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.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways down, with the support at 1,615/1,610 points and the resistance at 1,635/1,640 points.</li><li>Negative momentum is being generated by the sharp fall of US markets due to concerns over a recession after retail sales in November showed a bigger-than-expected drop.</li><li>We recommend trading buy on BDMS, SAPPE and HMPRO.</li></ul>

The SET Index is expected to move sideways down, with the support at 1,615/1,610 points and the resistance at 1,635/1,640 points.Negative momentum is being generated by the sharp fall of US markets due to concerns over a recession after retail sales in November showed a bigger-than-expected drop.We recommend trading buy on BDMS, SAPPE and HMPRO.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,651/1,660 points and the support at 1,635/1,630 points.</li><li>Negative factors include the better-than-forecast US services PMI in November, suggesting that inflation may not fall as rapidly as the market expects.</li><li>Positive factors include Thai inflation in November, which may continue to slow down.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,651/1,660 points and the support at 1,635/1,630 points.Negative factors include the better-than-forecast US services PMI in November, suggesting that inflation may not fall as rapidly as the market expects.Positive factors include Thai inflation in November, which may continue to slow down.

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

Equity Bottom-Up

<ul>
<li>Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the defined threshold.</li>
<li>The portfolio's average return declined by 2.3%, moving in tandem with the SET Index (-2.4%), driven by profit-taking across the entire portfolio.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the defined threshold.
The portfolio's average return declined by 2.3%, moving in tandem with the SET Index (-2.4%), driven by profit-taking across the entire portfolio.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


KTX Tactical Picks - July 30, 2026 (Eng.)

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 Jul 24th. We estimate that they had an aggregated short interest worth USD3.2bn.</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 Krung Thai Bank, THAI AIRWAYS INTERNATIONAL, Gunkul Engineering, CP Foods, Bumrungrad Hospital, Krung Thai Bank, Cp Foods, Bumrungrad Hospital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 24th. We estimate that they had an aggregated short interest worth USD3.2bn.
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 Krung Thai Bank, THAI AIRWAYS INTERNATIONAL, Gunkul Engineering, CP Foods, Bumrungrad Hospital, Krung Thai Bank, Cp Foods, Bumrungrad Hospital.


Thailand Short Interest Weekly (Jul 24th): Krung Thai Bank, THAI AIRWAYS INTERNATIONAL, CP Foods

Thailand

IRPC is a leading integrated petroleum and petrochemical company, operating the first fully integrated petrochemical complex in Southeast Asia. It refines oil and produces petrochemical products, including various plastic resins, olefins, aromatics, lubricants, and asphalt, serving diverse industries. The company's operations are primarily located in Rayong Province, Thailand, and it was founded in 1978.

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IRPC (IRPC-R TB)

Market Outlook

The SET Index is expected to move sideways down, with the support at 1,615/1,610 points and the resistance at 1,635/1,640 points. Negative...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,651/1,660 points and the support at 1,635/1,630 points. Negative factors...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

KTX Tactical Picks - July 30, 2026 (Eng.)

Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the...

Krungthai XSpring

Thailand Short Interest Weekly (Jul 24th): Krung Thai Bank, THAI AIRWAYS INTERNATIONAL, CP Foods

We analyzed SET short interest report for the past week and highlighted short interest changes in Krung Thai Bank (KTB TB), THAI AIRWAYS...

Ke Yan, CFA, FRM

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