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 assess that the plan to import LNG from the US, aimed at mitigating the impact of the reciprocal tariff measures, is just slightly positive for the country and electricity prices.</li><li>This is due to a projected reduction in pool gas prices by about Bt4/mmbtu (based on an import volume of 1mn tons per year, equivalent to roughly 3% of Thailand’s gas supply).</li><li>The expected import price is around USD10/mmbtu, representing a discount of USD2- 4/mmbtu compared to JKM prices. </li></ul>

We assess that the plan to import LNG from the US, aimed at mitigating the impact of the reciprocal tariff measures, is just slightly positive for the country and electricity prices.This is due to a projected reduction in pool gas prices by about Bt4/mmbtu (based on an import volume of 1mn tons per year, equivalent to roughly 3% of Thailand’s gas supply).The expected import price is around USD10/mmbtu, representing a discount of USD2- 4/mmbtu compared to JKM prices. 

Industry Update: Energy (Power) - JULY 9, 2025

<ul><li>The Energy Regulatory Commission (ERC) has extended the timeline for signing Power Purchase Agreements (PPA) under the 2022-30 Feed-in Tariff (FiT) scheme for renewable energy projects without fuel costs (RE. 2.1; with 2,145MW of awarded capacity announced in December 2024).</li><li>The original deadline for the PPA signing was July 29, 2025, but this is now pending a clearance order from the National Energy Policy Committee (NEPC).</li><li>This follows the NEPC resolution on December 25, 2024, to review the project’s accuracy. </li></ul>

The Energy Regulatory Commission (ERC) has extended the timeline for signing Power Purchase Agreements (PPA) under the 2022-30 Feed-in Tariff (FiT) scheme for renewable energy projects without fuel costs (RE. 2.1; with 2,145MW of awarded capacity announced in December 2024).The original deadline for the PPA signing was July 29, 2025, but this is now pending a clearance order from the National Energy Policy Committee (NEPC).This follows the NEPC resolution on December 25, 2024, to review the project’s accuracy. 

Flash News: Energy (Power) - JULY 3, 2025

<ul><li>The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.</li><li>However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.</li><li>The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.</li></ul>

The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.

<ul><li>The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.</li><li>A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.</li><li>This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.</li></ul>

The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.

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 Jun 13th. 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 TMBThanachart Bank, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 13th. 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 TMBThanachart Bank, Bangkok Dusit.


Thailand Short Interest Weekly (Jun 13th): TMBThanachart Bank, Bangkok Dusit

Thailand

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

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Global Power Synergy Company Ltd (GPSC TB)

Industry Update: Energy (Power) - JULY 9, 2025

We assess that the plan to import LNG from the US, aimed at mitigating the impact of the reciprocal tariff measures, is just slightly positive for...

Krungthai XSpring

Flash News: Energy (Power) - JULY 3, 2025

Then, on May 6, 2025, it assigned the ERC, the three state utilities, and the Energy Policy and Planning Office (EPPO) to negotiate with private...

Krungthai XSpring

Technical Analysis -JULY 2, 2025

The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci...

Krungthai XSpring

Technical Analysis - JULY 1, 2025

A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.

Krungthai XSpring

Thailand Short Interest Weekly (Jun 13th): TMBThanachart Bank, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in TMBThanachart Bank, Bangkok Dusit.

Ke Yan, CFA, FRM

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52-week Range

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