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 1,284/1,300 and the support at 1,268/1,250.</li><li>Thailand’s S&amp;P Global Manufacturing PMI rose to 54.6 in September, the highest in 28 months and above expectations of 52.4.</li><li>The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to the FedWatch Tool.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,284/1,300 and the support at 1,268/1,250.Thailand’s S&amp;P Global Manufacturing PMI rose to 54.6 in September, the highest in 28 months and above expectations of 52.4.The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to the FedWatch Tool.

Krungthai XSpring Zoom Eng. October 2, 2025

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 Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.</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 Intouch, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.
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 Intouch, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.


Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

<ul><li>The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.</li><li>US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.</li><li>The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.</li></ul>

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.

Krungthai XSpring Zoom Eng. September 19, 2025.

<ul><li>The SET Index is expected to edge lower today, with the support at 1,300/1,284 points and the resistance at 1,316/1,334 points.</li><li>The Fed cut its policy rate by 0.25% to 4.00–4.25% from 4.25–4.50%, in line with market expectations.</li><li>The Retail Sentiment Index (RSI) rose to 47.6 in August (+8.2 points MoM), with improvements across all regions and nearly all store types, partly driven by promotional activities.</li></ul>

The SET Index is expected to edge lower today, with the support at 1,300/1,284 points and the resistance at 1,316/1,334 points.The Fed cut its policy rate by 0.25% to 4.00–4.25% from 4.25–4.50%, in line with market expectations.The Retail Sentiment Index (RSI) rose to 47.6 in August (+8.2 points MoM), with improvements across all regions and nearly all store types, partly driven by promotional activities.

Krungthai XSpring Zoom Eng. September 18, 2025

<ul><li>Asian bourses rebounded ahead of the Fed meeting, where a rate cut is widely expected. Likewise, the SET gained support from anticipation of the government’s policy statement and stimulus measures.</li><li>The index successfully breached the 1,300-point resistance with rising trading volume and a strengthening baht, signaling further fund inflows that could drive the market higher toward a short-term target of 1,341 points.</li><li>We recommend selective speculation, as the index remains in a sustained uptrend.</li></ul>

Asian bourses rebounded ahead of the Fed meeting, where a rate cut is widely expected. Likewise, the SET gained support from anticipation of the government’s policy statement and stimulus measures.The index successfully breached the 1,300-point resistance with rising trading volume and a strengthening baht, signaling further fund inflows that could drive the market higher toward a short-term target of 1,341 points.We recommend selective speculation, as the index remains in a sustained uptrend.

Krungthai XSpring Technical Eng. September 17, 2025

Thailand

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

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Global Power Synergy Company Ltd (GPSC TB)

Krungthai XSpring Zoom Eng. October 2, 2025

The weaker-than-expected data lifted the probability of a Fed rate cut at the October meeting to 99.4% (from 96.2% the previous day), according to...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Thai Oil (TOP TB), Gulf...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. September 19, 2025.

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 18, 2025

The SET Index is expected to edge lower today, with the support at 1,300/1,284 points and the resistance at 1,316/1,334 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 17, 2025

Asian bourses rebounded ahead of the Fed meeting, where a rate cut is widely expected. Likewise, the SET gained support from anticipation of the...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)