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.

Equity Bottom-Up

<ul><li>We recommend taking profit on MUFG19, with a holding-period return of -4.8%, and initiating a position in WUXIAT80, a DR of a Chinese pharmaceutical R&D company.</li><li>Our KTX Tactical DR Portfolio delivered an average return of +0.63%, supported by improving global market sentiment amid progress in US-Iran peace negotiations.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend taking profit on MUFG19, with a holding-period return of -4.8%, and initiating a position in WUXIAT80, a DR of a Chinese pharmaceutical R&D company.Our KTX Tactical DR Portfolio delivered an average return of +0.63%, supported by improving global market sentiment amid progress in US-Iran peace negotiations.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 5, 2026 (Eng.)

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 margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ Financial, Nippon Steel, Kioxia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ Financial, Nippon Steel, Kioxia.


MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 24th. The aggregated net margin trading position is USD27,589m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing, Mitsubishi Heavy Industries, Tokyo Electron, Ferrotec, Dai-ichi Life, Nintendo.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 24th. The aggregated net margin trading position is USD27,589m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing, Mitsubishi Heavy Industries, Tokyo Electron, Ferrotec, Dai-ichi Life, Nintendo.


JPX Margin Trading Weekly (Jul 24th): Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Many indexes (ACWI-US,ACWX-US,etc.) are near support, and we could see a bear market bounce, but until these indexes reverse their downtrends and break above resistance levels, we cannot be bullish.</li>
<li>On a positive note, we are starting to see signs that inflation is peaking, as commodity prices have pulled back substantially, and the Energy/Materials Sectors are under significant pressure.</li>
<li>If inflation and commodity prices have indeed peaked, global equities are likely in the early stages of a bottoming process.</li>
</ul>


Many indexes (ACWI-US,ACWX-US,etc.) are near support, and we could see a bear market bounce, but until these indexes reverse their downtrends and break above resistance levels, we cannot be bullish.
On a positive note, we are starting to see signs that inflation is peaking, as commodity prices have pulled back substantially, and the Energy/Materials Sectors are under significant pressure.
If inflation and commodity prices have indeed peaked, global equities are likely in the early stages of a bottoming process.


Inflation Peaking?; ACWI, ACWI Ex-US Near Support; Many Bottoms-Up Stock Recommendations

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

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Mitsubishi UFJ Financial (MUFG) (8306 JP)

KTX Tactical DR Picks - August 5, 2026 (Eng.)

We recommend taking profit on MUFG19, with a holding-period return of -4.8%, and initiating a position in WUXIAT80, a DR of a Chinese...

Krungthai XSpring

JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

We analyzed MS-Japan's consensus for Jul 2026 and highlighted changes of EPS in Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 24th): Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Disco (6146 JP), Advantest (6857 JP), Mizuho...

Ke Yan, CFA, FRM

Inflation Peaking?; ACWI, ACWI Ex-US Near Support; Many Bottoms-Up Stock Recommendations

We're starting to see signs that inflation is peaking, as commodity prices have pulled back substantially or are breaking, and the Energy $XLE and...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)