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 short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

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 maintain a “Neutral” rating with a new 12M FV of Bt181.50, based on 0.73x PBV (from Bt171.50, 0.69x), using a multiple regression model (R² = 80%) under new macro assumptions of Rf 1.04% and MRP 5.79% (from 1.45% and 5.26%).</li><li>KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees and FVTPL gains.</li><li>NII fell (–7% YoY, –1% QoQ) on flat loans and weaker NIM, but cost control kept PPOP flat YoY (+2% QoQ).</li></ul>

We maintain a “Neutral” rating with a new 12M FV of Bt181.50, based on 0.73x PBV (from Bt171.50, 0.69x), using a multiple regression model (R² = 80%) under new macro assumptions of Rf 1.04% and MRP 5.79% (from 1.45% and 5.26%).KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees and FVTPL gains.NII fell (–7% YoY, –1% QoQ) on flat loans and weaker NIM, but cost control kept PPOP flat YoY (+2% QoQ).

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Upbeat Earnings Driven By Stronger Non-NII

Thematic (Sector/Industry)

<ul><li>The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control, despite NIM pressure weighing on interest income.</li><li>Provisions increased to cushion uncertainties, while asset quality remained stable to slightly improved.</li><li>Sector-wide strategies remain aligned, focusing on quality growth, cost discipline, and proactive provisioning to navigate uncertainties.</li></ul>

The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control, despite NIM pressure weighing on interest income.Provisions increased to cushion uncertainties, while asset quality remained stable to slightly improved.Sector-wide strategies remain aligned, focusing on quality growth, cost discipline, and proactive provisioning to navigate uncertainties.

Banking: Thai Banks Under Pressure: Prioritizing Quality, Tightening Risk Control...

<ul><li>The US and Iran have signaled readiness to negotiate an end to the conflict.</li><li>Hopes of easing Middle East tensions support large-cap stocks (DELTA, ADVANC, AOT) and tourism/airline sectors, but weigh on energy and refinery stocks.</li><li>The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance stocks.</li></ul>

The US and Iran have signaled readiness to negotiate an end to the conflict.Hopes of easing Middle East tensions support large-cap stocks (DELTA, ADVANC, AOT) and tourism/airline sectors, but weigh on energy and refinery stocks.The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance stocks.

Krungthai XSpring Zoom Eng. April 1, 2026

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

Thailand

Kasikornbank is a leading Thai banking group providing comprehensive commercial and retail banking services, alongside securities and other related financial businesses. The bank offers a wide array of products including deposit accounts, debit and credit cards, long-term and syndicated loans, cash management, and investment products. Headquartered in Bangkok, Thailand, the company was established on June 8, 1945.

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Kasikornbank (KBANK TB)

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

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

Ke Yan, CFA, FRM

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Upbeat Earnings Driven By Stronger Non-NII

KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees...

Krungthai XSpring

Banking: Thai Banks Under Pressure: Prioritizing Quality, Tightening Risk Control...

The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 1, 2026

The government is preparing the “Thai Chuay Thai Plus” program in May to mitigate high energy costs, which is positive for consumer and finance...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

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Market Cap (USDm)

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