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 weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.</li><li>Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.</li><li>As a result, the main entry point for the next rebound has been revised down to 1,114 points. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.As a result, the main entry point for the next rebound has been revised down to 1,114 points. 

<ul><li>The US Court of International Trade issued an order suspending the implementation of Trump’s reciprocal tariffs, stating that imposing global tariffs under the International Emergency Economic Powers Act (IEEPA) exceeds the president’s authority.</li><li>The court determined that the administration’s plan to use tariff revenues to finance extended corporate tax cuts falls outside the legal scope of the IEEPA.</li><li>As a result, the ruling negatively impacts federal revenue collection (Figure 1) and contributes to a growing fiscal deficit. </li></ul>

The US Court of International Trade issued an order suspending the implementation of Trump’s reciprocal tariffs, stating that imposing global tariffs under the International Emergency Economic Powers Act (IEEPA) exceeds the president’s authority.The court determined that the administration’s plan to use tariff revenues to finance extended corporate tax cuts falls outside the legal scope of the IEEPA.As a result, the ruling negatively impacts federal revenue collection (Figure 1) and contributes to a growing fiscal deficit. 

KTX Ahead: Supply Shortage Has Emerged in the US -  June 4, 2025

<ul><li>The SET Index is expected to rebound, with the support levels at 1,144 and 1,136 points and the resistance at 1,160 and 1,165 points.</li><li>Technically, a buy signal may emerge if the index holds above the key support level of 1,144 points.</li><li>On the external front, the environment remains neutral. Although President Trump announced an increase in tariffs on steel and aluminum from 25% to 50% effective June 4, the US has postponed the tariff hike on Chinese goods under Section 301 from May 31 to August 31. </li></ul>

The SET Index is expected to rebound, with the support levels at 1,144 and 1,136 points and the resistance at 1,160 and 1,165 points.Technically, a buy signal may emerge if the index holds above the key support level of 1,144 points.On the external front, the environment remains neutral. Although President Trump announced an increase in tariffs on steel and aluminum from 25% to 50% effective June 4, the US has postponed the tariff hike on Chinese goods under Section 301 from May 31 to August 31. 

KTX Zoom - Anticipating a Rebound: Thailand’s Economy May Not Be as Bad as Feared

<ul><li>The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.</li><li>Combined with the impact of the MSCI rebalancing and the upcoming long holiday, this led the index to trade in negative territory throughout the day.</li><li>Selling pressure in large-cap stocks, particularly DELTA, ADVANC, and CPALL, pulled the index below the 1,150-point level, resulting in a weekly decline of 2.31%.</li></ul>

The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.Combined with the impact of the MSCI rebalancing and the upcoming long holiday, this led the index to trade in negative territory throughout the day.Selling pressure in large-cap stocks, particularly DELTA, ADVANC, and CPALL, pulled the index below the 1,150-point level, resulting in a weekly decline of 2.31%.

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 May 30th. We estimate that they had an aggregated short interest worth USD2.2bn.</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 Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 30th. We estimate that they had an aggregated short interest worth USD2.2bn.
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 Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.


Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank (KBANK/F TB)

KTX Zoom - JUNE 5, 2025

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points. Technically, no buy...

Krungthai XSpring

KTX Ahead: Supply Shortage Has Emerged in the US - June 4, 2025

Despite this, ongoing uncertainty around the reciprocal tariff policy continues to pressure US manufacturers to stockpile goods in anticipation of...

Krungthai XSpring

KTX Zoom - Anticipating a Rebound: Thailand’s Economy May Not Be as Bad as Feared

The SET Index is expected to rebound, with the support levels at 1,144 and 1,136 points and the resistance at 1,160 and 1,165 points.

Krungthai XSpring

Technical Analysis - JUNE 4, 2025

The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.

Krungthai XSpring

Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Gulf Energy Development,...

Ke Yan, CFA, FRM

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