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 Expressway and Metro / Equity Bottom-Up

<ul><li>We initiate coverage on BEM with a Neutral rating and a 12-month fair value of Bt5.80, based on the earnings yield method using a 4.6% required return.</li><li>BEM is a major transportation operator in Thailand, with market shares of 43% in expressway length and 38% in average daily mass transit ridership.</li><li>Revenue could improve, with a 2026–29E CAGR of ~8%.</li></ul>

We initiate coverage on BEM with a Neutral rating and a 12-month fair value of Bt5.80, based on the earnings yield method using a 4.6% required return.BEM is a major transportation operator in Thailand, with market shares of 43% in expressway length and 38% in average daily mass transit ridership.Revenue could improve, with a 2026–29E CAGR of ~8%.

BANGKOK EXPRESSWAY AND METRO Plc. (BEM): Revenue To Improve, But With Rising Financial Risk

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

Cross Asset Strategy

<ul><li>We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.</li><li>The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.</li><li>The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.</li></ul>

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.

Thematic (Sector/Industry)

<ul><li>The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside domestic retail fuel prices.</li><li>The Ministry of Finance views the end of the Middle East conflict as supportive of the Thai economy.</li><li>Foreign investors turned net buyers in the Thai bond market, with net inflows of Bt11.24bn.</li></ul>

The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside domestic retail fuel prices.The Ministry of Finance views the end of the Middle East conflict as supportive of the Thai economy.Foreign investors turned net buyers in the Thai bond market, with net inflows of Bt11.24bn.

Krungthai XSpring Zoom Eng. June 16, 2026

<ul><li>The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.</li><li>Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.</li><li>The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.</li></ul>

The Finance Ministry is set to propose the Bt200bn borrowing package to the cabinet today to fund cost-of-living relief measures.Crude oil prices rose 2.80% after signs the ceasefire agreement may collapse, while the Strait of Hormuz remains largely closed.The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan decree violates the constitution.

Thailand

Bangkok Expressway and Metro Public Company Limited (BEM) is a Thai public transportation company that constructs, operates, and manages expressways and rapid rail transit systems. It operates multiple metro lines and expressways in Bangkok, and also engages in commercial development activities such as retail space rental and advertising within its transportation networks. The company is headquartered in Bangkok, Thailand, and was founded in 1998, with the current entity formed by a merger in 2015.

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Bangkok Expressway and Metro (BEM TB)

BANGKOK EXPRESSWAY AND METRO Plc. (BEM): Revenue To Improve, But With Rising Financial Risk

We initiate coverage on BEM with a Neutral rating and a 12-month fair value of Bt5.80, based on the earnings yield method using a 4.6% required...

Krungthai XSpring

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

Krungthai XSpring Zoom Eng. July 6, 2026

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 16, 2026

The US and Iran have signed a peace agreement electronically, putting further pressure on crude oil prices, which fell another 5%, alongside...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 12, 2026

The opposition party submitted a petition to the House Speaker requesting the Constitutional Court to rule on whether the Bt400bn emergency loan...

Krungthai XSpring

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52-week Range

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