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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>Despite risks of Japan intervening to halt yen weakness—which could trigger an unwind of yen carry trades and sharply pressure global risk assets, including the SET—we view the likelihood of such action in the near term as low.</li><li>However, the SET may not benefit much, as the earnings yield gap (EYG) has recovered but remains close to KTX’s fair level, leaving limited long-term upside.</li><li>While yen weakness continues to support yen carry trades - normally not a strong negative for global risk assets- there is an important risk: if the yen weakens to a “critical point” near its previous peak of JPY160–162/USD, the BoJ or the Japanese government may intervene or deliver a sudden rate hike, immediately triggering an unwind of yen carry trades.</li></ul>

Despite risks of Japan intervening to halt yen weakness—which could trigger an unwind of yen carry trades and sharply pressure global risk assets, including the SET—we view the likelihood of such action in the near term as low.However, the SET may not benefit much, as the earnings yield gap (EYG) has recovered but remains close to KTX’s fair level, leaving limited long-term upside.While yen weakness continues to support yen carry trades - normally not a strong negative for global risk assets- there is an important risk: if the yen weakens to a “critical point” near its previous peak of JPY160–162/USD, the BoJ or the Japanese government may intervene or deliver a sudden rate hike, immediately triggering an unwind of yen carry trades.

KTX AHEAD Yen Weakness Nears A Critical Point; Intervention Could Trigger A Global Correction