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.

Thematic (Sector/Industry)

<ul><li>The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors looking to reduce risk ahead of the long Songkran holiday.</li><li>However, the index’s decline was limited, as large-cap stocks showed only slight movement despite foreign investor selling.</li><li>As a result, the SET still managed to post a 0.31% gain from the previous week.</li></ul>

The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors looking to reduce risk ahead of the long Songkran holiday.However, the index’s decline was limited, as large-cap stocks showed only slight movement despite foreign investor selling.As a result, the SET still managed to post a 0.31% gain from the previous week.

<ul><li>President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.</li><li>The SET surged to 1,146.86 points, gaining 58.68 points, before pulling back due to profit taking ahead of the Songkran holiday.</li><li>Strong buying activities flowed in blue-chip stocks and those previously affected by Trump’s tariff policies, such as AMATA, WHA, DELTA, PTTEP, SCC, GULF and banking stocks. </li></ul>

President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.The SET surged to 1,146.86 points, gaining 58.68 points, before pulling back due to profit taking ahead of the Songkran holiday.Strong buying activities flowed in blue-chip stocks and those previously affected by Trump’s tariff policies, such as AMATA, WHA, DELTA, PTTEP, SCC, GULF and banking stocks. 

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 28th.We estimate that they had an aggregated short interest worth USD0.8bn.</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 CP AXTRA NVDR, Thai Oil, Central Pattana, Indorama Ventures, PTT E&amp;P, Airports of Thailand, Kasikornbank, Bangkok Bank, CP ALL.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 28th.We estimate that they had an aggregated short interest worth USD0.8bn.
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 CP AXTRA NVDR, Thai Oil, Central Pattana, Indorama Ventures, PTT E&amp;P, Airports of Thailand, Kasikornbank, Bangkok Bank, CP ALL.


Thailand Short Interest Weekly (Mar 28th): CP AXTRA, Thai Oil, Central Pattana, Indorama Ventures

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 21st.We estimate that they had an aggregated short interest worth USD2.0bn.</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 PTT, SCC, Krung Thai Bank, True, Srisawad.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 21st.We estimate that they had an aggregated short interest worth USD2.0bn.
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 PTT, SCC, Krung Thai Bank, True, Srisawad.


Thailand Short Interest Weekly (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.</li>
<li>EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.</li>
<li>COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.
EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.
COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.


Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

Thailand

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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Bumrungrad Hospital Pub Co (BH TB)

Technical Analysis - APRIL 16, 2025

The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors...

Krungthai XSpring

Technical Analysis - APRIL 11, 2025

President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.

Krungthai XSpring

Thailand Short Interest Weekly (Mar 28th): CP AXTRA, Thai Oil, Central Pattana, Indorama Ventures

We analyzed SET short interest report for the past week and highlighted short interest changes in CP AXTRA NVDR, Thai Oil, Central Pattana,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, SCC, Krung Thai Bank, True, Srisawad.

Ke Yan, CFA, FRM

Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

BDMS sees 7% revenue growth in 2024 from hospital operations, with strong performance from both foreign and Thai patients. EBITDA and net profit...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Technical Analysis - APRIL 16, 2025

The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors...

Krungthai XSpring

Technical Analysis - APRIL 11, 2025

President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.

Krungthai XSpring

Thailand Short Interest Weekly (Mar 28th): CP AXTRA, Thai Oil, Central Pattana, Indorama Ventures

We analyzed SET short interest report for the past week and highlighted short interest changes in CP AXTRA NVDR, Thai Oil, Central Pattana,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, SCC, Krung Thai Bank, True, Srisawad.

Ke Yan, CFA, FRM

Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

​BDMS sees 7% revenue growth in 2024 from hospital operations, with strong performance from both foreign and Thai patients. EBITDA and net profit...

Tina Banerjee

BDMS sees 7% revenue growth in 2024 from hospital operations, with strong performance from both foreign and Thai patients. EBITDA and net profit...