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>Technically, the SET Index is expected to move sideways down, with the support at 1,425/1,421 points and the resistance at 1,437/1,442 points (10-day EMA).</li><li>Major central bank meetings this week are expected to increase global currency volatility, particularly for the USD.</li><li>On the domestic front, Thailand is showing more positive signs: i) a re-rating of valuations, driven by bond yields remaining low at 2.30%; and ii) a recovery in the 12-month forward EPS estimate, which has risen to Bt96.75 (+0.1% WoW, +0.5% from the 4Q24 low).</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,425/1,421 points and the resistance at 1,437/1,442 points (10-day EMA).Major central bank meetings this week are expected to increase global currency volatility, particularly for the USD.On the domestic front, Thailand is showing more positive signs: i) a re-rating of valuations, driven by bond yields remaining low at 2.30%; and ii) a recovery in the 12-month forward EPS estimate, which has risen to Bt96.75 (+0.1% WoW, +0.5% from the 4Q24 low).

Weekly Strategy & Flash Manufacturing and Services PMIs in December for JP, the EU and US

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 Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.


Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With 3 trading days left in the review period, we forecast 4 changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> at the December rebalance.</li>
<li>Passive trackers will need to buy between 1.2-3.6 days of ADV on the inclusions and sell between 0.3-3.1 days of ADV on the deletions.</li>
<li>The forecast adds have continued to outperform the forecast deletes and there could be more movement in stocks with relatively high ADV to trade.</li>
</ul>


With 3 trading days left in the review period, we forecast 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the December rebalance.
Passive trackers will need to buy between 1.2-3.6 days of ADV on the inclusions and sell between 0.3-3.1 days of ADV on the deletions.
The forecast adds have continued to outperform the forecast deletes and there could be more movement in stocks with relatively high ADV to trade.


SET50 Index Rebalance Preview: 4 Changes Coming Up in December

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).</li><li>The MSCI Quarterly Review will impact closing prices today for the first day.</li><li>KTX has downgraded our short-term outlook on the SET Index due to increasing risk factors.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points (10/25-day EMA).The MSCI Quarterly Review will impact closing prices today for the first day.KTX has downgraded our short-term outlook on the SET Index due to increasing risk factors.

MSCI Rebalancing to Impact Closing Prices Today & Weekly Strategy

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 22nd.We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league table 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 Bumrungrad Hospital (BH TB), True (TRUE TB).</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 22nd.We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league table 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 Bumrungrad Hospital (BH TB), True (TRUE TB).


Thailand Short Interest Weekly (Nov 22nd): Bumrungrad Hospital, True

Thailand

Banpu Public Company Limited is a versatile energy provider operating in three core business segments: energy resources (coal and gas), energy generation (thermal and renewable power plants), and energy technology (total solar energy solutions, energy storage, electric vehicles, and energy management systems). The company operates in 10 countries across Asia-Pacific and the United States. Banpu was founded on May 16, 1983, and is headquartered in Bangkok, Thailand.

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Banpu (BANPU-R TB)

Weekly Strategy & Flash Manufacturing and Services PMIs in December for JP, the EU and US

Technically, the SET Index is expected to move sideways down, with the support at 1,425/1,421 points and the resistance at 1,437/1,442 points...

Krungthai XSpring

Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Energy Absolute, Delta...

Ke Yan, CFA, FRM

SET50 Index Rebalance Preview: 4 Changes Coming Up in December

There should be 4 changes to the SET50 in Dec. Passive trackers will need to trade between 0.3-3.6x ADV on the changes. The adds have outperformed...

Brian Freitas

MSCI Rebalancing to Impact Closing Prices Today & Weekly Strategy

Technically, the SET Index is expected to move sideways, with the support at 1,436/1,432 points and the resistance at 1,451/1,455 points...

Krungthai XSpring

Thailand Short Interest Weekly (Nov 22nd): Bumrungrad Hospital, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, True.

Ke Yan, CFA, FRM

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