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 Oct 9th. 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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. 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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.</li>
<li>Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.</li>
<li>Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. </li>
</ul>


Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.
Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.
Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. 


APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

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.

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

Bangkok Dusit Medical Services (BDMS-R TB)

<ul><li>3Q25 NP rose 2% YoY, exceeding forecast by 4.6%.</li><li>Thai patient revenue remained stable despite delayed seasonal cases and stronger growth in other international patients offsetting weaker Cambodian volume.</li><li>We maintain Outperform with 2026E FV of Bt23.30 (required return 4.6%, PER 21.5x).</li></ul>

3Q25 NP rose 2% YoY, exceeding forecast by 4.6%.Thai patient revenue remained stable despite delayed seasonal cases and stronger growth in other international patients offsetting weaker Cambodian volume.We maintain Outperform with 2026E FV of Bt23.30 (required return 4.6%, PER 21.5x).

Bangkok Dusit Medical Services Plc. (BDMS): 3Q25 Slightly Beat...

Technical Analysis

<ul><li>The SET Index fell sharply, pressured by rising oil prices amid concerns that the conflict between the US and Iran could escalate further, as well as expectations that the Fed may raise interest rates in the future.</li><li>However, the index recovered from its intraday low, as reflected by a longer lower shadow than upper shadow, indicating buying interest emerged at lower levels.</li><li>We therefore recommend buying on weakness, as we believe the current decline represents only a short-term consolidation and expect the index to rebound.</li></ul>

The SET Index fell sharply, pressured by rising oil prices amid concerns that the conflict between the US and Iran could escalate further, as well as expectations that the Fed may raise interest rates in the future.However, the index recovered from its intraday low, as reflected by a longer lower shadow than upper shadow, indicating buying interest emerged at lower levels.We therefore recommend buying on weakness, as we believe the current decline represents only a short-term consolidation and expect the index to rebound.

Krungthai XSpring Technical Eng. July 31, 2026

<ul><li>KTX expects the SET Index to extend its gains in July 2026, trading within a range of 1,580–1,630.</li><li>The US-Iran peace agreement has driven crude oil prices back to pre-conflict levels, easing inflationary pressures.</li><li>Thailand remains an attractive destination for foreign capital, underpinned by improving economic fundamentals, particularly the recovery in domestic demand.</li></ul>

KTX expects the SET Index to extend its gains in July 2026, trading within a range of 1,580–1,630.The US-Iran peace agreement has driven crude oil prices back to pre-conflict levels, easing inflationary pressures.Thailand remains an attractive destination for foreign capital, underpinned by improving economic fundamentals, particularly the recovery in domestic demand.

Monthly Report: July 2026: Outlook: Domestic Plays Becoming Increasingly Attractive

Thailand

Bangkok Dusit Medical Services Public Company Limited is Thailand's largest private healthcare group, operating a network of private hospitals and healthcare facilities in Thailand and Cambodia. The company provides a comprehensive range of medical services, including preventive care, treatment, and rehabilitation, through its various hospital brands such as Bangkok Hospital, Samitivej Hospital, and Phyathai Hospital. Additionally, it engages in businesses supporting medical care, such as medical laboratories, pharmaceutical production, and distribution of medical equipment. The company was founded in 1969 and is headquartered in Bangkok, Thailand.

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Bangkok Dusit Medical Services (BDMS-R TB)

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

Bangkok Dusit Medical Services Plc. (BDMS): 3Q25 Slightly Beat...

Thai patient revenue remained stable despite delayed seasonal cases and stronger growth in other international patients offsetting weaker Cambodian...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 31, 2026

The SET Index fell sharply, pressured by rising oil prices amid concerns that the conflict between the US and Iran could escalate further, as well...

Krungthai XSpring

Monthly Report: July 2026: Outlook: Domestic Plays Becoming Increasingly Attractive

KTX expects the SET Index to extend its gains in July 2026, trading within a range of 1,580–1,630. The US-Iran peace agreement has driven crude...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

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