Thailand’s stock market may be Asia’s worst performer this year, but amidst the capital flight and political noise, some Thai blue chips are quietly showing technical strength. In this article, we spotlight three names: Airports of Thailand (AOT), Kasikornbank (KBANK) and Advanced Info Service Public Co (ADVANC) that are bucking the downtrend with 1GT (Pro) bullish signals. With range breakouts and trend continuations developing, these setups may offer rare opportunities in a battered market.

For Singapore investors, Thai Singapore Depository Receipts (SDRs) on SGX offer a bite-sized, SGD-denominated way to access these large-cap Thai names. Each SDR tracks the performance of its underlying stock, with affordable entry points and full fungibility. As capital rotates globally, SDRs are proving to be a convenient tool for those looking to selectively position in Thai equities despite broader market challenges

1) Airports of Thailand (AOT.BK); AOT TH SDR 1to1 (TATD)

Airports of Thailand (AOT.BK), Thailand’s largest airport operator and a key beneficiary of tourism recovery, has finally broken out of its long-term downtrend, triggering renewed interest among investors.

After months of sideways consolidation, we’ve just seen a 1GT (Pro) Bullish signal triggered as price surged past the key resistance at 44.00 THB (S$1.76).

This zone had capped gains throughout 2025 but was decisively taken out with strong volume this month.

From a trend perspective, this could be one of the cleanest reversals on the Thai exchange, the 20-day moving average has turned sharply upwards, while the 100-day started to slope up with the 200-day moving average starting to flatten and may soon cross upwards, potentially signaling a change in momentum

The immediate support to watch is at 52.25 THB (S$2.10), which price is currently testing.

If this level holds, the next upside target is at 60.00 THB (S$2.40), offering a potential 14% upside from here.

So how does one take a position in AOT from the SDR traded on the SGX?

You can do so via the Airports of Thailand SDR 1to1 (TATD), currently trading near S$2.12–S$2.15.

A conservative approach would be to exercise patience while monitoring if the immediate 52.25 THB (S$2.10) support holds, awaiting the 200-day moving average to point up.

An aggressive entry would be an earlier entry with lesser confirmations close to the 52.25 THB (S$2.10) support, or a breakout above the 60.00 THB (S$2.40).

With tourism ramping up and technical momentum finally returning, AOT is one Thai SDR worth watching closely.

2) Kasikornbank (KBANK.BK); KASIKORN BANK TH SDR 1TO1 (TKKD)

Kasikornbank Public Company Ltd (KBANK), one of Thailand’s leading financial institution, plays a major role in the country’s financial ecosystem with comprehensive services across consumer, corporate, and SME banking. 

After consolidating for several months, Kasikornbank has staged a strong upside breakout and is now trading above 190 THB (S$7.60).

This zone previously acted as resistance but has given way recently, turning into a new support level.

All 20-day, 100-day, and 200-day moving averages are still sloping upwards, confirming that the short to long-term strength remains intact.

Three consecutive 1GT (Pro) Bullish signals since July remain in play, reinforcing the strength of the trend.

Price is now approaching the 200 THB (S$8.00) resistance level, which also represents a key psychological resistance level.

A successful breakout above this level could open the path towards even higher targets.

Immediate support to watch is at the 190 THB ($7.60) level. As long as prices are able to stay above this support level, prices could continue to show strength and move towards the 200 THB ($8.00) resistance level.

So how does one take a position in KBANK from the SDR traded on the SGX?

You can take a position via the Kasikornbank Thai SDR (TKKD), which trades on SGX with a 1SDR to 1 underlying share ratio.

Using the THB to SGD conversion of 0.040, the SDR is currently priced around the S$7.70-7.80.

A conservation approach would be to accumulate on pullbacks towards the 190 THB (S$7.60) support level, where the former resistance now turned into support.

A more aggressive approach could be taken on a confirmed breakout above the 200 THB ($8.00), with stops placed below the 190 THB level if prices fail to hold the breakout.

3) Advanced Info Service Public Co (ADVANC.BK); ADVANCED INFO SER TH SDR 10TO1 (TADD)

Advanced Info Service (ADVANC) is Thailand’s largest mobile operator, commanding over 45% of the country’s mobile subscriber market.

The company provides mobile, broadband, and digital services, and is a key beneficiary of Thailand’s expanding digital economy and 5G infrastructure buildout.

Technically, the stock has formed a base around the THB 300 (S$1.20) support level since October, as price broke out upwards with two 1GT (Pro) Bullish signals.

During the 1.5 months of sideways consolidation, prices are seen pushing toward the THB 320 (S$1.28) resistance zone, where profit-taking returned.

Momentum has been gradually building, supported by a healthy uptrend in both the longer and shorter term moving averages.

So how does one take a position in ADVANC from the SDR traded on the SGX?

A confirmed move above the resistance around THB 320 (S$1.28) could open the path to further upside towards the next target around THB 340 (S$1.36), especially as local large-caps start to outperform. 

Alternatively, a potential zone of accumulation could happen near the support zone around THB 300 (S$1.20) for a more conservative approach. 

ADVANC is listed as a Thai SDR on the SGX under Advanced Info SDR 10to1 (TADD), which is currently trading near S$1.25 - S$1.27.

The ratio is 10 SDR : 1 ADVANC share, and to calculate the SGD price, multiply the Thai Baht price by 0.040, then divide by 10. 

Footnote: Currency conversion used from THB to SGD is 0.040.

About the Author - Joey Choy

Joey is Singapore’s renowned mentor on how to make an income by trading the stock market, an author and one of the most-watched, quoted and followed stock trading trainers in Singapore. Over the years, he has conducted numerous full house seminars, enriching thousands to trade more profitably. 

Joey’s come back story from a S$740k debt has been featured in the Business Times and inspired thousands in Singapore. In less than 3 years, he is highly regarded as one of the Top Tier Remisiers (Stock Brokers) and Traders, bagging numerous yearly awards like Top Trading Representative and Top CFD Achiever every year from 2014 to 2023 in Phillip Securities.

More about Joey here

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