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>Inflation in May contracted by 0.57% YoY, but core inflation rose by 1.09% YoY, indicating that Thailand is not entering a deflationary condition.</li><li>The impact of inflation on the Monetary Policy Committee (MPC) meeting on June 25, 2025, is expected to be limited, as it has already cut the policy rate three times.</li><li>Therefore, fiscal policy is anticipated to play a greater role in supporting the Thai economy, particularly through the Bt157bn economic stimulus package and the 2026 government budget disbursement. </li></ul>

Inflation in May contracted by 0.57% YoY, but core inflation rose by 1.09% YoY, indicating that Thailand is not entering a deflationary condition.The impact of inflation on the Monetary Policy Committee (MPC) meeting on June 25, 2025, is expected to be limited, as it has already cut the policy rate three times.Therefore, fiscal policy is anticipated to play a greater role in supporting the Thai economy, particularly through the Bt157bn economic stimulus package and the 2026 government budget disbursement. 

Economic Update: Inflation in May 2025 - JUNE 10, 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 May 30th. We estimate that they had an aggregated short interest worth USD2.2bn.</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 Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 30th. We estimate that they had an aggregated short interest worth USD2.2bn.
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 Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.


Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

<ul><li>The SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown and political uncertainties.</li><li>The market also remained under pressure from declines in other Asian bourses, which followed the negative lead from US markets.</li><li>Notably, stocks such as DELTA, MINT, TOP, CPALL, OSP, and AOT posted strong gains, while foreign investors remained net buyers for the third consecutive day.</li></ul>

The SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown and political uncertainties.The market also remained under pressure from declines in other Asian bourses, which followed the negative lead from US markets.Notably, stocks such as DELTA, MINT, TOP, CPALL, OSP, and AOT posted strong gains, while foreign investors remained net buyers for the third consecutive day.

<ul><li>The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.</li><li>As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.</li><li>However, foreign investors remained net buyers for the second consecutive day.</li></ul>

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy.As a result, the SET’s attempt to rebound failed, with the index sharply declining in the afternoon session, led by losses in the commerce, tourism, and banking sectors.However, foreign investors remained net buyers for the second consecutive day.

<ul><li>Thailand’s 1Q25 GDP grew by +0.7% QoQ and +3.1% YoY, exceeding the consensus estimate of +0.6% QoQ and +2.9% YoY.</li><li>Despite the stronger- than-expected figure, KTX views the economic outlook for the remainder of the year as still challenging due to trade-related risks and expects the main driver of growth to come from government stimulus.</li><li>We recommend speculating on domestic demand-related stocks, such as CPALL and MTC, while also watching for potential new measures from the government following the afternoon meeting of the Economic Stimulus Committee yesterday. </li></ul>

Thailand’s 1Q25 GDP grew by +0.7% QoQ and +3.1% YoY, exceeding the consensus estimate of +0.6% QoQ and +2.9% YoY.Despite the stronger- than-expected figure, KTX views the economic outlook for the remainder of the year as still challenging due to trade-related risks and expects the main driver of growth to come from government stimulus.We recommend speculating on domestic demand-related stocks, such as CPALL and MTC, while also watching for potential new measures from the government following the afternoon meeting of the Economic Stimulus Committee yesterday. 

Economic Update: 1Q25 GDP Growth - May 21, 2025

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

Economic Update: Inflation in May 2025 - JUNE 10, 2025

Inflation in May contracted by 0.57% YoY, but core inflation rose by 1.09% YoY, indicating that Thailand is not entering a deflationary condition.

Krungthai XSpring

Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Gulf Energy Development,...

Ke Yan, CFA, FRM

Technical Analysis - MAY 23, 2025

The SET attempted to rebound but failed due to a lack of supporting factors and weak investor confidence amid concerns over an economic slowdown...

Krungthai XSpring

Technical Analysis - MAY 22, 2025

The market continued to lack new positive catalysts and was weighed down by concerns over a sluggish economy. As a result, the SET’s attempt to...

Krungthai XSpring

Economic Update: 1Q25 GDP Growth - May 21, 2025

Thailand’s 1Q25 GDP expanded better than expected, with fiscal policy anticipated to play a key role in driving growth going forward.

Krungthai XSpring

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