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>We expect the SET Index to trade with downward volatility (Support: 1,620 pts).</li><li>Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.</li><li>However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.</li></ul>

We expect the SET Index to trade with downward volatility (Support: 1,620 pts).Primary pressure will stem from the electronics sector (DELTA, KCE, HANA) as investors reduce risk amid profit-taking in global technology stocks, alongside weak expected 2Q26E earnings.However, downside limit support could come from buying in energy stocks (Trading Buy: PTTEP, TOP, PTTGC), buoyed by crude oil prices rebounding to touch USD 90/bbl.

Krungthai XSpring Zoom Eng. July 30, 2026

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap.</li><li>Asia showed tentative signs of export recovery, with Singapore shipments picking up and Taiwan loadings improving after two months of disruption.</li><li>China's strong June Group III production and base oils exports, together with India's rising shipments, showed Asia increasingly filling supply gaps left by the Middle East.</li></ul>

The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap.Asia showed tentative signs of export recovery, with Singapore shipments picking up and Taiwan loadings improving after two months of disruption.China's strong June Group III production and base oils exports, together with India's rising shipments, showed Asia increasingly filling supply gaps left by the Middle East.

Base Oils and Lubricants: Weekly Global Market Review - 24 Jul '26

<ul><li>Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.</li><li>Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).</li><li>DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.</li></ul>

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.

Krungthai XSpring Zoom Eng. July 27, 2026

<ul><li>Large Group II cargo with a combination of light and heavy grades was set to load from Taiwan at the end of this week.</li><li>Shipment adds to a gradual pick-up in flows over the past week, although July volumes remain well down from month-earlier levels.</li><li>Singapore took delivery of additional supplies from Qatar, triggering a strong rebound in shipments from that market this month.</li></ul>

Large Group II cargo with a combination of light and heavy grades was set to load from Taiwan at the end of this week.Shipment adds to a gradual pick-up in flows over the past week, although July volumes remain well down from month-earlier levels.Singapore took delivery of additional supplies from Qatar, triggering a strong rebound in shipments from that market this month.

Global Base Oils Cargo Flows: Week To 24 July

Thailand

PTT is a Thai state-owned integrated petroleum and natural gas company involved in exploration, production, refining, and marketing of oil and gas, petrochemicals, and electricity generation. It operates extensive submarine gas pipelines and a network of LPG terminals. Headquartered in Bangkok, Thailand, the company was founded in 1978.

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PTT (PTT TB)

Krungthai XSpring Zoom Eng. July 30, 2026

We expect the SET Index to trade with downward volatility (Support: 1,620 pts). Primary pressure will stem from the electronics sector (DELTA,...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Base Oils and Lubricants: Weekly Global Market Review - 24 Jul '26

The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap. Asia showed tentative signs of...

Base Oil News

Krungthai XSpring Zoom Eng. July 27, 2026

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran. Thailand's exports rose 20.8% YoY in June, beating market...

Krungthai XSpring

Global Base Oils Cargo Flows: Week To 24 July

Large Group II cargo with a combination of light and heavy grades was set to load from Taiwan at the end of this week. Shipment adds to a gradual...

Base Oil News

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Market Cap (USDm)

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