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 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 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 Oct 17th. We estimate that they had an aggregated short interest worth USD2.5bn.</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 Intouch, Plan B Media, TISCO Financial, Advanced Info Service, True, Advanced Info Service, True, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 17th. We estimate that they had an aggregated short interest worth USD2.5bn.
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 Intouch, Plan B Media, TISCO Financial, Advanced Info Service, True, Advanced Info Service, True, Tisco Financial.


Thailand Short Interest Weekly (Oct 17th): Intouch, Plan B Media, TISCO Financial

<ul><li>Although the market lacked new catalysts, the SET surged strongly before easing slightly on profit-taking and renewed foreign selling.</li><li>The index continued to rebound and successfully absorbed selling pressure.</li><li>We maintain a positive outlook on the index; however, given the low trading volume, some volatility is likely to persist.</li></ul>

Although the market lacked new catalysts, the SET surged strongly before easing slightly on profit-taking and renewed foreign selling.The index continued to rebound and successfully absorbed selling pressure.We maintain a positive outlook on the index; however, given the low trading volume, some volatility is likely to persist.

Krungthai XSpring Technical Eng. October 17, 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 Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person (1x deduction for major cities and 1.5x for secondary cities) between October 29 and December 15.</li><li>Foreign investors turned net buyers of Thai equities for the first time in four days, adding further support to the market.</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 Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person (1x deduction for major cities and 1.5x for secondary cities) between October 29 and December 15.Foreign investors turned net buyers of Thai equities for the first time in four days, adding further support to the market.

Krungthai XSpring Zoom Eng. October 16, 2025

<ul><li>The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.</li><li>These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.</li><li>As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.</li></ul>

The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.

Krungthai XSpring Technical Eng. October 16, 2025

Thailand

Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

Price Gauge
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Indorama Ventures (IVL TB)

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 (Oct 17th): Intouch, Plan B Media, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Plan B Media (PLANB TB),...

Ke Yan, CFA, FRM

Krungthai XSpring Technical Eng. October 17, 2025

Although the market lacked new catalysts, the SET surged strongly before easing slightly on profit-taking and renewed foreign selling.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 16, 2025

The Economic Cabinet has approved a new tax deduction measure allowing individuals to claim tourism-related expenses of up to Bt20,000 per person...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 16, 2025

These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)