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 declined sharply due to concerns over the US attack on Iran's nuclear facility and the possibility of Iran closing the Strait of Hormuz, driving the index down to a new low of 1,053.79 points.</li><li>However, Asian bourses appeared relatively calm, with the SET supported by mixed movements and buying interest in ADVANC, PTTEP, CPALL, AOT, and GULF.</li><li>Additionally, foreign investors turned net buyers, boosting the index to improve quickly before closing down slightly.</li></ul>

The SET declined sharply due to concerns over the US attack on Iran's nuclear facility and the possibility of Iran closing the Strait of Hormuz, driving the index down to a new low of 1,053.79 points.However, Asian bourses appeared relatively calm, with the SET supported by mixed movements and buying interest in ADVANC, PTTEP, CPALL, AOT, and GULF.Additionally, foreign investors turned net buyers, boosting the index to improve quickly before closing down slightly.

<ul><li>The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.</li><li>From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).</li><li>External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. 

<ul><li>The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.</li><li>The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).</li><li>The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.The technical outlook remains bearish, and a further drop to 1,000/1,030 points is possible if the index falls below this year’s low of 1,056.41 points (recorded on April 8).The overall sentiment is negative, with external factors slightly negative due to uncertainty surrounding the Israel-Iran conflict, as Trump signaled a two-week window to decide whether the US will join the attack on Iran. 

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Delta Electronics Thailand  / Index Rebalance

<ul>
<li>In line with forecasts, there will be 4 changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> at the close on 30 June.</li>
<li>Capping changes for <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> will result in big passive selling in the stock and funding inflows for the other index constituents.</li>
<li>Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.</li>
</ul>


In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.
Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.


SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too

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 Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

Thailand

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

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B Grimm Power (BGRIM TB)

Technical Analysis - JUNE 24, 2025

The SET declined sharply due to concerns over the US attack on Iran's nuclear facility and the possibility of Iran closing the Strait of Hormuz,...

Krungthai XSpring

KTX Zoom - JUNE 23, 2025

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.

Krungthai XSpring

KTX Zoom - JUNE 20, 2025

The SET Index is expected to continue declining, with the support levels at 1,056/1,045 points and resistance at the 1,076/1,080 points.

Krungthai XSpring

SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too

There are 4 changes, plus DELTA capping. Impact on the adds is bigger and positioning appears smaller. The deletes are down a lot and there could...

Brian Freitas

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

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