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

<ul><li>We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt21.80, based on a required return of 4.9%, reflecting updated macroeconomic assumptions of Rf = 1.48% and MRP = 6.83% (previously Bt23.90, 4.4%, 2.07%, and 5.58%).</li><li>The valuation metrics reflect a more negative view on the fundamentals, with the rating revised to undervalued (from buy), as the current share price now implies narrower upside to the fair value of 8%.</li><li>At the same time, the tactical view has been adjusted to neutral (from very limited upside), as the share price has declined 17% since the 1Q25 earnings report, reflecting expectations for 2Q25E net profit to be flat YoY (previously we projected it to grow YoY owing to the absence of Ramadan).</li></ul>

We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt21.80, based on a required return of 4.9%, reflecting updated macroeconomic assumptions of Rf = 1.48% and MRP = 6.83% (previously Bt23.90, 4.4%, 2.07%, and 5.58%).The valuation metrics reflect a more negative view on the fundamentals, with the rating revised to undervalued (from buy), as the current share price now implies narrower upside to the fair value of 8%.At the same time, the tactical view has been adjusted to neutral (from very limited upside), as the share price has declined 17% since the 1Q25 earnings report, reflecting expectations for 2Q25E net profit to be flat YoY (previously we projected it to grow YoY owing to the absence of Ramadan).

Bangkok Dusit Medical Services - Expect Flat 2Q25E Net Profit YoY...

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

DZT Research

DZT 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 Jul 4th. We estimate that they had an aggregated short interest worth USD2.0bn.</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 Ptt, PTT E&amp;P, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 4th. We estimate that they had an aggregated short interest worth USD2.0bn.
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 Ptt, PTT E&amp;P, Bangkok Dusit.


Thailand Short Interest Weekly (Jul 4th): Ptt, PTT E&P, Bangkok Dusit

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Six new SDRs on SGX include Hong Kong's SMIC, JD.com, PetroChina, and Thailand's BDMS, CP Foods, Gulf.</li><li>SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.</li><li>SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.</li></ul>

Six new SDRs on SGX include Hong Kong's SMIC, JD.com, PetroChina, and Thailand's BDMS, CP Foods, Gulf.SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.

Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 13th. We estimate that they had an aggregated short interest worth USD2.0bn.</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 TMBThanachart Bank, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 13th. We estimate that they had an aggregated short interest worth USD2.0bn.
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 TMBThanachart Bank, Bangkok Dusit.


Thailand Short Interest Weekly (Jun 13th): TMBThanachart Bank, Bangkok Dusit

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</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, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
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, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

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.

Bangkok Dusit Medical Services (BDMS-R TB)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bangkok Dusit Medical Services (BDMS-R TB)

Bangkok Dusit Medical Services - Expect Flat 2Q25E Net Profit YoY...

We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt21.80, based on a required return of 4.9%, reflecting...

Krungthai XSpring

Thailand Short Interest Weekly (Jul 4th): Ptt, PTT E&P, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Ptt, PTT E&P, Bangkok Dusit.

Ke Yan, CFA, FRM

Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index

Six new SDRs on SGX include Hong Kong's SMIC, JD.com, PetroChina, and Thailand's BDMS, CP Foods, Gulf. SDRs provide cost-effective, convenient...

Singapore Exchange Ltd (SGX)

Thailand Short Interest Weekly (Jun 13th): TMBThanachart Bank, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in TMBThanachart Bank, Bangkok Dusit.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)