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>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

<ul><li>Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.</li><li>We believe selling pressure remains intact, making any rebound difficult to sustain. Therefore, we recommend holding cash and waiting for a clearer reversal signal before re-entering the market.</li><li>The index has retreated to its previous base at 1,250–1,230 points, increasing the risk of slipping into a downtrend as the price structure continues to slope downward.</li></ul>

Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.We believe selling pressure remains intact, making any rebound difficult to sustain. Therefore, we recommend holding cash and waiting for a clearer reversal signal before re-entering the market.The index has retreated to its previous base at 1,250–1,230 points, increasing the risk of slipping into a downtrend as the price structure continues to slope downward.

Krungthai XSpring Technical Eng. November 24, 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

<ul><li>Despite pressure on the SET from concerns that the Fed may delay rate cuts, continued selling in the technology sector, and ongoing fund outflows—along with the lack of positive catalysts—the index continued to move within a narrow range.</li><li>The index tested the support at 1,263 points and managed to rebound for consecutive sessions.</li><li>With trading volume remaining thin, it is difficult to gauge the index’s short-term trend.</li></ul>

Despite pressure on the SET from concerns that the Fed may delay rate cuts, continued selling in the technology sector, and ongoing fund outflows—along with the lack of positive catalysts—the index continued to move within a narrow range.The index tested the support at 1,263 points and managed to rebound for consecutive sessions.With trading volume remaining thin, it is difficult to gauge the index’s short-term trend.

Krungthai XSpring Technical Eng. November 20, 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)

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

Krungthai XSpring Technical Eng. November 24, 2025

Renewed doubts over a potential Fed rate cut next month, coupled with renewed selling in the technology sector, dragged global markets lower.

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

Krungthai XSpring Technical Eng. November 20, 2025

The index tested the support at 1,263 points and managed to rebound for consecutive sessions. With trading volume remaining thin, it is difficult...

Krungthai XSpring

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