CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 97% versus the SET 100 Index’s return of 43%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 97% versus the SET 100 Index’s return of 43%


The Stocks to Own in Thailand – Vol. 52

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.

<ul><li>The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.</li><li>Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.</li><li>As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.</li></ul>

The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.

Krungthai XSpring Technical Eng. March 10, 2026

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

Shenton Research

Shenton 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 Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

<ul><li>As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.</li><li>Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.</li><li>Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.</li></ul>

As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.

<ul><li>Today’s dominant ideas: The SET Index is expected to maintain upward momentum today, although gains may be capped.</li><li>There are continued signs of foreign direct investment (FDI) inflows into Thailand.</li><li>The SET Index closed yesterday at 1,459.68 points (+1.5%), supported by continued fund inflows, with foreign investors recording net buying of Bt3,305mn.</li></ul>

Today’s dominant ideas: The SET Index is expected to maintain upward momentum today, although gains may be capped.There are continued signs of foreign direct investment (FDI) inflows into Thailand.The SET Index closed yesterday at 1,459.68 points (+1.5%), supported by continued fund inflows, with foreign investors recording net buying of Bt3,305mn.

Krungthai XSpring Zoom Eng. February 18, 2026

Thailand

Hana Microelectronics engages in the manufacture and trading of electronic components, providing printed circuit board assemblies, integrated circuit assemblies and tests, and LED packaging and test services. It also offers electronics manufacturing and outsourced semiconductor assembly and testing services for various components. The company was founded in 1978 and is headquartered in Bangkok, Thailand.

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Hana Microelectronics (HANA TB)

The Stocks to Own in Thailand – Vol. 52

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: five stocks remain, nine new join...

A. Stotz Investment Research

Krungthai XSpring Technical Eng. March 10, 2026

Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.

Krungthai XSpring

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

Special Report: 4Q25 Earnings Summary

Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 18, 2026

The SET Index closed yesterday at 1,459.68 points (+1.5%), supported by continued fund inflows, with foreign investors recording net buying of...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)