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.

Cross Asset Strategy

<ul><li>(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.</li><li>(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.</li><li>We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.</li></ul>

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.

Krungthai XSpring Zoom Eng. September 16, 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.</li>
<li>As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.</li>
<li>Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.</li>
</ul>


The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.
As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.
Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.


Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

<p>Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.</p>

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>We think that a ~40% spread overstates the risk of this deal not moving to completion. </li>
<li>The horizontal integration aspects of this transaction can be remedied, but this is a largely vertical merger transaction which regulators may struggle to prove will lead to monopolistic behavior.</li>
<li>Even if the  ICE merger is ultimately blocked,  BKI has other supporting factors that could drive upside - an attractive valuation and a potential revival of interest from other parties </li>
</ul>


We think that a ~40% spread overstates the risk of this deal not moving to completion. 
The horizontal integration aspects of this transaction can be remedied, but this is a largely vertical merger transaction which regulators may struggle to prove will lead to monopolistic behavior.
Even if the  ICE merger is ultimately blocked,  BKI has other supporting factors that could drive upside - an attractive valuation and a potential revival of interest from other parties 


MergerTalk:Why Black Knight May Be As Safe As Houses Even If Regulators Stop Its Merger With ICE

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<div class="content-highlight">
<p>March 2021 was the first time in the past pandemic-stricken year that air travel volume has climbed back to the 2019 level pre-COVID-19 era. Volume recovery is the main thesis for Travelsky but somehow its share price has not received the same attention from investors to trade on par with the airlines that are still loss-making and naturally saddled with a higher debt to equity ratio. </p>
<p>Bullish on <a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> . </p>
</div>


March 2021 was the first time in the past pandemic-stricken year that air travel volume has climbed back to the 2019 level pre-COVID-19 era. Volume recovery is the main thesis for Travelsky but somehow its share price has not received the same attention from investors to trade on par with the airlines that are still loss-making and naturally saddled with a higher debt to equity ratio. 
Bullish on Travelsky Technology Ltd H (696 HK) . 


Travelsky (696): Recovery and Undervalued Vs Airlines

United States

Black Knight, Inc. operates as a holding company. The Company, through its subsidiaries, provides integrated technology, work flow automation, data, and analytic solutions to the mortgage and real estate industries. Black Knight serves clients in the United States and India.

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Black Knight (BKI US)

Krungthai XSpring Zoom Eng. September 16, 2026

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe. (-) The baht could weaken to Bt33.50/USD as rising...

Krungthai XSpring

Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

As long as the Russell 2000 index (IWM) is above $208, the Russell Micro Caps index (IWC) is above $134-$135, and the S&P 500 is above 4495, we...

Vermilion Research

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

MergerTalk:Why Black Knight May Be As Safe As Houses Even If Regulators Stop Its Merger With ICE

BKI appears to offer a very enticing risk-reward profile with attractive upside irrespective of whether the ICE merger transaction moves to...

Robert Sassoon

Travelsky (696): Recovery and Undervalued Vs Airlines

Volume recovery is the main thesis for Travelsky but its share price has not received the same attention from investors and u/perform the airlines...

Henry Soediarko

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