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>We maintain a Neutral investment weighting after our downward revision of tourist arrivals for 2025E, which remain below pre-COVID levels.</li>
<li>This reflects a slowdown in Chinese tourists and a shift in their travel destination preference toward Japan.</li>
<li>However, the downside risk for SET TOURISM has become more limited, as the implied EPS has dropped to near the historical average. </li>
</ul>


We maintain a Neutral investment weighting after our downward revision of tourist arrivals for 2025E, which remain below pre-COVID levels.
This reflects a slowdown in Chinese tourists and a shift in their travel destination preference toward Japan.
However, the downside risk for SET TOURISM has become more limited, as the implied EPS has dropped to near the historical average. 


Tourism and Airline Sectors - MARCH 13, 2025

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.</li><li>In the medium term, the index remains in a downtrend, forming a zig-zag down pattern as it searches for the bottom within the 1,100-1,506-point range.</li><li>In the short term, the market has continued to set new lows for the second consecutive day, reaching 1,160 points — its lowest level in four years and 11 months, compared to 1,130.54 points recorded on April 3, 2020.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.In the medium term, the index remains in a downtrend, forming a zig-zag down pattern as it searches for the bottom within the 1,100-1,506-point range.In the short term, the market has continued to set new lows for the second consecutive day, reaching 1,160 points — its lowest level in four years and 11 months, compared to 1,130.54 points recorded on April 3, 2020.

<ul><li>The SET plunged sharply despite the absence of new negative factors, with existing concerns over the trade war still weighing on sentiment.</li><li>Heavy selling hit big-cap stocks such as energy, ICT, transportation, commerce, petrol, and electronic shares.</li><li>Furthermore, the Thai ESGX fund seemed to have lost its influence, while foreign investors continued to sell.</li></ul>

The SET plunged sharply despite the absence of new negative factors, with existing concerns over the trade war still weighing on sentiment.Heavy selling hit big-cap stocks such as energy, ICT, transportation, commerce, petrol, and electronic shares.Furthermore, the Thai ESGX fund seemed to have lost its influence, while foreign investors continued to sell.

<ul><li>As a country with a trade surplus with the US, Thailand faces risks from US tariff measures.</li><li>The products under surveillance include automotive parts and air conditioners, based on the top 10 export products to the US.</li><li>However, the impact on listed companies in the stock market remains limited. </li></ul>

As a country with a trade surplus with the US, Thailand faces risks from US tariff measures.The products under surveillance include automotive parts and air conditioners, based on the top 10 export products to the US.However, the impact on listed companies in the stock market remains limited. 

Special Report: Reciprocal Tariff - March 12, 2025

<ul><li>The ERC's scenario (3), which maintains electricity tariffs and Ft charges for the May-August period, appears to be a positive momentum factor for SPP operators (providing positive sentiment for stock prices yesterday).</li><li>However, it contradicts the government's target policy of reducing electricity costs (awaiting Cabinet approval on electricity tariffs).</li><li>We maintain our view that Ft charges are on a downward trend (aligning with SPP operators transitioning their power purchase agreements with industrial users to gas-linked contracts). </li></ul>

The ERC's scenario (3), which maintains electricity tariffs and Ft charges for the May-August period, appears to be a positive momentum factor for SPP operators (providing positive sentiment for stock prices yesterday).However, it contradicts the government's target policy of reducing electricity costs (awaiting Cabinet approval on electricity tariffs).We maintain our view that Ft charges are on a downward trend (aligning with SPP operators transitioning their power purchase agreements with industrial users to gas-linked contracts). 

Industry Update: Energy (Power) - MARCH 12, 2025

Krungthai XSpring
A full service Thai brokerage

Tourism and Airline Sectors - MARCH 13, 2025

We maintain a Neutral investment weighting after our downward revision of tourist arrivals for 2025E, which remain below pre-COVID levels.

Krungthai XSpring

KTX Zoom: US PPI - MARCH 13, 2025

Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.

Krungthai XSpring

Technical Analysis - MARCH 13, 2025

The SET plunged sharply despite the absence of new negative factors, with existing concerns over the trade war still weighing on sentiment.

Krungthai XSpring

Special Report: Reciprocal Tariff - March 12, 2025

As a country with a trade surplus with the US, Thailand faces risks from US tariff measures. The products under surveillance include automotive...

Krungthai XSpring

Industry Update: Energy (Power) - MARCH 12, 2025

Tariff and Ft charge for May-August generating short-term positive sentiment for SPP players; risks related to government reducing electricity...

Krungthai XSpring