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>We take a neutral view on the government’s “Quick Big Win” clean energy policy.</li><li>By contrast, we expect the 2.0GW Direct PPA program (beyond PDP), which is B2B, to be the main focus for producers.</li><li>We maintain a “Neutral rating on the power sector and keep our top picks: GULF (Buy; 26E FV Bt62.25), backed by a strong business portfolio, resilient earnings, and high growth potential (via debt leverage/M&amp;A), and BCPG (Buy; 26E FV Bt10.00), supported by solid medium- to long-term earnings from its US CCGT projects.</li></ul>

We take a neutral view on the government’s “Quick Big Win” clean energy policy.By contrast, we expect the 2.0GW Direct PPA program (beyond PDP), which is B2B, to be the main focus for producers.We maintain a “Neutral rating on the power sector and keep our top picks: GULF (Buy; 26E FV Bt62.25), backed by a strong business portfolio, resilient earnings, and high growth potential (via debt leverage/M&amp;A), and BCPG (Buy; 26E FV Bt10.00), supported by solid medium- to long-term earnings from its US CCGT projects.

Energy (Power): Neutral View on Quick Big Win Clean Energy; Focus on Direct PPA Pending Clarity

<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 Index is expected to trade sideways up today, with the resistance at 1,284/1,300 and the support at 1,268/1,250.</li><li>Thailand’s S&amp;P Global Manufacturing PMI rose to 54.6 in September, the highest in 28 months and above expectations of 52.4.</li><li>The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to the FedWatch Tool.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,284/1,300 and the support at 1,268/1,250.Thailand’s S&amp;P Global Manufacturing PMI rose to 54.6 in September, the highest in 28 months and above expectations of 52.4.The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to the FedWatch Tool.

Krungthai XSpring Zoom Eng. October 2, 2025

<ul><li>The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.</li><li>Buying from broker proprietary accounts introduced some volatility, but the index was lifted by a rotation in blue-chip stocks while selling pressure stayed light.</li><li>However, with light volume and the need for stronger fund inflows, the index remains volatile.</li></ul>

The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.Buying from broker proprietary accounts introduced some volatility, but the index was lifted by a rotation in blue-chip stocks while selling pressure stayed light.However, with light volume and the need for stronger fund inflows, the index remains volatile.

Krungthai XSpring Technical Eng. September 30, 2025

United States

WisdomTree Middle East Dividend Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield performance of the WisdomTree Middle East Dividend Total Return Index.

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Wisdomtree Middle East Dvd (GULF US)

Energy (Power): Neutral View on Quick Big Win Clean Energy; Focus on Direct PPA Pending Clarity

We maintain a “Neutral rating on the power sector and keep our top picks: GULF (Buy; 26E FV Bt62.25), backed by a strong business portfolio,...

Krungthai XSpring

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

Krungthai XSpring Zoom Eng. October 2, 2025

The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 30, 2025

The SET rebounded following the government’s policy statement and in line with most Asian bourses that advanced after the Dow Jones.

Krungthai XSpring

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