Thailand’s market has been showing signs of improving resilience, with several large-cap names continuing to build constructive technical structures despite a mixed global backdrop. While broader market sentiment remains selective, leadership is beginning to emerge across key sectors, suggesting that investors are gradually becoming more willing to position for potential upside opportunities.

In this month’s SDR update, we highlight three Thai market leaders: Delta Electronics, Kasikornbank and Gulf Development, which are displaying improving price structures alongside the 1GT Bullish signals. Spanning technology, banking and infrastructure, these stocks continue to hold above important support levels while momentum strengthens, offering investors a closer look at where opportunities may be developing within Thailand’s market.

Delta Electronics (DELTA.BK) is one of Thailand’s largest technology companies, specialising in power management solutions, data centre infrastructure, industrial automation and electric vehicle components. The company is widely regarded as a key beneficiary of long-term trends in AI, cloud computing and electrification.

From a technical perspective, the stock remains in a strong uptrend, with price trading comfortably above both the 100-day (red line) and 200-day (blue line) moving averages. 

The 20-day (green line) also continues to trend higher, reflecting sustained short-term momentum. 

The alignment of all three moving averages suggests that the broader bullish structure remains intact.

A recent 1GT Bullish signal emerged near the THB320 (S$12.80) support zone, where price successfully broke above and resumed its upward trajectory. 

Since then, the stock has continued to form higher highs and higher lows, indicating that buyers remain firmly in control.

Price is currently consolidating above the THB320 (S$12.80) support level after a strong rally. 

A sustained move above the THB380 (S$15.20) resistance zone could pave the way towards THB450 (S$18.00), which represents the next major upside target.

As long as these levels continue to hold, the broader uptrend remains constructive and supports the potential for further upside continuation. 

💡 So how can investors gain exposure to Delta Electronics via the TH SDR on SGX?

For those looking to participate, it is available through the Delta TH SDR 1to1 (Ticker: TDED) listed on the SGX, which trades on the SGX with a 1 SDR to 1 underlying share ratio, allowing investors to track the underlying Thai-listed stock directly in SGD terms.

Based on the 0.04 THB-to-SGD exchange rate, the SDR is currently priced around S$13.70 - S$13.90 closely reflecting the underlying chart structure.

Conservative traders may consider accumulating on pullbacks closer to the THB320 (S$12.80) support zone.

More aggressive traders could look for a sustained breakout above THB380 (S$15.20) to confirm further momentum towards THB450 (S$18.00), while maintaining above the support of THB320 (S$12.80) would remain important for the bullish outlook to stay intact. 

Kasikornbank Public Co. Ltd. (KBANK.BK) is one of Thailand’s largest commercial banks, providing a wide range of retail, corporate and digital banking services. As a leading financial institution in Thailand, the stock is often viewed as a proxy for domestic economic growth, consumer activity and business lending trends.

From a technical perspective, the stock continues to trade within a constructive uptrend, supported by a series of higher highs and higher lows. 

Price remains above both the 100-day (red line) and 200-day (blue line) moving averages, with both moving averages sloping upwards, indicating long-term strength remains intact. 

Additionally, the 20-day (green line) continues to trend higher, reflecting improving short-term momentum along with the broader bullish structure.

A recent 1GT Bullish signal emerged near the THB195 (S$7.80) support zone, where price successfully broke out from this level which it was previously capped under. 

Since then, buyers have remained active, pushing the stock toward its recent highs of THB205 (S$8.20).

Price is currently holding above the THB195 (S$7.80) support level after a brief pullback from the resistance of THB205 (S$8.20). 

A sustained move above THB205 (S$8.20) could signal the continuation of the uptrend and potentially pave the way toward THB215 (S$8.60), which could represent the next major upside target.

As long as these levels continue to hold, the broader uptrend remains intact and supports the potential for further upside continuation. 

💡 So how can investors position themselves in KBANK via the TH SDR on SGX?

For investors looking to gain exposure, one can take a position via the KBANK TH SDR 1to1 (Ticker: TKKD), which trades on the SGX with a 1 SDR to 1 underlying share ratio. 

