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>Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET.</li><li>The index has yet to establish a clear pattern of sustained recovery, continuing to move sideways.</li><li>We maintain our “buy-on-dip” strategy, expecting the support zone to hold and offer a potential rebound opportunity.</li></ul>

Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET.The index has yet to establish a clear pattern of sustained recovery, continuing to move sideways.We maintain our “buy-on-dip” strategy, expecting the support zone to hold and offer a potential rebound opportunity.

Krungthai XSpring Technical Eng. November 10, 2025

<ul><li>The SET Index is expected to trade sideways with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.</li><li>China’s international trade data for October came in weaker than expected.</li><li>The Customs Department plans to implement import taxes on goods purchased directly from overseas through e-commerce platforms to address unfair competition faced by domestic businesses.</li></ul>

The SET Index is expected to trade sideways with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.China’s international trade data for October came in weaker than expected.The Customs Department plans to implement import taxes on goods purchased directly from overseas through e-commerce platforms to address unfair competition faced by domestic businesses.

Krungthai XSpring Zoom Eng. November 10, 2025

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 Nov 7th. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 7th. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.


Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

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>Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.</li>
<li>Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.</li>
<li>Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.</li>
</ul>


Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.
Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.
Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.


Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

<ul><li>KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell-on-fact pressure after results are released.</li><li>In mid- to late November, focus should shift to macro factors such as the G20 Summit, the Fed meeting minutes, and Thailand’s 3Q25 GDP, which could help attract foreign fund inflows.</li><li>Consensus forecasts SET-listed firms’ net profit to rise 16.1% QoQ and 25.8% YoY in 3Q25 (excluding early reporters).</li></ul>

KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell-on-fact pressure after results are released.In mid- to late November, focus should shift to macro factors such as the G20 Summit, the Fed meeting minutes, and Thailand’s 3Q25 GDP, which could help attract foreign fund inflows.Consensus forecasts SET-listed firms’ net profit to rise 16.1% QoQ and 25.8% YoY in 3Q25 (excluding early reporters).

Monthly Report: November 2025: Outlook: Volatile With An Upward Bias

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 TB)

Krungthai XSpring Technical Eng. November 10, 2025

Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET. The index has yet to establish a clear pattern...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 10, 2025

The SET Index is expected to trade sideways with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.

Krungthai XSpring

Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

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

Ke Yan, CFA, FRM

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

Monthly Report: November 2025: Outlook: Volatile With An Upward Bias

KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Technical Eng. November 10, 2025

Concerns that the AI sector may be entering a bubble phase, triggering selling pressure on the SET. The index has yet to establish a clear pattern...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 10, 2025

The SET Index is expected to trade sideways with a mild upward bias today, with the support at 1,300/1,284 and resistance at 1,313/1,322.

Krungthai XSpring

Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

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

Ke Yan, CFA, FRM

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

​18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

Monthly Report: November 2025: Outlook: Volatile With An Upward Bias

KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell...

Krungthai XSpring

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...