less volatile B100-CPO spread, with no material stock impact in 2023E Ethanol spread to be on an...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)