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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day EMA).</li><li>We maintain our recommendation that investors wait to do speculative buying when there is a new buy signal.</li><li>In-line readings would increase the likelihood of the Fed cutting interest rates at its September meeting.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day EMA).We maintain our recommendation that investors wait to do speculative buying when there is a new buy signal.In-line readings would increase the likelihood of the Fed cutting interest rates at its September meeting.

Keep a Close Watch on US Inflation and Thai Corporate Earnings

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>We are recommending to go long on <a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma Ltd (GLAND IN)</a> and short on <a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a>. </li>
<li>Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage biotech research will continue to have muted performance.</li>
<li>Over the last six months, Gland Pharma shares rallied 83%, while Syngene International shares declined 5%. We expect the performance gap between the two companies will widen further.</li>
</ul>


We are recommending to go long on Gland Pharma Ltd (GLAND IN) and short on Syngene International Ltd (SYNG IN). 
Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage biotech research will continue to have muted performance.
Over the last six months, Gland Pharma shares rallied 83%, while Syngene International shares declined 5%. We expect the performance gap between the two companies will widen further.


Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>2Q26 results dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (+2% YoY or -11% QoQ to RMB2.9bn) vs non-oncology (+77% YoY to RMB1.3bn)</li>
<li>Key upcoming catalysts: 1) cardio readouts in ESC Congress (ANGPTL3, oral Lp(a), oral PCSK9), 2) oncology readouts (HER3 ADC, Nectin-4 ADC, KRAS G12C), 3) ribupatide (GLP-1/GIP) approval in early 2027</li>
<li>See inside for results call takeaways, financial analysis, and pipeline updates.</li>
</ul>


2Q26 results dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (+2% YoY or -11% QoQ to RMB2.9bn) vs non-oncology (+77% YoY to RMB1.3bn)
Key upcoming catalysts: 1) cardio readouts in ESC Congress (ANGPTL3, oral Lp(a), oral PCSK9), 2) oncology readouts (HER3 ADC, Nectin-4 ADC, KRAS G12C), 3) ribupatide (GLP-1/GIP) approval in early 2027
See inside for results call takeaways, financial analysis, and pipeline updates.


Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

<ul>
<li>On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.</li>
<li>From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.</li>
<li>The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.</li>
</ul>


On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.
From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.
The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.


10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices</li>
<li>The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   </li>
<li>We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.</li>
</ul>


We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices
The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   
We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.


A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant  rejection, and psychiatric disorders.

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Bristol Myers Squibb Co (BMY US)

Keep a Close Watch on US Inflation and Thai Corporate Earnings

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day...

Krungthai XSpring

Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage...

Tina Banerjee

Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

2Q26 results dragged down by generic drugs and moderating growth from oncology segment; See inside for results call takeaways, financial analysis,...

Wilfred Yuen

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

Our datamining reports ranks companies within thematic based on innovation quality. We see strong outperformance in a portfolio built using the top...

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Keep a Close Watch on US Inflation and Thai Corporate Earnings

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day...

Krungthai XSpring

Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage...

Tina Banerjee

Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

2Q26 results dragged down by generic drugs and moderating growth from oncology segment; See inside for results call takeaways, financial analysis,...

Wilfred Yuen

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

​CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

Our datamining reports ranks companies within thematic based on innovation quality. We see strong outperformance in a portfolio built using the top...

Pyari Menon

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...