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 latest debt relief measure, literally translated as 'You Fight, We Help,' is expected to benefit all parties involved.</li><li>Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset quality.</li><li>Ultimately, this measure aims to help alleviate the overall household debt burden. We estimate that small and medium-sized banks are likely to benefit more significantly, although the extent will depend on the number of debtors registering for the program. </li></ul>

The latest debt relief measure, literally translated as 'You Fight, We Help,' is expected to benefit all parties involved.Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset quality.Ultimately, this measure aims to help alleviate the overall household debt burden. We estimate that small and medium-sized banks are likely to benefit more significantly, although the extent will depend on the number of debtors registering for the program. 

Banking DECEMBER 13, 2024 - Small and Medium-Sized Banks to Benefit from New Debt Relief Measure

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 Dec 6th.We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league table 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 Carabao, Delta Electronics, SCC, SCG Packaging.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 6th.We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league table 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 Carabao, Delta Electronics, SCC, SCG Packaging.


Thailand Short Interest Weekly (Dec 6th): Carabao, Delta Electronics, SCC, SCG Packaging

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.


Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

<ul><li>Although the market is likely to revise down EPS estimates following weaker-than- expected 3Q24 earnings, using the KTX implied EPS tool, we find that most sectors (accounting for over 80% of total market capitalization) have partially priced in the negative factors, which limits the downside risk.</li><li>In addition, the SET Index's correction of -0.8% (since the 3Q24 earnings announcements) has kept the market risk premium (MRP) stable at 4.213%, matching the lower bound of the trading buy range at an MRP of 4.21% (-1 S.D.).</li><li>This suggests that the SET is at a level where the risk-reward appears attractive. </li></ul>

Although the market is likely to revise down EPS estimates following weaker-than- expected 3Q24 earnings, using the KTX implied EPS tool, we find that most sectors (accounting for over 80% of total market capitalization) have partially priced in the negative factors, which limits the downside risk.In addition, the SET Index's correction of -0.8% (since the 3Q24 earnings announcements) has kept the market risk premium (MRP) stable at 4.213%, matching the lower bound of the trading buy range at an MRP of 4.21% (-1 S.D.).This suggests that the SET is at a level where the risk-reward appears attractive. 

Special Report: Investment Strategy Post-3Q24 Earnings Reports - NOVEMBER 21, 2024

<ul><li>KTX holds a positive view of the new household debt relief measures, as they help reduce principal amounts and long-term debt burdens.</li><li>This is expected to have a favorable impact on asset quality and ease future provisioning pressures.</li><li>These measures are particularly beneficial for small and medium-sized banks with a high proportion of retail loan portfolios. Recommendations include KKP, TTB, and TISCO.</li></ul>

KTX holds a positive view of the new household debt relief measures, as they help reduce principal amounts and long-term debt burdens.This is expected to have a favorable impact on asset quality and ease future provisioning pressures.These measures are particularly beneficial for small and medium-sized banks with a high proportion of retail loan portfolios. Recommendations include KKP, TTB, and TISCO.

Banking - New Household Debt Relief Measure: A Positive Outlook for Small and Medium-Sized Banks

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kasikornbank PCL (KBANK TB)

Banking DECEMBER 13, 2024 - Small and Medium-Sized Banks to Benefit from New Debt Relief Measure

Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset...

Krungthai XSpring

Thailand Short Interest Weekly (Dec 6th): Carabao, Delta Electronics, SCC, SCG Packaging

We analyzed SET short interest report for the past week and highlighted short interest changes in Carabao, Delta Electronics, SCC, SCG Packaging.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Energy Absolute, Delta...

Ke Yan, CFA, FRM

Special Report: Investment Strategy Post-3Q24 Earnings Reports - NOVEMBER 21, 2024

Listed companies reported a combined net profit (SET EPS) of Bt208bn in 3Q24, which was approximately 8.5% below the consensus estimate.

Krungthai XSpring

Banking - New Household Debt Relief Measure: A Positive Outlook for Small and Medium-Sized Banks

KTX holds a positive view of the new household debt relief measures, as they help reduce principal amounts and long-term debt burdens.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)