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>The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly DELTA and ADVANC.</li><li>The index retreated toward the 1,250–1,230 support zone after rising for just one day, suggesting a return to its previous pattern of repeatedly retesting this level.</li><li>Therefore, we maintain our strategy of buying on dips and selling on rises, as the index is still expected to hold above its support zone.</li></ul>

The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly DELTA and ADVANC.The index retreated toward the 1,250–1,230 support zone after rising for just one day, suggesting a return to its previous pattern of repeatedly retesting this level.Therefore, we maintain our strategy of buying on dips and selling on rises, as the index is still expected to hold above its support zone.

Krungthai XSpring Technical Eng. November 27, 2025

<ul><li>Asian bourses rebounded in line with the Dow Jones on expectations of a potential Fed rate cut.</li><li>The index rebounded from the 1,250–1,230 support zone, reinforcing the strength of this level and its potential to form a solid base.</li><li>We recommend buying on dips and selling on rises, given the index’s firm hold above the 1,250–1,230 support zone and its swift rebound.</li></ul>

Asian bourses rebounded in line with the Dow Jones on expectations of a potential Fed rate cut.The index rebounded from the 1,250–1,230 support zone, reinforcing the strength of this level and its potential to form a solid base.We recommend buying on dips and selling on rises, given the index’s firm hold above the 1,250–1,230 support zone and its swift rebound.

Krungthai XSpring Technical 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

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

<ul><li>Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.</li><li>The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.</li><li>The index is expected to rebound, but the upside is likely limited with higher volatility.</li></ul>

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.The index is expected to rebound, but the upside is likely limited with higher volatility.

Krungthai XSpring Technical Eng. November 21, 2025

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Krungthai XSpring Technical Eng. November 27, 2025

The SET also rebounded but struggled to gain further traction before pulling back, weighed down by profit-taking in blue-chip stocks, particularly...

Krungthai XSpring

Krungthai XSpring Technical Eng. November 26, 2025

Asian bourses rebounded in line with the Dow Jones on expectations of a potential Fed rate cut. The index rebounded from the 1,250–1,230 support...

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

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

Krungthai XSpring Technical Eng. November 21, 2025

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including...

Krungthai XSpring

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