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

DZT Research

DZT 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 Feb 13th. We estimate that they had an aggregated short interest worth USD2.9bn.</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 Bangkok Dusit, Intouch, TISCO Financial, Gulf Energy Development, Advanced Info Service, Advanced Info Service, Bangkok Dusit, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Feb 13th. We estimate that they had an aggregated short interest worth USD2.9bn.
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 Bangkok Dusit, Intouch, TISCO Financial, Gulf Energy Development, Advanced Info Service, Advanced Info Service, Bangkok Dusit, Gulf Energy Development.


Thailand Short Interest Weekly (Feb 13th): Bangkok Dusit, Intouch, TISCO Financial

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.

Equity Bottom-Up

<ul><li>We raise 2025–27E core profit forecasts, reflecting stronger 4Q25E transfers driven by the recognition of 450 rai from a third plots of data center (DC) client, lifting 2025E transfers to 2.1k rai.</li><li>We lift our fair value to Bt5.20 (required return: 5.9%) from Bt3.64 (6.9%) and maintain Buy, backed by 37% upside and a 2Y core EPS CAGR of 7% (above peers), with very limited tactical upside risk.</li><li>The 12M FV upgrade is driven mainly by lower ERP and risk-free rate assumptions rather than higher EPS.</li></ul>

We raise 2025–27E core profit forecasts, reflecting stronger 4Q25E transfers driven by the recognition of 450 rai from a third plots of data center (DC) client, lifting 2025E transfers to 2.1k rai.We lift our fair value to Bt5.20 (required return: 5.9%) from Bt3.64 (6.9%) and maintain Buy, backed by 37% upside and a 2Y core EPS CAGR of 7% (above peers), with very limited tactical upside risk.The 12M FV upgrade is driven mainly by lower ERP and risk-free rate assumptions rather than higher EPS.

WHA CORPORATION Plc. (WHA): 4Q25E Transfers Likely Surged Despite Softer Presales

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Feb 6th. We estimate that they had an aggregated short interest worth USD2.6bn.</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, Minor International, Thai Oil, CP ALL, CP Foods, CP ALL, Thai Oil, Cp Foods, Minor International.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Feb 6th. We estimate that they had an aggregated short interest worth USD2.6bn.
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, Minor International, Thai Oil, CP ALL, CP Foods, CP ALL, Thai Oil, Cp Foods, Minor International.


Thailand Short Interest Weekly (Feb 6th): Intouch, Minor International, Thai Oil, CP ALL, CP Foods

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 30th. We estimate that they had an aggregated short interest worth USD2.6bn.</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 Bangkok Bank, Intouch, Krung Thai Bank, SCC, Thai Life Insurance, Scc, Bangkok Bank, Krung Thai Bank, Thai Life Insurance.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 30th. We estimate that they had an aggregated short interest worth USD2.6bn.
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 Bangkok Bank, Intouch, Krung Thai Bank, SCC, Thai Life Insurance, Scc, Bangkok Bank, Krung Thai Bank, Thai Life Insurance.


Thailand Short Interest Weekly (Jan 30th): Bangkok Bank, Intouch, Krung Thai Bank, SCC

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 23rd. 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 Bangkok Bank, Intouch, True, SCB X, Kasikornbank, Kasikornbank, Bangkok Bank, Scb X, True.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 23rd. 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 Bangkok Bank, Intouch, True, SCB X, Kasikornbank, Kasikornbank, Bangkok Bank, Scb X, True.


Thailand Short Interest Weekly (Jan 23rd): Bangkok Bank, Intouch, True, SCB X, Kasikornbank

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)

Thailand Short Interest Weekly (Feb 13th): Bangkok Dusit, Intouch, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Dusit (BDMS TB), Intouch (INTUCH TB),...

Ke Yan, CFA, FRM

WHA CORPORATION Plc. (WHA): 4Q25E Transfers Likely Surged Despite Softer Presales

We raise 2025–27E core profit forecasts, reflecting stronger 4Q25E transfers driven by the recognition of 450 rai from a third plots of data center...

Krungthai XSpring

Thailand Short Interest Weekly (Feb 6th): Intouch, Minor International, Thai Oil, CP ALL, CP Foods

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Minor International (MINT...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jan 30th): Bangkok Bank, Intouch, Krung Thai Bank, SCC

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Bank (BBL TB), Intouch (INTUCH TB), Krung...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jan 23rd): Bangkok Bank, Intouch, True, SCB X, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Bank, Intouch, True, SCB X, Kasikornbank,...

Ke Yan, CFA, FRM

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