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>The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.</li><li>External factors are assessed as slightly positive, following signals from the US that it remains open to negotiations beyond August 1.</li><li>Continued foreign net buying is also supporting sentiment, driven by uncertainty surrounding the yen, after Japan’s ruling coalition may lose its majority in both the lower and upper houses. </li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.External factors are assessed as slightly positive, following signals from the US that it remains open to negotiations beyond August 1.Continued foreign net buying is also supporting sentiment, driven by uncertainty surrounding the yen, after Japan’s ruling coalition may lose its majority in both the lower and upper houses. 

<ul><li>The SET Index is expected to continue a sideways-up trend today, with the support at 1,182/1,168 points and the resistance at 1,200/1,214 points.</li><li>Domestic factors are slightly positive, supported by optimism over trade negotiations between Thailand and the US, which helped drive the market up by 3.5% to 1,198 points — close to KTX’s previous estimate of 1,189 points in a scenario where the reciprocal tariff rate is below 18% (see the KTX AHEAD report dated July 7).</li><li>This is also supported by continuous buying from foreign investors.</li></ul>

The SET Index is expected to continue a sideways-up trend today, with the support at 1,182/1,168 points and the resistance at 1,200/1,214 points.Domestic factors are slightly positive, supported by optimism over trade negotiations between Thailand and the US, which helped drive the market up by 3.5% to 1,198 points — close to KTX’s previous estimate of 1,189 points in a scenario where the reciprocal tariff rate is below 18% (see the KTX AHEAD report dated July 7).This is also supported by continuous buying from foreign investors.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The precondition for the PAG privatisation offer for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> is satisfied. The composite document will be despatched by 11 July. </li>
<li>Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples. </li>
<li>The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer. </li>
</ul>


The precondition for the PAG privatisation offer for Shandong Fengxiang (9977 HK) is satisfied. The composite document will be despatched by 11 July. 
Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples. 
The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer. 


Fengxiang (9977 HK): Precondition Satisfied

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 27th. We estimate that they had an aggregated short interest worth USD2.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt, Central Pattana, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 27th. We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt, Central Pattana, Cp Foods.


Thailand Short Interest Weekly (Jun 27th): Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 20th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor International.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 20th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor International.


Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International

Thailand

Charoen Pokphand Foods Public Company Limited produces a wide range of food products. The Company's products include chicken, pork, shrimp, fish, eggs. and duck.

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CP FOODS (CPF TB)

KTX Zoom - JULY 21, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.

Krungthai XSpring

KTX Zoom - JULY 18, 2025

The SET Index is expected to continue a sideways-up trend today, with the support at 1,182/1,168 points and the resistance at 1,200/1,214 points.

Krungthai XSpring

Fengxiang (9977 HK): Precondition Satisfied

The composite document is out. The IFA opines that PAG’s offer (HK$2.00 per H share) is fair and reasonable. The vote is on 24 July. At the last...

Arun George

Thailand Short Interest Weekly (Jun 27th): Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Scb X, Advanced Info...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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