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>The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.</li><li>The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.</li><li>We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.</li></ul>

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in nine days.The index’s drop below the 1,300-point support has turned sentiment slightly bearish, signaling weakening momentum.We maintain our “buy on dip” view, anticipating short-term consolidation before a near-term rebound.

Krungthai XSpring Technical Eng. November 5, 2025

<ul><li>No changes were made to the KTX Tactical Portfolio.</li><li>The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.</li><li>KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

No changes were made to the KTX Tactical Portfolio.The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by strength in the electronics, energy, and petrochemical sectors.KTX’s Tactical Picks portfolio is constructed within SET100 Index constituents.

KTX Tactical Picks - October 22, 2025 (Eng.)

<ul><li>The SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.</li><li>Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.</li><li>The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,280/1,268 and the resistance at 1,300/1,313.Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than-expected 3Q25 bank earnings.The measures are directly positive for hotel operators (CENTEL, ERW) and indirectly benefit airlines (BA, AAV) and retailers (CPALL, CPAXT, TFG, HMPRO) through stronger domestic tourism and consumption.

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.</li><li>The US: US markets continued to rebound (S&amp;P500 +1.07%, NASDAQ +1.37%) on optimism that the government shutdown may soon be resolved, after White House economic adviser Kevin Hassett said it could end this week.</li><li>Thailand: The Cabinet meeting is expected to approve tourism stimulus measures allowing individuals to deduct up to Bt20,000 of travel expenses from taxable income (1x for major cities and 1.5x for secondary cities) during October 29–December 15.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.The US: US markets continued to rebound (S&amp;P500 +1.07%, NASDAQ +1.37%) on optimism that the government shutdown may soon be resolved, after White House economic adviser Kevin Hassett said it could end this week.Thailand: The Cabinet meeting is expected to approve tourism stimulus measures allowing individuals to deduct up to Bt20,000 of travel expenses from taxable income (1x for major cities and 1.5x for secondary cities) during October 29–December 15.

Krungthai XSpring Zoom Eng. October 21, 2025

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 Sep 25th. We estimate that they had an aggregated short interest worth USD3.5bn.</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 Delta Electronics, Minor International, Bangkok Dusit, Gulf Energy Development, IRPC, Delta Electronics, Gulf Energy Development, Bangkok Dusit, Irpc, Minor International.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 25th. We estimate that they had an aggregated short interest worth USD3.5bn.
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 Delta Electronics, Minor International, Bangkok Dusit, Gulf Energy Development, IRPC, Delta Electronics, Gulf Energy Development, Bangkok Dusit, Irpc, Minor International.


Thailand Short Interest Weekly (Sep 25th): Delta Electronics, Minor International, Bangkok Dusit

Thailand

Home Product Center Public Company Limited is a Thailand-based home improvement retailer. The company offers a wide range of products and services for construction, decoration, renovation, and improvement of buildings, homes, and residences, including tools, paint, sanitary ware, kitchenware, home appliances, furniture, and bedding. It operates various retail formats, including HomePro stores, Mega Home stores (focused on building materials), and also has operations in Malaysia. The company was founded in 1995 and is headquartered in Nonthaburi, Thailand.

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Home Product Center (HMPRO TB)

Krungthai XSpring Technical Eng. November 5, 2025

The SET came under continued selling pressure amid a lack of fresh positive catalysts, slipping below the 1,300-point level for the first time in...

Krungthai XSpring

KTX Tactical Picks - October 22, 2025 (Eng.)

The banking sector’s outperformance continued to support the portfolio’s average return, which rose 0.55%, in line with the SET’s +0.55%, aided by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. OCTOBER 22, 2025

Domestically, sentiment remains slightly positive following the Cabinet’s approval of the “Travel for Tax Deduction” scheme and stronger-than...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 21, 2025

Thailand: The Cabinet meeting is expected to approve tourism stimulus measures allowing individuals to deduct up to Bt20,000 of travel expenses...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 25th): Delta Electronics, Minor International, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics (DELTA TB), Minor International...

Ke Yan, CFA, FRM

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