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>KTX anticipates the SET Index to exhibit fluctuations, with the support at 1,320/1,300 points and the resistance at 1,375/1,395 points. Key highlights include: i) The results of the US FOMC meeting on June 12, which could have a negative impact on global stock markets if the new dot plot signals a hawkish stance (with a reduction in estimated interest rate cuts from three to just one previously).</li>
<li>ii) The global economic recovery faces potential delays due to protectionist measures, such as increased import tariffs between China and Western countries aimed at safeguarding domestic businesses.</li>
<li>On a positive note, the ECB is expected to ease monetary policy for the first time at the June 6 meeting, with continued easing anticipated throughout the year. </li>
</ul>


KTX anticipates the SET Index to exhibit fluctuations, with the support at 1,320/1,300 points and the resistance at 1,375/1,395 points. Key highlights include: i) The results of the US FOMC meeting on June 12, which could have a negative impact on global stock markets if the new dot plot signals a hawkish stance (with a reduction in estimated interest rate cuts from three to just one previously).
ii) The global economic recovery faces potential delays due to protectionist measures, such as increased import tariffs between China and Western countries aimed at safeguarding domestic businesses.
On a positive note, the ECB is expected to ease monetary policy for the first time at the June 6 meeting, with continued easing anticipated throughout the year. 


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Macroeconomics

<ul>
<li>Nothing has changed since our last BMM and the SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February.</li>
<li>Here we suggest on what the SET should do to move forward, now that the SET is seeking a new President. </li>
<li>Here are the five to-do list for SET. Read or Not...</li>
</ul>


Nothing has changed since our last BMM and the SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February.
Here we suggest on what the SET should do to move forward, now that the SET is seeking a new President. 
Here are the five to-do list for SET. Read or Not...


Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to fluctuate, with resistance at 1,365/1,373 points (10-day EMA/25-day EMA) and the support at 1,353/1,349 points.</li><li>Overall, the index is moving in a downtrend within the range of 1,300-1,410 points.</li><li>In the short term, it is still in the rebound range with the major resistance at 1,357/1,370/1,384 points (1/3 and 2/3 of the Fibonacci range of 1,411.46-1,330.24 points observed from April 10-19). </li></ul>

Technically, the SET Index is expected to fluctuate, with resistance at 1,365/1,373 points (10-day EMA/25-day EMA) and the support at 1,353/1,349 points.Overall, the index is moving in a downtrend within the range of 1,300-1,410 points.In the short term, it is still in the rebound range with the major resistance at 1,357/1,370/1,384 points (1/3 and 2/3 of the Fibonacci range of 1,411.46-1,330.24 points observed from April 10-19). 

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.</li><li>Overall, the index is expected to move in a downtrend in the range of 1,300-1,410 points.</li><li>Any rebound in the index is seen as a technical bounce back, likely due to the oversold condition as demonstrated by the oscillator indicator, with the short-term resistance at 1,356/1,365 points.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.Overall, the index is expected to move in a downtrend in the range of 1,300-1,410 points.Any rebound in the index is seen as a technical bounce back, likely due to the oversold condition as demonstrated by the oscillator indicator, with the short-term resistance at 1,356/1,365 points.

<ul><li>US 1Q24 earnings results: Keep a close watch on the earnings of Verizon Communications, Truist Financial, Zions, Bancorp, etc.</li><li>TH 1Q24 earnings results: Wait for the earnings of KBANK (the consensus estimates net profit growth at +3.6% YoY and +18.6% QoQ to Bt11,130mn).</li><li>This week, also keep a close watch on the earnings of SCGP, SCC, PTTEP and DELTA, respectively.</li></ul>

US 1Q24 earnings results: Keep a close watch on the earnings of Verizon Communications, Truist Financial, Zions, Bancorp, etc.TH 1Q24 earnings results: Wait for the earnings of KBANK (the consensus estimates net profit growth at +3.6% YoY and +18.6% QoQ to Bt11,130mn).This week, also keep a close watch on the earnings of SCGP, SCC, PTTEP and DELTA, respectively.

KTX Zoom - APRIL 22, 2024: Weekly Strategy

Thailand

The Bangkok SET Index is a capitalization-weighted index of stocks traded on the Stock Exchange of Thailand. The index was developed with a base value of 100 as of April 30, 1975. 

Thailand SET Index (SET INDEX)

Monthly Report: June 2024

On a positive note, the ECB is expected to ease monetary policy for the first time at the June 6 meeting, with continued easing anticipated...

Krungthai XSpring

Thailand: Ready (Re)SET Go!

Thailand's SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February. Here we suggest on what the...

Bondcritic

KTX Zoom - APRIL 26, 2024

echnically, the SET Index is expected to fluctuate, with resistance at 1,365/1,373 points (10-day EMA/25-day EMA) and the support at 1,353/1,349...

Krungthai XSpring

KTX Zoom - APRIL 23, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.

Krungthai XSpring

KTX Zoom - APRIL 22, 2024: Weekly Strategy

TH 1Q24 earnings results: Wait for the earnings of KBANK (the consensus estimates net profit growth at +3.6% YoY and +18.6% QoQ to Bt11,130mn).

Krungthai XSpring