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.

Cross Asset Strategy

<ul><li>We recommend accumulating when the SET Index weakens based on the expectation that it will not be impacted by the collapses of US banks (i.e., no domino effect), as Thai financial institutions are strong, with low NPLs and no lending exposure to crypto clients.</li><li>The SET may instead benefit from the possibility that the Fed will slow down the hikes in the fed funds rate to curb inflation – the CME Group's Fed Watch Tool now suggests a lower terminal rate at 5-5.25%, followed by an interest rate downtrend to 3.5-3.75% by the end of 2024E.</li><li>We view that the instability in the US banking sector will encourage fund outflows from US markets toward other equity markets, such as the SET.</li></ul>

We recommend accumulating when the SET Index weakens based on the expectation that it will not be impacted by the collapses of US banks (i.e., no domino effect), as Thai financial institutions are strong, with low NPLs and no lending exposure to crypto clients.The SET may instead benefit from the possibility that the Fed will slow down the hikes in the fed funds rate to curb inflation – the CME Group's Fed Watch Tool now suggests a lower terminal rate at 5-5.25%, followed by an interest rate downtrend to 3.5-3.75% by the end of 2024E.We view that the instability in the US banking sector will encourage fund outflows from US markets toward other equity markets, such as the SET.

US Bank Collapses May Create Chance for SET Rebound

<ul><li>The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.</li><li>Tactically, we suggest buying stocks that have underperformed the market in the past one to two weeks, such as certain reopening plays with limited downside risk and support from the Chinese authorities granting permission to tour companies to arrange overseas group tours, starting on February 6.</li><li>Foreign investors have begun to net sell the Thai equity market after large banks reported weaker-than-expected 4Q22E earnings.</li></ul>

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.Tactically, we suggest buying stocks that have underperformed the market in the past one to two weeks, such as certain reopening plays with limited downside risk and support from the Chinese authorities granting permission to tour companies to arrange overseas group tours, starting on February 6.Foreign investors have begun to net sell the Thai equity market after large banks reported weaker-than-expected 4Q22E earnings.

Krungthai XSpring Zoom Eng. January 23, 2023

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Development A lot of momentum continues around the metaverse. A few people were close to the pin on Facebook’s new name…..MetaBook, Metanet, MetaRack...even MetaMark being amongst the favourites.  However, Meta came out on top - or Meta Platforms (MVRS) to be precise.</p>

Headline Development A lot of momentum continues around the metaverse. A few people were close to the pin on Facebook’s new name…..MetaBook, Metanet, MetaRack...even MetaMark being amongst the favourites.  However, Meta came out on top - or Meta Platforms (MVRS) to be precise.

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Sierra hit $200M in ARR in May 2026, up from ~$130M at the end of 2025 and $26M at the end of 2024.</li><li>In May 2026, Sierra raised a $950 million Series E led by GV and Tiger Global, with participation from Benchmark, Sequoia, and Greenoaks, at a post-money valuation of $15.8 billion, bringing total cash on hand to over $1 billion.</li><li>Sierra AI has tailwinds from the massive customer service market transformation and has the opportunity to grow and expand into adjacent markets beyond its current AI-powered customer service solutions.</li></ul>

Sacra estimates that Sierra hit $200M in ARR in May 2026, up from ~$130M at the end of 2025 and $26M at the end of 2024.In May 2026, Sierra raised a $950 million Series E led by GV and Tiger Global, with participation from Benchmark, Sequoia, and Greenoaks, at a post-money valuation of $15.8 billion, bringing total cash on hand to over $1 billion.Sierra AI has tailwinds from the massive customer service market transformation and has the opportunity to grow and expand into adjacent markets beyond its current AI-powered customer service solutions.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>mportant price support levels previously highlighted have held strong, including the 3200-3230 level on the S&amp;P 500, 10,855 on the Nasdaq 100, and $145/the 200-day MA on the Russell 2000 (IWM). Additionally, both the S&amp;P 500 and Nasdaq 100 are breaking out from their bullish falling wedge patterns that have been taking shape since the early-September highs. These bullish inflections are encouraging and, combined with market dynamics which remain mostly healthy, lead us to believe the lows of this recent correction are likely in.  In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Technology: Casinos &amp; Gaming, Small-Cap, Solar Energy, Fuel Cells/Lithium Batteries, and Software, Customer Relationship Mgt.</p>

mportant price support levels previously highlighted have held strong, including the 3200-3230 level on the S&amp;P 500, 10,855 on the Nasdaq 100, and $145/the 200-day MA on the Russell 2000 (IWM). Additionally, both the S&amp;P 500 and Nasdaq 100 are breaking out from their bullish falling wedge patterns that have been taking shape since the early-September highs. These bullish inflections are encouraging and, combined with market dynamics which remain mostly healthy, lead us to believe the lows of this recent correction are likely in.  In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Technology: Casinos &amp; Gaming, Small-Cap, Solar Energy, Fuel Cells/Lithium Batteries, and Software, Customer Relationship Mgt.

United States

Zendesk, Inc. provides web-based help desk software with customer support platform. The Company offers applications that allow clients to manage incoming support requests from end customers from any internet connected computer. Zendesk serves customers in the United States.

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Zendesk Inc (ZEN US)

US Bank Collapses May Create Chance for SET Rebound

We recommend accumulating when the SET Index weakens based on the expectation that it will not be impacted by the collapses of US banks (i.e., no...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 23, 2023

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points. Tactically, we...

Krungthai XSpring

Weekly Innovation Review (WIRE) #56

Headline Development A lot of momentum continues around the metaverse. A few people were close to the pin on Facebook’s new name…..MetaBook,...

Granite Bay Capital

Primer: Sierra - 14 Jul 2026

Conversational AI tool for enterprises to automate customer service across chat and voice

Sacra

U.S. Equity Strategy: Correction Over?

In today’s report we highlight attractive Groups and stocks within Consumer Discretionary & Technology: CD-24 Casinos & Gaming, Small-Cap,...

Vermilion Research

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