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>We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.</li><li>The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%, respectively.</li><li>The average return of the underlying securities in the portfolio slipped –0.23% from the previous day, amid concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%, respectively.The average return of the underlying securities in the portfolio slipped –0.23% from the previous day, amid concerns over the US government shutdown.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 2, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on the Hong Kong Stock Exchange.</li><li>The average return of the underlying securities in the portfolio edged up +0.18% from the previous day.</li><li>Global markets, particularly the US, continued to climb, despite a government shutdown after the US Senate rejected the spending bill last night.</li></ul>

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on the Hong Kong Stock Exchange.The average return of the underlying securities in the portfolio edged up +0.18% from the previous day.Global markets, particularly the US, continued to climb, despite a government shutdown after the US Senate rejected the spending bill last night.

KTX Tactical DR Picks - October 1, 2025 (Eng.)

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.</li>
<li>Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.</li>
<li>Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.</li>
</ul>



SK hynix (000660 KS) gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.
Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.
Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.


SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

<ul><li>For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese stock exchange.</li><li>The average return of the underlying securities in the portfolio rose 0.56% from the previous day, supported by global equity markets increase after US PCE data came in line with expectations, reinforcing the Fed’s rate-cutting path.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese stock exchange.The average return of the underlying securities in the portfolio rose 0.56% from the previous day, supported by global equity markets increase after US PCE data came in line with expectations, reinforcing the Fed’s rate-cutting path.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - September 30, 2025 (Eng.)

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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

Apple (AAPL US)

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE)...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 2, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%,...

Krungthai XSpring

KTX Tactical DR Picks - October 1, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on...

Krungthai XSpring

SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Despite positive performance, some long-leveraged ETFs lost AUM, while the inverse product attracted significant assets. Collapsing investor...

Gaudenz Schneider

KTX TACTICAL DR PICKS - September 30, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)