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 combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.</li><li>Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.</li><li>Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. </li></ul>

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. 

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.</li>
<li>Currently, we see one expected change, but since the market cap reference period is yet to start, the rankings can fluctuate significantly before the base date.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.
Currently, we see one expected change, but since the market cap reference period is yet to start, the rankings can fluctuate significantly before the base date.


Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

<ul><li>The SET Index is expected to weaken, with the support at 1,370/1,350 points and the resistance at 1,420/1,440 points.</li><li>Key highlights influencing the market include: i) the first 100-day policies after Trump's inauguration as US president on January 20, 2025, such as raising import tariffs on countries with trade surpluses with the US, expelling migrant workers, cutting corporate tax rates, ending the Russia-Ukraine war, and withdrawing from the Paris Agreement (clean energy);</li><li>ii) selling pressure from LTF maturity</li></ul>

The SET Index is expected to weaken, with the support at 1,370/1,350 points and the resistance at 1,420/1,440 points.Key highlights influencing the market include: i) the first 100-day policies after Trump's inauguration as US president on January 20, 2025, such as raising import tariffs on countries with trade surpluses with the US, expelling migrant workers, cutting corporate tax rates, ending the Russia-Ukraine war, and withdrawing from the Paris Agreement (clean energy);ii) selling pressure from LTF maturity

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at our final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.</li>
<li>We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at our final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.
We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.


Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month

Thailand

Bangkok Airways Company Limited offers air transportation services. The Company operates flights and airports to various resort destinations in Thailand, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Singapore, China, and Japan.

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Bangkok Airways (BA TB)

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY...

Krungthai XSpring

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

Delta Electronics Thailand (DELTA TB) has already appeared in the Market Surveillance Measure (MSM) list during the current reference period and it...

Janaghan Jeyakumar, CFA

Monthly Report: January 2025

Clouded by concerns over the first 100-day measures following Trump's inauguration as US president. The SET Index is expected to weaken...

Krungthai XSpring

Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month

The expected ADDs have outperformed the expected DELs by 17% on average since 29th November. With the official index changes to be confirmed in the...

Janaghan Jeyakumar, CFA

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