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>ADVANC has re-entered the portfolio near the bottom of the rankings, supported by its continued earnings growth outlook amid the economic fragility.</li><li>The portfolio's average return declined by 0.17%, contrary to the SET's gain of +0.63%, pressured by the drop in WHAUP and SCB.</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

ADVANC has re-entered the portfolio near the bottom of the rankings, supported by its continued earnings growth outlook amid the economic fragility.The portfolio's average return declined by 0.17%, contrary to the SET's gain of +0.63%, pressured by the drop in WHAUP and SCB.KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.

Krungthai Xspring KTX TACTICAL PICKS - July 8, 2025 (Eng.)

<ul><li>KTX expects the SET Index to weaken, with the support levels at 1,053 and 1,040 points and the resistance levels at 1,120 and 1,144 points.</li><li>Over the past five years (2020-2024), there was a 60% probability that the SET Index would end the month in positive territory, with an average gain of +0.13%.</li><li>We believe domestic factors will continue to weigh on the Thai stock market in early July.</li></ul>

KTX expects the SET Index to weaken, with the support levels at 1,053 and 1,040 points and the resistance levels at 1,120 and 1,144 points.Over the past five years (2020-2024), there was a 60% probability that the SET Index would end the month in positive territory, with an average gain of +0.13%.We believe domestic factors will continue to weigh on the Thai stock market in early July.

Outlook: To Weaken (Underperforming Regional Markets)

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

DZT Research

DZT 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 Jun 27th. We estimate that they had an aggregated short interest worth USD2.0bn.</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, Scb X, Advanced Info Service, Ptt, Central Pattana, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 27th. We estimate that they had an aggregated short interest worth USD2.0bn.
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, Scb X, Advanced Info Service, Ptt, Central Pattana, Cp Foods.


Thailand Short Interest Weekly (Jun 27th): Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt

<ul><li>We maintain our Neutral rating on ADVANC. The stock is attractive from a valuation perspective, both fundamentally (upgraded to buy from undervalued previously, reflecting 11% upside to the fair value), and tactically (the downside risk is very limited, upgraded from neutral).</li><li>However, this is offset by its long-term earnings outlook, as the core EPS growth of 7.0% during 2025-27E is considerably lower than the average of regional peers at 14.1%.</li><li>Our fair value estimate for ADVANC remains unchanged at Bt314, based on the earnings yield method with a required return of 4.1%. </li></ul>

We maintain our Neutral rating on ADVANC. The stock is attractive from a valuation perspective, both fundamentally (upgraded to buy from undervalued previously, reflecting 11% upside to the fair value), and tactically (the downside risk is very limited, upgraded from neutral).However, this is offset by its long-term earnings outlook, as the core EPS growth of 7.0% during 2025-27E is considerably lower than the average of regional peers at 14.1%.Our fair value estimate for ADVANC remains unchanged at Bt314, based on the earnings yield method with a required return of 4.1%. 

Advanced Info Service - No Major Surprises Expected from Spectrum Auction

<ul><li>KTX expects the SET Index to move with volatility, with the resistance at 1,178/1,200 points and the support at 1,144/1,114 points.</li><li>Historical statistics over the past five years (2020-2024) show a 100% probability that the SET Index would close negative in June, with an average decline of -2.33%, a maximum drop of -3.32% in 2024, and a minimum decline of -0.28% in 2020.</li><li>In May 2025, the SET Index declined by 4%, reflecting continued market volatility.</li></ul>

KTX expects the SET Index to move with volatility, with the resistance at 1,178/1,200 points and the support at 1,144/1,114 points.Historical statistics over the past five years (2020-2024) show a 100% probability that the SET Index would close negative in June, with an average decline of -2.33%, a maximum drop of -3.32% in 2024, and a minimum decline of -0.28% in 2020.In May 2025, the SET Index declined by 4%, reflecting continued market volatility.

Outlook: Volatile, With a Focus on Clarity Regarding US Tariff Measures

Thailand

Advanced Info Service is Thailand's largest telecommunications and technology company, providing mobile phone services, including prepaid, postpaid, and 5G network services, along with mobile devices. The company also offers high-speed home broadband services under the AIS Fibre and 3BB brands, as well as digital services such as cloud solutions, IoT, digital payments, and enterprise solutions. Headquartered in Bangkok, Thailand, the company was founded in 1986.

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52-week Range	0.00 - 0.00
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Advanced Info Service (ADVANC-R TB)

Krungthai Xspring KTX TACTICAL PICKS - July 8, 2025 (Eng.)

ADVANC has re-entered the portfolio near the bottom of the rankings, supported by its continued earnings growth outlook amid the economic...

Krungthai XSpring

Outlook: To Weaken (Underperforming Regional Markets)

KTX expects the SET Index to weaken, with the support levels at 1,053 and 1,040 points and the resistance levels at 1,120 and 1,144 points. Over...

Krungthai XSpring

Thailand Short Interest Weekly (Jun 27th): Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Scb X, Advanced Info...

Ke Yan, CFA, FRM

Advanced Info Service - No Major Surprises Expected from Spectrum Auction

Our fair value estimate for ADVANC remains unchanged at Bt314, based on the earnings yield method with a required return of 4.1%.

Krungthai XSpring

Outlook: Volatile, With a Focus on Clarity Regarding US Tariff Measures

KTX expects the SET Index to move with volatility, with the resistance at 1,178/1,200 points and the support at 1,144/1,114 points. Historical...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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