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 recent escalation of tensions in the Middle East between Israel and Iran has driven crude oil prices higher due to concerns over potential supply disruptions.</li><li>However, we assess this to be a short-term impact, as the oil market remains in a state of oversupply.</li><li>Historically, the SET Index tends to respond positively during the first 10-12 days following such geopolitical tensions in the Middle East, moving in line with rising crude oil prices. </li></ul>

The recent escalation of tensions in the Middle East between Israel and Iran has driven crude oil prices higher due to concerns over potential supply disruptions.However, we assess this to be a short-term impact, as the oil market remains in a state of oversupply.Historically, the SET Index tends to respond positively during the first 10-12 days following such geopolitical tensions in the Middle East, moving in line with rising crude oil prices. 

Special Report: Tensions Flare in the Middle East JUNE 16, 2025

<ul><li>The SET Index is expected to weaken, with the support levels at 1,114/1,105 points and the resistance at 1,130/1,135 points.</li><li>The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).</li><li>If the index falls below 1,114 points, it will reflect downside risk toward 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low).</li></ul>

The SET Index is expected to weaken, with the support levels at 1,114/1,105 points and the resistance at 1,130/1,135 points.The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).If the index falls below 1,114 points, it will reflect downside risk toward 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low).

KTX Zoom: Risk-Off Sentiment Emerging Due to the Middle East War, Weighing on Risk Assets

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

Shenton Research

Shenton 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 Sep 18th. We estimate that they had an aggregated short interest worth USD3.4bn.</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, THAI AIRWAYS INTERNATIONAL, Central Plaza Hotel, Bangchak, Advanced Info Service, Delta Electronics, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 18th. We estimate that they had an aggregated short interest worth USD3.4bn.
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, THAI AIRWAYS INTERNATIONAL, Central Plaza Hotel, Bangchak, Advanced Info Service, Delta Electronics, Advanced Info Service.


Thailand Short Interest Weekly (Sep 18th): Delta Electronics, THAI AIRWAYS INTERNATIONAL, Bangchak

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 73% versus the SET 100 Index’s return of 10%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 73% versus the SET 100 Index’s return of 10%


The Stocks to Own in Thailand – Vol. 49

<ul><li>The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.</li><li>DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.</li><li>The index remains on track to test the resistance at 1,221 points.</li></ul>

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.The index remains on track to test the resistance at 1,221 points.

Thailand

Bangchak Corporation is a Thai energy conglomerate engaged in petroleum refining, marketing, and distribution of petroleum products, alongside renewable energy, biofuels, and green technologies. The company operates two world-class refineries and a network of over 2,000 service stations, while also investing in solar, wind, and hydropower. It was founded in 1984 and is headquartered in Bangkok, Thailand.

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Bangchak Corporation (BCP TB)

Special Report: Tensions Flare in the Middle East JUNE 16, 2025

The recent escalation of tensions in the Middle East between Israel and Iran has driven crude oil prices higher due to concerns over potential...

Krungthai XSpring

KTX Zoom: Risk-Off Sentiment Emerging Due to the Middle East War, Weighing on Risk Assets

The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).

Krungthai XSpring

Thailand Short Interest Weekly (Sep 18th): Delta Electronics, THAI AIRWAYS INTERNATIONAL, Bangchak

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics (DELTA TB), THAI AIRWAYS...

Ke Yan, CFA, FRM

The Stocks to Own in Thailand – Vol. 49

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

Technical Analysis - MAY 15, 2025

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact...

Krungthai XSpring

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