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>NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.</li><li>TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.</li><li>The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.</li></ul>

NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.

KTX TACTICAL DR PICKS - September 17, 2025

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> raised around US$530m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the ADS movement and trading dynamics.</li>
</ul>



Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the ADS movement and trading dynamics.


Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.</li>
<li>On the placements front, as well, market remains receptive for both primary and secondary offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
On the placements front, as well, market remains receptive for both primary and secondary offerings.


ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Implied volatility has increased across the board, but while some stocks recorded a 5-10% increase, other just added 1-2%. Upcoming November earnings start to shape the term structure.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.

Highlights: Implied volatility has increased across the board, but while some stocks recorded a 5-10% increase, other just added 1-2%. Upcoming November earnings start to shape the term structure.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


HK Volatility Cones: Volatility on the Rise, Meituan and Ping An Historically Cheap

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Sep)

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tencent (700 HK)

KTX TACTICAL DR PICKS - September 17, 2025

The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in...

Krungthai XSpring

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HK Volatility Cones: Volatility on the Rise, Meituan and Ping An Historically Cheap

Volatility cones for 8 popular HK stocks help traders and investors spot opportunities. The IV term structure is increasingly shaped by the...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Sep)

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative value.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX TACTICAL DR PICKS - September 17, 2025

The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in...

Krungthai XSpring

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HK Volatility Cones: Volatility on the Rise, Meituan and Ping An Historically Cheap

Volatility cones for 8 popular HK stocks help traders and investors spot opportunities. The IV term structure is increasingly shaped by the...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Sep)

​Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative value.

Gaudenz Schneider

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative value.