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>SET Index today is expected to continue rising, with resistance at 1,273 / 1,285 points and support at 1,262 / 1,250 points.</li><li>International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which attract fund flows.</li><li>Thai exports in October grew by 5.7% YoY, slightly below the market expectation of 6.1% YoY.</li></ul>

SET Index today is expected to continue rising, with resistance at 1,273 / 1,285 points and support at 1,262 / 1,250 points.International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which attract fund flows.Thai exports in October grew by 5.7% YoY, slightly below the market expectation of 6.1% YoY.

Krungthai XSpring Zoom Eng. November 26, 2025

<ul><li>Renewed hopes of Fed rate cuts helped spark a rebound across Asian equities.</li><li>The index's upside remained limited, continuing to hover near the 1,250–1,230 support zone, with movements largely tracking the direction of blue-chip stocks such as DELTA, ADVANC, AOT, SCC, GULF, CPALL, and the banking sector.</li><li>Nevertheless, we recommend holding cash until the index shows clearer signs of a reversal, particularly once trading volume begins to improve.</li></ul>

Renewed hopes of Fed rate cuts helped spark a rebound across Asian equities.The index's upside remained limited, continuing to hover near the 1,250–1,230 support zone, with movements largely tracking the direction of blue-chip stocks such as DELTA, ADVANC, AOT, SCC, GULF, CPALL, and the banking sector.Nevertheless, we recommend holding cash until the index shows clearer signs of a reversal, particularly once trading volume begins to improve.

Krungthai XSpring Technical Eng. November 25, 2025

<ul><li>US equities rebounded on Friday (S&amp;P 500 +0.98%, NASDAQ +0.88%), supported by comments from John Williams, President of the New York Fed, who signaled support for rate cuts.</li><li>The SET Index is expected to attempt a rebound today, with the support at 1,250 / 1,235 points and the resistance at 1,263 / 1,273 points.</li><li>We recommend gradually accumulating large-cap names such as ADVANC, GULF, SCB, PTTEP, and BDMS.</li></ul>

US equities rebounded on Friday (S&amp;P 500 +0.98%, NASDAQ +0.88%), supported by comments from John Williams, President of the New York Fed, who signaled support for rate cuts.The SET Index is expected to attempt a rebound today, with the support at 1,250 / 1,235 points and the resistance at 1,263 / 1,273 points.We recommend gradually accumulating large-cap names such as ADVANC, GULF, SCB, PTTEP, and BDMS.

Krungthai XSpring Zoom Eng. November 24, 2025

<ul><li>Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.</li><li>We believe selling pressure remains intact, making any rebound difficult to sustain. Therefore, we recommend holding cash and waiting for a clearer reversal signal before re-entering the market.</li><li>The index has retreated to its previous base at 1,250–1,230 points, increasing the risk of slipping into a downtrend as the price structure continues to slope downward.</li></ul>

Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.We believe selling pressure remains intact, making any rebound difficult to sustain. Therefore, we recommend holding cash and waiting for a clearer reversal signal before re-entering the market.The index has retreated to its previous base at 1,250–1,230 points, increasing the risk of slipping into a downtrend as the price structure continues to slope downward.

Krungthai XSpring Technical Eng. November 24, 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 21st. 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, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. 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, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.


Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

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 Zoom Eng. November 26, 2025

International factors remain Slightly Positive, driven by expectations of Federal Reserve interest rate cuts and a strengthening baht, which...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 25, 2025

The index's upside remained limited, continuing to hover near the 1,250–1,230 support zone, with movements largely tracking the direction of blue...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 24, 2025

US equities rebounded on Friday (S&P 500 +0.98%, NASDAQ +0.88%), supported by comments from John Williams, President of the New York Fed, who...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 24, 2025

Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.

Krungthai XSpring

Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Gulf Energy Development...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)