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 Apr 4th.We estimate that they had an aggregated short interest worth USD1.8bn.</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 Airports of Thailand, PTT E&amp;P, Bangkok Bank, Kasikornbank, CP ALL, CP AXTRA NVDR, Thai Oil, Supalai, Siri Prime Office Property Fd.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 4th.We estimate that they had an aggregated short interest worth USD1.8bn.
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 Airports of Thailand, PTT E&amp;P, Bangkok Bank, Kasikornbank, CP ALL, CP AXTRA NVDR, Thai Oil, Supalai, Siri Prime Office Property Fd.


Thailand Short Interest Weekly (Apr 4th): Airports of Thailand, PTT E&P, Bangkok Bank, Kasikornbank

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>KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.</li><li>A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.</li><li>If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. </li></ul>

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. 

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day EMA) and 1,180 points.</li><li>In the medium term, the trend remains bearish in a zig-zag down pattern, seeking the bottom within the 1,100-1,506 range.</li><li>In the short term, the index is still in a downtrend (forming new lows followed by rebounds). </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day EMA) and 1,180 points.In the medium term, the trend remains bearish in a zig-zag down pattern, seeking the bottom within the 1,100-1,506 range.In the short term, the index is still in a downtrend (forming new lows followed by rebounds). 

<ul><li>Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10-day EMA) and 1,185 points.</li><li>The medium-term trend remains downward in a zig-zag down pattern as the index searches for the bottom within the broader range of 1,100-1,506 points.</li><li>In the short term, the index continues in a downtrend (forming new lows with occasional rebounds). </li></ul>

Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10-day EMA) and 1,185 points.The medium-term trend remains downward in a zig-zag down pattern as the index searches for the bottom within the broader range of 1,100-1,506 points.In the short term, the index continues in a downtrend (forming new lows with occasional rebounds). 

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>As the trade war threatens to upend Asian economies' export driven growth, most will have to provide monetary and fiscal stimuli to boost domestic consumption and investments.</li>
<li>Studying their real policy rates, inflation trajectories, public debt to GDP and Government's borrowing cost, we assess which economies have adequate headroom to provide monetary and fiscal stimuli.</li>
<li>China, Korea and Thailand have adequate space to provide both monetary and fiscal stimulus. India can loosen monetary policy but not fiscal policy. Indonesia and Philippines are in India's camp.</li>
</ul>


As the trade war threatens to upend Asian economies' export driven growth, most will have to provide monetary and fiscal stimuli to boost domestic consumption and investments.
Studying their real policy rates, inflation trajectories, public debt to GDP and Government's borrowing cost, we assess which economies have adequate headroom to provide monetary and fiscal stimuli.
China, Korea and Thailand have adequate space to provide both monetary and fiscal stimulus. India can loosen monetary policy but not fiscal policy. Indonesia and Philippines are in India's camp.


Asia: Look for Economies with Headroom for Policy Support

Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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Advanced Info Service (ADVANC-R TB)

Thailand Short Interest Weekly (Apr 4th): Airports of Thailand, PTT E&P, Bangkok Bank, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand, PTT E&P, Bangkok Bank,...

Ke Yan, CFA, FRM

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.

Krungthai XSpring

KTX Zoom: US Employment - APRIL 4, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day...

Krungthai XSpring

KTX Zoom - APRIL 3, 2025

Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10...

Krungthai XSpring

Asia: Look for Economies with Headroom for Policy Support

Trade war threatens Asian economies' export-driven growth, necessitating monetary/fiscal stimuli. CN, KR, TH have room for both, India for...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (Apr 4th): Airports of Thailand, PTT E&P, Bangkok Bank, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand, PTT E&P, Bangkok Bank,...

Ke Yan, CFA, FRM

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.

Krungthai XSpring

KTX Zoom: US Employment - APRIL 4, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day...

Krungthai XSpring

KTX Zoom - APRIL 3, 2025

Technically, the SET Index is expected to move lower. The key support levels are at 1,150/1,130 points, while the resistance is at 1,176 points (10...

Krungthai XSpring

Asia: Look for Economies with Headroom for Policy Support

​Trade war threatens Asian economies' export-driven growth, necessitating monetary/fiscal stimuli. CN, KR, TH have room for both, India for...

Manishi Raychaudhuri

Trade war threatens Asian economies' export-driven growth, necessitating monetary/fiscal stimuli. CN, KR, TH have room for both, India for...