Using the 0.04 THB-to-SGD exchange rate, the SDR is currently priced around S$8.00 - S$8.20, in line with the underlying chart structure.

Conservative traders may consider accumulating on pullbacks closer to the THB195 (S$7.80) support zone, while more aggressive traders could look for a sustained breakout above THB205 (S$8.20) to confirm further momentum towards THB215 (S$8.60). 

Maintaining support above THB195 (S$7.80) would remain important for the bullish outlook to stay intact. 

Gulf Development Public Company (GULF.BK) is one of Thailand’s leading infrastructure and energy companies, with businesses spanning power generation, renewable energy, telecommunications and digital infrastructure. The company is widely regarded as a key beneficiary of Thailand’s long-term economic development and infrastructure growth initiatives.

From a technical perspective, the stock has been strengthening steadily after emerging from a prolonged consolidation phase. 

Price is now trading above the 100-day (red line) and 200-day (blue line) moving averages, while the 20-day (green line) continues to trend higher, reflecting improving short-term momentum. 

The alignment of these moving averages suggests that the broader trend has shifted back in favour of the bulls.

A recent 1GT Bullish signal appeared near the THB62 (S$2.48) region, where price eventually broke above and resumed its advance. 

Price broke above the THB62 (S$2.48) resistance zone and is now attempting to establish support above this level. 

The immediate support sits around the THB68 (S$2.72) level, which is the recent high where we saw some profit-taking near this level. 

A sustained move above THB68 (S$2.72) could signal the next leg higher and potentially pave the way toward THB74 (S$2.96), which represents the next major upside target.

As long as these levels continue to hold, the broader bullish structure remains intact and supports the potential for further upside continuation. 

💡 So how does one take a position in the Gulf Development Public Company TH SDR traded on the SGX?

Investors can access GULF through the Gulf Dev TH SDR 1to1 (Ticker: TGUD) listed on the SGX, note that it trades with a 1 SDR to 1 share ratio. 

This allows investors to gain exposure in SGD terms without needing to trade directly on the Thai exchange.

Based on a 0.04 THB-to-SGD exchange rate, the SDR is currently priced around S$2.50 - S$2.70.

Conservative traders may consider accumulating on pullbacks closer to the THB62 (S$2.48) support zone, where it previously broke out from. 

More aggressive traders could look for a sustained breakout above THB68 (S$2.72) to confirm further momentum towards THB74 (S$2.96), while ensuring that price stays above the support of THB62 (S$2.48) for the bullish outlook to stay intact. 

 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

Hope you have found the above content useful 😃 

If you are keen to find out more on how to be a VIP Client of mine to receive daily market updates and exclusive actionable stock ideas, you can check it out here!

Look forward to see you on the inside!

- Joey

Disclaimer and Warning
This publication is provided by Trading Impossible Pte Ltd for general information and educational purposes only. Trading Impossible Pte Ltd is NOT licensed or regulated for the provision of investment or financial advice, and we do not seek to do so.
This content has been produced by Trading Impossible Pte Ltd. Singapore Exchange Limited (“SGX”) and/or its affiliates (collectively with SGX, the “SGX Group Companies”) have not had any input into this publication and/or the content, and SGX shall not be responsible or liable for the same. This document/material is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document/material has been published for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document/material is entirely at the reader’s own risk. Trading Impossible Pte Ltd shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast, or any other information contained here. Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Any forecast, prediction or projection in this document/material is not necessarily indicative of the future or likely performance of the product. Examples (if any) provided are for illustrative purposes only. This document/material is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject the SGX Group Companies to any registration or licensing requirement. While each of the SGX Group Companies have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document/material and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document/material. The information in this document/material may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties (if any). The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. Each of SGX, Singapore Exchange Securities Trading Limited and Singapore Exchange Bond Trading Pte. Ltd. is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document/material is subject to change without notice. This document/material shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent. Please note that the general disclaimers and jurisdiction specific disclaimers found on SGX’s website at http://www.sgx.com/terms-use are also incorporated into and applicable to this document/material.