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>Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.</li><li>In the short term, the market is still awaiting confirmation of the peak of Wave 1 (of the 5-wave uptrend in the Elliott Wave theory) before entering a correction phase.</li><li>Wave 2 typically retraces around 50-61.8% of Wave 1’s length.</li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.In the short term, the market is still awaiting confirmation of the peak of Wave 1 (of the 5-wave uptrend in the Elliott Wave theory) before entering a correction phase.Wave 2 typically retraces around 50-61.8% of Wave 1’s length.

KTX Zoom: BoE Expected to Cut Interest Rates Further - MAY 8, 2025

<ul><li>Moody’s has revised Thailand’s credit rating outlook from “Stable” to “Negative,” along with five listed Thai banks — BBL, KBANK, KTB, SCB, and TTB — citing concerns over the potential economic impact of US import tariff hikes.</li><li>KTX views this revision as a long-term pressure factor and anticipates a possible credit rating downgrade from the current Baa1 within the next year, pending greater clarity on tariff implementation.</li><li>While the outlook downgrade presents a near-term headwind for the banking sector, KTX maintains a positive medium- to long-term view and recommends a gradual accumulation of bank stocks. </li></ul>

Moody’s has revised Thailand’s credit rating outlook from “Stable” to “Negative,” along with five listed Thai banks — BBL, KBANK, KTB, SCB, and TTB — citing concerns over the potential economic impact of US import tariff hikes.KTX views this revision as a long-term pressure factor and anticipates a possible credit rating downgrade from the current Baa1 within the next year, pending greater clarity on tariff implementation.While the outlook downgrade presents a near-term headwind for the banking sector, KTX maintains a positive medium- to long-term view and recommends a gradual accumulation of bank stocks. 

Economic Update: Moody’s Downgrades Thailand’s Outlook to “Negative”

<ul><li>Concerns over a potential slowdown in the US economy have intensified after GDP in 1Q25 contracted by 0.3% QoQ (the first contraction in 12 quarters).</li><li>This was compounded by a slowdown in domestic consumption — which accounts for 70% of GDP — registering its weakest growth in seven quarters (Figure 1), thereby giving the Fed room to cut interest rates.</li><li>However, from an outlook-dependent view, US tariff policies are expected to raise the costs of imported goods, which could drive inflation higher starting in 2Q25E.</li></ul>

Concerns over a potential slowdown in the US economy have intensified after GDP in 1Q25 contracted by 0.3% QoQ (the first contraction in 12 quarters).This was compounded by a slowdown in domestic consumption — which accounts for 70% of GDP — registering its weakest growth in seven quarters (Figure 1), thereby giving the Fed room to cut interest rates.However, from an outlook-dependent view, US tariff policies are expected to raise the costs of imported goods, which could drive inflation higher starting in 2Q25E.

KTX Ahead: Baht Likely to Gain Further, Boosting Fund Inflows into Thailand - May 6, 2025

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210 and 1,214 points.</li><li>In the short term, the index appears to be entering a correction phase after rallying over 15% from this year’s new low of 1,056.41 points on April 8.</li><li>A reversal signal (hammer) appeared on Friday, suggesting the index may soften over the next 1-2 days. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210 and 1,214 points.In the short term, the index appears to be entering a correction phase after rallying over 15% from this year’s new low of 1,056.41 points on April 8.A reversal signal (hammer) appeared on Friday, suggesting the index may soften over the next 1-2 days. 

KTX Zoom - Reports of Manufacturing and Services PMIs for China and the EU

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 May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table 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 Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table 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 Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.


Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank PCL (KBANK TB)

KTX Zoom: BoE Expected to Cut Interest Rates Further - MAY 8, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.

Krungthai XSpring

Economic Update: Moody’s Downgrades Thailand’s Outlook to “Negative”

This is based on expectations of constructive trade negotiations and limited downside risks to interest rates. Our preferred accumulation targets...

Krungthai XSpring

KTX Ahead: Baht Likely to Gain Further, Boosting Fund Inflows into Thailand - May 6, 2025

Concerns over a potential slowdown in the US economy have intensified after GDP in 1Q25 contracted by 0.3% QoQ (the first contraction in 12 quarters).

Krungthai XSpring

KTX Zoom - Reports of Manufacturing and Services PMIs for China and the EU

Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210...

Krungthai XSpring

Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Scc, Krung Thai Bank, Gulf...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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