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>Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.</li><li>The index stayed firmly above the 1,250–1,230 support zone and began to rebound.</li><li>However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.</li></ul>

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks despite the lack of new positive catalysts.The index stayed firmly above the 1,250–1,230 support zone and began to rebound.However, as trading volume remains light and the rebound still requires clearer positive confirmation, we recommend buying on dips and selling on rises.

Krungthai XSpring Technical Eng. December 2, 2025

Equity Bottom-Up

<ul><li>We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the 3rd runway operations.</li><li>We maintain an Outperform recommendation with a 12-month forward fair value of Bt71.75, based on an earnings yield of 2.3%.</li><li>KTXs valuation metrics indicate a Buy recommendation on the back of the fundamentals, with 27% upside from the fair value. </li></ul>

We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the 3rd runway operations.We maintain an Outperform recommendation with a 12-month forward fair value of Bt71.75, based on an earnings yield of 2.3%.KTXs valuation metrics indicate a Buy recommendation on the back of the fundamentals, with 27% upside from the fair value. 

Airports of Thailand - Expect Strong 1QFY25E Earnings Growth...

<ul><li>The SET continued to trade in a volatile, narrow range, repeating its persistently light volume and a lack of new catalysts.</li><li>The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.</li><li>Nevertheless, we continue to recommend a “buy on dips, sell on rebounds” strategy, as trading volume remains thin and the index is still waiting for clear positive signals to drive a stronger move higher.</li></ul>

The SET continued to trade in a volatile, narrow range, repeating its persistently light volume and a lack of new catalysts.The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.Nevertheless, we continue to recommend a “buy on dips, sell on rebounds” strategy, as trading volume remains thin and the index is still waiting for clear positive signals to drive a stronger move higher.

Krungthai XSpring Technical Eng. December 1, 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 Nov 28th. We estimate that they had an aggregated short interest worth USD2.2bn.</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, Airports of Thailand, PTT GlobalChem, CP Foods, Advanced Info Service, Airports Of Thailand, Advanced Info Service, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 28th. We estimate that they had an aggregated short interest worth USD2.2bn.
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, Airports of Thailand, PTT GlobalChem, CP Foods, Advanced Info Service, Airports Of Thailand, Advanced Info Service, Cp Foods.


Thailand Short Interest Weekly (Nov 28th): Intouch, Airports of Thailand, PTT GlobalChem, CP Foods

<ul><li>The index followed a similar pattern to the previous session, edging higher before retreating in the afternoon.</li><li>The index retreated toward the 1,250–1,230 support zone, pressured mainly by declines in DELTA and ADVANC.</li><li>Therefore, we recommend buying on dips and selling on rises, as the index is still expected to hold above its support zone.</li></ul>

The index followed a similar pattern to the previous session, edging higher before retreating in the afternoon.The index retreated toward the 1,250–1,230 support zone, pressured mainly by declines in DELTA and ADVANC.Therefore, we recommend buying on dips and selling on rises, as the index is still expected to hold above its support zone.

Krungthai XSpring Technical Eng. November 28, 2025

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Krungthai XSpring Technical Eng. December 2, 2025

Although Asian bourses traded mixed, the SET climbed strongly, quickly reaching 1,278.63 points as buying interest flowed into blue-chip stocks...

Krungthai XSpring

Airports of Thailand - Expect Strong 1QFY25E Earnings Growth...

We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 1, 2025

The index managed to hold just above the 1,250–1,230 support zone, with no clear positive signals to trigger a meaningful rebound.

Krungthai XSpring

Thailand Short Interest Weekly (Nov 28th): Intouch, Airports of Thailand, PTT GlobalChem, CP Foods

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

Ke Yan, CFA, FRM

Krungthai XSpring Technical Eng. November 28, 2025

The index followed a similar pattern to the previous session, edging higher before retreating in the afternoon.The index retreated toward the...

Krungthai XSpring

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