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>We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively.</li><li>We also suggest initiating positions in ASML0 1 , a DR referencing ASML Holding N.V. listed on the Euronext Amsterdam, and MWG1 9 , a DR referencing Mobile World Investment Corporation listed on the Ho Chi Minh Stock Exchange.</li><li>The average return of the KTX DR Tactical Picks portfolio was nearly unchanged from the previous day (–0.08%).</li></ul>

We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively.We also suggest initiating positions in ASML0 1 , a DR referencing ASML Holding N.V. listed on the Euronext Amsterdam, and MWG1 9 , a DR referencing Mobile World Investment Corporation listed on the Ho Chi Minh Stock Exchange.The average return of the KTX DR Tactical Picks portfolio was nearly unchanged from the previous day (–0.08%).

KTX TACTICAL DR PICKS - October 9, 2025 (Eng.)

<ul><li>We recommend taking profit on AMD80, which has delivered a holding-period return of +30.1%, following a 23% rally in the underlying US stock after the company secured a deal to supply AI chips to OpenAI (ChatGPT).</li><li>We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed on the Tokyo Stock Exchange.</li><li>The average return of the KTX DR Tactical Picks portfolio rose +1.19% from the previous day, supported by strong gains in US technology stocks, particularly AMD.</li></ul>

We recommend taking profit on AMD80, which has delivered a holding-period return of +30.1%, following a 23% rally in the underlying US stock after the company secured a deal to supply AI chips to OpenAI (ChatGPT).We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed on the Tokyo Stock Exchange.The average return of the KTX DR Tactical Picks portfolio rose +1.19% from the previous day, supported by strong gains in US technology stocks, particularly AMD.

KTX TACTICAL DR PICKS - OCTOBER 7, 2025 (Eng.)

<ul><li>We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.</li><li>The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

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

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Italy

Ferrari NV designs and manufactures sports cars. The Company offers new and used vehicles, warranty programs, financial supports, and maintenance, as well as watches, apparels, earphones, caps, and other accessories. Ferrari markets its products worldwide.

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Ferrari N.V. (RACE US)

KTX TACTICAL DR PICKS - October 9, 2025 (Eng.)

We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively. We also suggest initiating positions in...

Krungthai XSpring

KTX TACTICAL DR PICKS - OCTOBER 7, 2025 (Eng.)

We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE)...

Krungthai XSpring

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

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