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 US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain an accommodative monetary stance while continuing to inject liquidity to support the financial system.</li><li>This divergence is accelerating capital inflows into the Thai equity market as investors seek both safe-haven returns and currency gains.</li><li>Large-cap stocks, particularly those within the SET50 that are closely linked to foreign fund flows, are expected to be key drivers supporting the Thai stock market toward our 12-month target of 1,401 points.</li></ul>

The US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain an accommodative monetary stance while continuing to inject liquidity to support the financial system.This divergence is accelerating capital inflows into the Thai equity market as investors seek both safe-haven returns and currency gains.Large-cap stocks, particularly those within the SET50 that are closely linked to foreign fund flows, are expected to be key drivers supporting the Thai stock market toward our 12-month target of 1,401 points.

US Risks (Sticky Inflation, Low Real Rates, Dollar Injections) Are Driving Fund Flows Into Thailand

<ul><li>Asian bourses declined amid continued selling pressure in tech stocks.</li><li>The index successfully broke above the 1,350-point resistance on supportive trading volume.</li><li>Political factors remain a source of potential volatility for the index, and investors should remain prepared.</li></ul>

Asian bourses declined amid continued selling pressure in tech stocks.The index successfully broke above the 1,350-point resistance on supportive trading volume.Political factors remain a source of potential volatility for the index, and investors should remain prepared.

Krungthai XSpring Technical Eng. February 9, 2026

<ul><li>There are no changes to the investment status of the KTX DR Portfolio today.</li><li>Last Friday, the KTX DR Portfolio saw an average return of -0 . 2 0 % , reflecting volatility in the US and Vietnamese stock markets.</li><li>Based on our study using the KTX Baht Tracker, the baht has begun to weaken from overvalued levels, suggesting that DR investments may benefit from additional baht-denominated returns in a weakening baht environment.</li></ul>

There are no changes to the investment status of the KTX DR Portfolio today.Last Friday, the KTX DR Portfolio saw an average return of -0 . 2 0 % , reflecting volatility in the US and Vietnamese stock markets.Based on our study using the KTX Baht Tracker, the baht has begun to weaken from overvalued levels, suggesting that DR investments may benefit from additional baht-denominated returns in a weakening baht environment.

KTX Tactical DR Picks - February 2, 2026 (Eng.)

<ul><li>As the Sahm Rule moves closer to recession-signal territory and potential divisions within the Fed become more visible ahead of the first FOMC meeting of 2026, selling pressure on the Dollar Index (DXY) is likely as US yields lose appeal, supporting baht appreciation.</li><li>If divisions emerge in the first policy vote of 2026 following the rotation of voting members, this would undermine market confidence that the Fed will keep rates high through 2H26.</li><li>The rotation of voting members at the Fed in 2026 is likely to tilt the committee toward more dovish policymakers, who place greater emphasis on employment than inflation, outnumbering hawkish members.</li></ul>

As the Sahm Rule moves closer to recession-signal territory and potential divisions within the Fed become more visible ahead of the first FOMC meeting of 2026, selling pressure on the Dollar Index (DXY) is likely as US yields lose appeal, supporting baht appreciation.If divisions emerge in the first policy vote of 2026 following the rotation of voting members, this would undermine market confidence that the Fed will keep rates high through 2H26.The rotation of voting members at the Fed in 2026 is likely to tilt the committee toward more dovish policymakers, who place greater emphasis on employment than inflation, outnumbering hawkish members.

KTX Ahead: Watch The Stance Of Newly Rotating Fed Members At The First FOMC Meeting Of 2026

<ul>
<li>The SET managed only a brief rebound before being dragged lower by declines in DELTA, BDMS, BH, CPALL, SAWAD, and GPSC.</li>
<li>The index continued to break below key support levels, leaving the former base at 1,230 points as the last line of defense.</li>
<li>Nevertheless, we recommend buying on weakness, as we continue to expect the index to hold above 1,230 points.</li>
</ul>


The SET managed only a brief rebound before being dragged lower by declines in DELTA, BDMS, BH, CPALL, SAWAD, and GPSC.
The index continued to break below key support levels, leaving the former base at 1,230 points as the last line of defense.
Nevertheless, we recommend buying on weakness, as we continue to expect the index to hold above 1,230 points.


Krungthai XSpring Technical Eng. January 14, 2026

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)

US Risks (Sticky Inflation, Low Real Rates, Dollar Injections) Are Driving Fund Flows Into Thailand

The US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 9, 2026

Asian bourses declined amid continued selling pressure in tech stocks.The index successfully broke above the 1,350-point resistance on supportive...

Krungthai XSpring

KTX Tactical DR Picks - February 2, 2026 (Eng.)

Based on our study using the KTX Baht Tracker, the baht has begun to weaken from overvalued levels, suggesting that DR investments may benefit from...

Krungthai XSpring

KTX Ahead: Watch The Stance Of Newly Rotating Fed Members At The First FOMC Meeting Of 2026

If divisions emerge in the first policy vote of 2026 following the rotation of voting members, this would undermine market confidence that the Fed...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 14, 2026

The SET managed only a brief rebound before being dragged lower by declines in DELTA, BDMS, BH, CPALL, SAWAD, and GPSC. The index continued to...

Krungthai XSpring

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