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 Sep 26th. 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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. 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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.


Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

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 move higher today, with the support at 1,272/1,264 and the resistance at 1,284/1,296.</li><li>Concerns about the credit rating appear limited, as foreign investors returned to net buying for the first time in five days.</li><li>Fitch Ratings maintained Thailand’s credit rating at BBB+ but revised the outlook to Negative from Stable, citing political risks and high public debt at 59.4% of GDP in August, about 25 ppt above pre-COVID levels.</li></ul>

The SET Index is expected to move higher today, with the support at 1,272/1,264 and the resistance at 1,284/1,296.Concerns about the credit rating appear limited, as foreign investors returned to net buying for the first time in five days.Fitch Ratings maintained Thailand’s credit rating at BBB+ but revised the outlook to Negative from Stable, citing political risks and high public debt at 59.4% of GDP in August, about 25 ppt above pre-COVID levels.

Krungthai XSpring Zoom Eng. September 25, 2025

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. 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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. 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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.


Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

<ul><li>The Thai baht continues to appreciate, currently at Bt31.7 per USD, its strongest level in four years.</li><li>Consequently, the average baht value in 3Q25 remains stronger both YoY and QoQ, which continues to pressure revenue and earnings in the electronics components sector.</li><li>While sector valuations have improved on the back of recovering product demand, we believe they may be nearing a short-term peak, as 3Q25E performance faces rising risks from currency appreciation.</li></ul>

The Thai baht continues to appreciate, currently at Bt31.7 per USD, its strongest level in four years.Consequently, the average baht value in 3Q25 remains stronger both YoY and QoQ, which continues to pressure revenue and earnings in the electronics components sector.While sector valuations have improved on the back of recovering product demand, we believe they may be nearing a short-term peak, as 3Q25E performance faces rising risks from currency appreciation.

Electronic Components: Baht Strength to Keep Pressuring Outlook – Neutral

<ul><li>The improved tone in US-China talks is expected to boost market sentiment in Asia and Thailand today.</li><li>Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for royal endorsement expected this week.</li><li>Bloomberg reported that the Bank of Thailand (BOT) and the Ministry of Finance are considering a tax on gold transactions settled in baht to ease pressure on the currency and curb excessive appreciation.</li></ul>

The improved tone in US-China talks is expected to boost market sentiment in Asia and Thailand today.Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for royal endorsement expected this week.Bloomberg reported that the Bank of Thailand (BOT) and the Ministry of Finance are considering a tax on gold transactions settled in baht to ease pressure on the currency and curb excessive appreciation.

Krungthai XSpring Zoom Eng. September 16, 2025

Thailand

KCE Electronics Public Company Limited and its subsidiaries manufacture and export single-layered, multi-layered, and double-sided printed circuit boards (PCBs) under its KCE trademark.  Multi-layered PCBs are used mainly in high technology equipment and high precision instruments.  Double-sided PCBs are used largely in telecommunication and computing equipment.

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KCE Electronics PCL (KCE TB)

Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. September 25, 2025

Concerns about the credit rating appear limited, as foreign investors returned to net buying for the first time in five days.

Krungthai XSpring

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Thai Oil (TOP TB), Gulf...

Ke Yan, CFA, FRM

Electronic Components: Baht Strength to Keep Pressuring Outlook – Neutral

While sector valuations have improved on the back of recovering product demand, we believe they may be nearing a short-term peak, as 3Q25E...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 16, 2025

Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)