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 market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting results and monitored political developments.</li><li>Earlier, there had been expectations for the index to move toward 1,300 points.</li><li>We therefore maintain our recommendation to buy at the support while closely monitoring the movements of THAI and DELTA.</li></ul>

The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting results and monitored political developments.Earlier, there had been expectations for the index to move toward 1,300 points.We therefore maintain our recommendation to buy at the support while closely monitoring the movements of THAI and DELTA.

Krungthai XSpring Technical Eng. August 20, 2025

<ul><li>The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.</li><li>Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.</li><li>We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.</li></ul>

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.

Krungthai XSpring Technical Eng. August 19, 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in May this year, shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC World Public (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice.</li>
<li>This situation was discussed in <a href="https://skr.ma/LAfHm" target="_blank" rel="noopener">Krungthai Card (KTC TB): Buying Opportunity After Margin Call</a>. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.</li>
<li>On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.</li>
</ul>


Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.


Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline

<ul><li>Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.</li><li>Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.</li><li>We recommend selective speculation, as the upward trend remains intact.</li></ul>

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.We recommend selective speculation, as the upward trend remains intact.

Krungthai XSpring Technical Eng. August 15, 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> walks away from <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.</li>
<li>Buy <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.</li>
<li>If you have borrow on <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>, use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. </li>
</ul>



Alimentation Couche-Tard (ATD CN) walks away from Seven &amp; I Holdings (3382 JP), and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.
Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. 


Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

Thailand

Xspring Capital PCL operates as an investment management company. The Company provides financial and investment services including securities brokerage, investment advisory, and underwriting. Xspring Capital serves clients in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

XSpring Capital (XPG TB)

Krungthai XSpring Technical Eng. August 20, 2025

The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2025

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund...

Krungthai XSpring

Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline

I'd still buy Krungthai Card. Then buy some more. It is not trading down here on account of any large fundamental miss. Recent results bear this...

David Blennerhassett

Krungthai XSpring Technical Eng. August 15, 2025

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled...

Krungthai XSpring

Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)