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>KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including cost-of-living relief (Khon La Khrueng co-payment scheme), spending stimulus for middle- to high-income groups (Easy E-Receipt), and tourism promotion.</li><li>However, volatility may return in mid-to-late October as 3Q25 earnings season begins, led by commercial banks (with weaker YoY and QoQ results expected), alongside key events such as the Fed meeting and the APEC summit.</li><li>We expect earnings of banks under our coverage to weaken both YoY and QoQ, which could drive volatility in bank stocks.</li></ul>

KTX expects the SET Index to trade with upward volatility in early October, supported by optimism over the new government’s policies, including cost-of-living relief (Khon La Khrueng co-payment scheme), spending stimulus for middle- to high-income groups (Easy E-Receipt), and tourism promotion.However, volatility may return in mid-to-late October as 3Q25 earnings season begins, led by commercial banks (with weaker YoY and QoQ results expected), alongside key events such as the Fed meeting and the APEC summit.We expect earnings of banks under our coverage to weaken both YoY and QoQ, which could drive volatility in bank stocks.

Global Power Synergy Company Ltd (GPSC TB)

Mortgage Advice Bureau (Holdings) (MAB1 LN)

Northeast Rubber Public Company Limited (NER TB)

Monthly Report: October 2025: Outlook: Volatile With An Upward Bias