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>Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.</li><li>37% of companies reported earnings above expectations, 23% below expectations, and 40% in line with expectations.</li><li>Sectors that delivered relatively strong results included CONS, AUTO, ETRON, and BANK, while the CONMAT sector was relatively weak.</li></ul>

Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.37% of companies reported earnings above expectations, 23% below expectations, and 40% in line with expectations.Sectors that delivered relatively strong results included CONS, AUTO, ETRON, and BANK, while the CONMAT sector was relatively weak.

Special Report: 3Q25 Results Softened, But Most Were Not Worse Than Expected.

<ul><li>Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET.</li><li>The index has yet to establish a clear pattern of sustained recovery, continuing to move sideways.</li><li>We maintain our “buy-on-dip” strategy, expecting the support zone to hold and offer a potential rebound opportunity.</li></ul>

Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET.The index has yet to establish a clear pattern of sustained recovery, continuing to move sideways.We maintain our “buy-on-dip” strategy, expecting the support zone to hold and offer a potential rebound opportunity.

Krungthai XSpring Technical Eng. November 10, 2025

<ul><li>Asian bourses tumbled following the Dow Jones’ decline, as technology shares came under heavy sell-off pressure amid rising concerns that the US stock market may be entering a bubble phase.</li><li>Although the index continued to edge lower, there were signs of recovery attempts, and the weakness in blue-chip stocks remained limited.</li><li>Hence, we recommend buying on dips, maintaining a constructive outlook that the recent pullback is temporary and the index is poised for a near-term rebound.</li></ul>

Asian bourses tumbled following the Dow Jones’ decline, as technology shares came under heavy sell-off pressure amid rising concerns that the US stock market may be entering a bubble phase.Although the index continued to edge lower, there were signs of recovery attempts, and the weakness in blue-chip stocks remained limited.Hence, we recommend buying on dips, maintaining a constructive outlook that the recent pullback is temporary and the index is poised for a near-term rebound.

Krungthai XSpring Technical Eng. November 6, 2025

<ul><li>The SET Index is expected to trade sideways down today, with the support at 1,284/1,266 and the resistance at 1,300/1,313.</li><li>Domestically, sentiment remains slightly positive, supported by Thailand’s low inflation, which keeps real yields high and helps limit potential foreign fund outflows.</li><li>The Tourism Authority of Thailand (TAT) reported 2.57mn tourist arrivals in October, down 4% YoY (vs –11% in September), marking a slower contraction as Chinese visitors fell 22% YoY, compared with the average decline of 42% YoY during February–September.</li></ul>

The SET Index is expected to trade sideways down today, with the support at 1,284/1,266 and the resistance at 1,300/1,313.Domestically, sentiment remains slightly positive, supported by Thailand’s low inflation, which keeps real yields high and helps limit potential foreign fund outflows.The Tourism Authority of Thailand (TAT) reported 2.57mn tourist arrivals in October, down 4% YoY (vs –11% in September), marking a slower contraction as Chinese visitors fell 22% YoY, compared with the average decline of 42% YoY during February–September.

Krungthai XSpring Zoom Eng. November 5, 2025

<ul><li>The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.</li><li>The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.</li><li>We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.</li></ul>

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.

Krungthai XSpring Technical Eng. November 5, 2025

Thailand

Central Plaza Hotel Public Company Limited owns and manages hotels and quick service restaurants. The Company operates its hotels under the banner of Centara Hotels & Resorts and franchises western and Japanese quick service restaurants.

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Central Plaza Hotel (CENTEL TB)

Special Report: 3Q25 Results Softened, But Most Were Not Worse Than Expected.

Aggregate net profit was Bt259,064mn, down 21.4% QoQ but up 28% YoY.37% of companies reported earnings above expectations, 23% below expectations

Krungthai XSpring

Krungthai XSpring Technical Eng. November 10, 2025

Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET. The index has yet to establish a clear pattern...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 6, 2025

Asian bourses tumbled following the Dow Jones’ decline, as technology shares came under heavy sell-off pressure amid rising concerns that the US...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 5, 2025

Domestically, sentiment remains slightly positive, supported by Thailand’s low inflation, which keeps real yields high and helps limit potential...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 5, 2025

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in...

Krungthai XSpring

Price Gauge

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