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>Israel’s attack on Iran added pressure to global bourses, while AOT saw a sharp decline.</li><li>However, oil prices surged, boosting energy stocks — particularly PTTEP — alongside gains in DELTA and banking stocks, which helped limit the index’s overall drop.</li><li>Despite these supportive factors, the index remained under pressure owing to ongoing domestic political uncertainty and a sluggish economic outlook, ending the week down 1.21% week-on-week.</li></ul>

Israel’s attack on Iran added pressure to global bourses, while AOT saw a sharp decline.However, oil prices surged, boosting energy stocks — particularly PTTEP — alongside gains in DELTA and banking stocks, which helped limit the index’s overall drop.Despite these supportive factors, the index remained under pressure owing to ongoing domestic political uncertainty and a sluggish economic outlook, ending the week down 1.21% week-on-week.

<ul><li>The hospital sector’s 2Q25E earnings outlook is weak, expected to decline QoQ due to a high number of public holidays, before improving and reaching the year’s peak in 3Q25E in line with seasonal trends.</li><li>Core profit is projected to grow at a 6% CAGR over the next two years, with our investment rating maintained at Neutral.</li><li>In the short term, we favor social security-focused hospitals like BCH, as they are unaffected by the reversal of AdjRW&gt;2 revenue in 2Q25E. </li></ul>

The hospital sector’s 2Q25E earnings outlook is weak, expected to decline QoQ due to a high number of public holidays, before improving and reaching the year’s peak in 3Q25E in line with seasonal trends.Core profit is projected to grow at a 6% CAGR over the next two years, with our investment rating maintained at Neutral.In the short term, we favor social security-focused hospitals like BCH, as they are unaffected by the reversal of AdjRW&gt;2 revenue in 2Q25E. 

Health Care Services - 2Q25E Profit Expected to Decline QoQ Due to Seasonality

<ul><li>The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.</li><li>Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.</li><li>As a result, the main entry point for the next rebound has been revised down to 1,114 points. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.As a result, the main entry point for the next rebound has been revised down to 1,114 points. 

<ul><li>The SET Index is expected to rebound, with the support levels at 1,144 and 1,136 points and the resistance at 1,160 and 1,165 points.</li><li>Technically, a buy signal may emerge if the index holds above the key support level of 1,144 points.</li><li>On the external front, the environment remains neutral. Although President Trump announced an increase in tariffs on steel and aluminum from 25% to 50% effective June 4, the US has postponed the tariff hike on Chinese goods under Section 301 from May 31 to August 31. </li></ul>

The SET Index is expected to rebound, with the support levels at 1,144 and 1,136 points and the resistance at 1,160 and 1,165 points.Technically, a buy signal may emerge if the index holds above the key support level of 1,144 points.On the external front, the environment remains neutral. Although President Trump announced an increase in tariffs on steel and aluminum from 25% to 50% effective June 4, the US has postponed the tariff hike on Chinese goods under Section 301 from May 31 to August 31. 

KTX Zoom - Anticipating a Rebound: Thailand’s Economy May Not Be as Bad as Feared

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

Thailand

Bangkok Chain Hospital Public Company Limited operates a network of private hospitals and polyclinics across Thailand and in the Lao People's Democratic Republic, providing primary to tertiary medical services. These services encompass diagnosis, treatment, prevention, and rehabilitation for various conditions, including heart disease, eye ailments, and cancer. The company was founded in 1984 and is headquartered in Nonthaburi, Thailand.

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Bangkok Chain Hospital (BCH TB)

Technical Analysis - JUNE 16, 2025

Despite these supportive factors, the index remained under pressure owing to ongoing domestic political uncertainty and a sluggish economic...

Krungthai XSpring

Health Care Services - 2Q25E Profit Expected to Decline QoQ Due to Seasonality

For the long term, we prefer BDMS, given its low exposure to Middle Eastern patients (4% of revenue) with room to grow, along with its strong cost...

Krungthai XSpring

KTX Zoom - JUNE 5, 2025

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points. Technically, no buy...

Krungthai XSpring

KTX Zoom - Anticipating a Rebound: Thailand’s Economy May Not Be as Bad as Feared

The SET Index is expected to rebound, with the support levels at 1,144 and 1,136 points and the resistance at 1,160 and 1,165 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

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