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>TIDLOR and WHAUP have been added back to the KTX Tactical Portfolio.</li><li>Ongoing selling pressure in the banking sector dragged the portfolio’s average return down 0.49% from the previous day, while the SET managed to hold flat, supported by gains in DELTA.</li><li>Without DELTA’s +5.93% DoD rise, the SET would likely have fallen 0.84%.</li></ul>

TIDLOR and WHAUP have been added back to the KTX Tactical Portfolio.Ongoing selling pressure in the banking sector dragged the portfolio’s average return down 0.49% from the previous day, while the SET managed to hold flat, supported by gains in DELTA.Without DELTA’s +5.93% DoD rise, the SET would likely have fallen 0.84%.

KTX Tactical Picks - October 1, 2025 (Eng.)

<ul><li>The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.</li><li>The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.</li><li>We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.</li></ul>

The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. October 1, 2025

<ul><li>The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.</li><li>The index plunged for the fifth straight day, pressured by continuous foreign investor sell-offs over the same period.</li><li>We expect the index to either rebound or move sideways after consecutive declines.</li></ul>

The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.The index plunged for the fifth straight day, pressured by continuous foreign investor sell-offs over the same period.We expect the index to either rebound or move sideways after consecutive declines.

Krungthai XSpring Technical Eng. September 24, 2025

<ul><li>The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.</li><li>The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.</li><li>We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.</li></ul>

The SET remained under selling pressure, led by foreign investors who have been net sellers for four consecutive days.The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a consolidation phase.We therefore expect the index to trade sideways to alleviate negative indicator signals, and we maintain our recommendation to buy on dips.

Krungthai XSpring Technical Eng. September 23, 2025

<ul><li>The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.</li><li>Fund outflows were a key factor weighing on the index, with no fresh catalysts and investors still waiting for government stimulus measures.</li><li>The index may dip further, but we believe the downside is limited as the overall uptrend remains intact.</li></ul>

The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.Fund outflows were a key factor weighing on the index, with no fresh catalysts and investors still waiting for government stimulus measures.The index may dip further, but we believe the downside is limited as the overall uptrend remains intact.

Krungthai XSpring Technical Eng. September 22, 2025

Thailand

XSpring Capital Public Company Limited is a Thailand-based financial services firm that invests in diverse businesses both domestically and internationally. It operates through five segments: Securities, Fund Asset Management, Digital Assets, Asset Management, and Investment and Other, offering services like securities brokerage, digital asset dealing, and wealth management. The company was founded in 1974 and is headquartered in Bangkok, Thailand.

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XSpring Capital (XPG TB)

KTX Tactical Picks - October 1, 2025 (Eng.)

Ongoing selling pressure in the banking sector dragged the portfolio’s average return down 0.49% from the previous day, while the SET managed to...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 1, 2025

We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 24, 2025

The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 23, 2025

The index has continued to retreat, forming three consecutive black candlesticks that have turned the price pattern more negative and signaled a...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 22, 2025

The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.

Krungthai XSpring

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