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 Aug 22nd. We estimate that they had an aggregated short interest worth USD2.4bn.</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 Intouch, True, Siri Prime Office Property Fd, CP ALL, Bangkok Dusit, CP ALL, Bangkok Dusit, True.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 22nd. We estimate that they had an aggregated short interest worth USD2.4bn.
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 Intouch, True, Siri Prime Office Property Fd, CP ALL, Bangkok Dusit, CP ALL, Bangkok Dusit, True.


Thailand Short Interest Weekly (Aug 22nd): Intouch, True, Siri Prime Office Property Fd, CP ALL

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.


Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

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 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.</li>
<li>EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.</li>
<li>BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.


Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.


Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).</li>
<li>Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.</li>
<li>Maintaining stable margins with cost control would be key for the company amid revenue softness.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).
Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.
Maintaining stable margins with cost control would be key for the company amid revenue softness.


Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

Thailand

Bumrungrad Hospital Public Co., Ltd. operates and manages hospitals and health care centers, providing comprehensive medical services for both outpatients and inpatients. It offers a wide range of specialty centers and clinics, including clinical research and property rental services. The company is headquartered in Bangkok, Thailand, and was founded in 1980.

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Bumrungrad Hospital (BH TB)

Thailand Short Interest Weekly (Aug 22nd): Intouch, True, Siri Prime Office Property Fd, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, True, Siri Prime Office Property Fd, CP...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Muangthai Capital (MTC TB),...

Ke Yan, CFA, FRM

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

Tina Banerjee

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM