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 Jul 25th. We estimate that they had an aggregated short interest worth USD2.2bn.</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, CP ALL, Kasikornbank, Airports of Thailand, Srisawad, Airports Of Thailand, Kasikornbank, CP ALL.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 25th. We estimate that they had an aggregated short interest worth USD2.2bn.
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, CP ALL, Kasikornbank, Airports of Thailand, Srisawad, Airports Of Thailand, Kasikornbank, CP ALL.


Thailand Short Interest Weekly (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.</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, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.
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, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.


Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 11th. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Central Retail (CRC TB).</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 11th. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Central Retail (CRC TB).


Thailand Short Interest Weekly (Jul 11th): Central Retail

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 4th. We estimate that they had an aggregated short interest worth USD2.0bn.</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 Ptt, PTT E&amp;P, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 4th. We estimate that they had an aggregated short interest worth USD2.0bn.
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 Ptt, PTT E&amp;P, Bangkok Dusit.


Thailand Short Interest Weekly (Jul 4th): Ptt, PTT E&P, Bangkok Dusit

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

<ul><li>We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.</li><li>This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).</li><li>The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. </li></ul>

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. 

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

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 (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), CP ALL (CPALL TB),...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), Intouch (INTUCH...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jul 11th): Central Retail

We analyzed SET short interest report for the past week and highlighted short interest changes in Central Retail (CRC TB).

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jul 4th): Ptt, PTT E&P, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Ptt, PTT E&P, Bangkok Dusit.

Ke Yan, CFA, FRM

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%. This adjustment reflects a downward...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)