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>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

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 Sep 11th. 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 Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures, Kiatnakin Phatra Bank, Thai Oil, Ptt Globalchem, Indorama Ventures, Bangchak, Kiatnakin Phatra Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 11th. 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 Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures, Kiatnakin Phatra Bank, Thai Oil, Ptt Globalchem, Indorama Ventures, Bangchak, Kiatnakin Phatra Bank.


Thailand Short Interest Weekly (Sep 11th): Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures

Thematic (Sector/Industry)

<ul><li>The latest Global Fund Manager Survey by Bank of America polled 179 global fund managers with a total NAV of USD503bn.</li><li>The survey, which took place between November 1-7, includes 22% of responses gathered after the US election results were announced — reflecting partial recognition of the outcome, with Trump being elected US president and the Republican Party likely to have control of both the House of Representatives and the Senate.</li><li>The survey reveals significant shifts in asset allocations in response to these developments. The shift is driven by the US economy showing stronger signs of a "no landing" scenario, while the global downward interest rate cycle appears less pronounced than previously expected. </li></ul>

The latest Global Fund Manager Survey by Bank of America polled 179 global fund managers with a total NAV of USD503bn.The survey, which took place between November 1-7, includes 22% of responses gathered after the US election results were announced — reflecting partial recognition of the outcome, with Trump being elected US president and the Republican Party likely to have control of both the House of Representatives and the Senate.The survey reveals significant shifts in asset allocations in response to these developments. The shift is driven by the US economy showing stronger signs of a "no landing" scenario, while the global downward interest rate cycle appears less pronounced than previously expected. 

FMS Outlook Following Trump's Victory as US President - November 19, 2024

<ul><li>KTX expects the better-than-expected 3Q24 GDP growth report, along with the NESDC's upward revision of 2024E GDP growth to 2.6% (from 2.5%), to provide only short-term positive momentum.</li><li>However, the 2025E GDP growth outlook, projected at 2.8% (range: 2.3-3.3%), is seen as a negative guidance compared to the consensus estimate of 3.0%.</li><li>This reflects downside risks from global economic uncertainties, particularly in international trade, which is expected to be negatively impacted by Donald Trump's tariff hike policies. </li></ul>

KTX expects the better-than-expected 3Q24 GDP growth report, along with the NESDC's upward revision of 2024E GDP growth to 2.6% (from 2.5%), to provide only short-term positive momentum.However, the 2025E GDP growth outlook, projected at 2.8% (range: 2.3-3.3%), is seen as a negative guidance compared to the consensus estimate of 3.0%.This reflects downside risks from global economic uncertainties, particularly in international trade, which is expected to be negatively impacted by Donald Trump's tariff hike policies. 

Economic Update: 3Q24 GDP Growth - Upbeat 3Q24 GDP Growth

<ul><li>KTX expects that the sale of Type A investment units of the Vayupak 1 Fund (VAYU1), scheduled for September 16-20, will meet the target of Bt150bn, with Bt50bn from individual investors and Bt100bn from institutional investors. (Note: these proportions may vary slightly depending on the authorities' discretion.)</li><li>The fund guarantees the principal and offers a minimum annual return of 3% (up to a maximum of 9%) over 10 years.</li><li>This attractive return, combined with high liquidity, is expected to encourage individual investors to shift funds from bank deposits to VAYU1 for better returns. </li></ul>

KTX expects that the sale of Type A investment units of the Vayupak 1 Fund (VAYU1), scheduled for September 16-20, will meet the target of Bt150bn, with Bt50bn from individual investors and Bt100bn from institutional investors. (Note: these proportions may vary slightly depending on the authorities' discretion.)The fund guarantees the principal and offers a minimum annual return of 3% (up to a maximum of 9%) over 10 years.This attractive return, combined with high liquidity, is expected to encourage individual investors to shift funds from bank deposits to VAYU1 for better returns. 

Special Report – Vayupak Fund 1 (VAYU1)

Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank in Thailand, providing a comprehensive range of financial services including retail banking, corporate lending, and digital platforms like Krungthai NEXT and PaoTang. The bank offers various products such as deposits, loans, credit cards, insurance, and investment solutions to individual, business, and government clients. It was founded on March 14, 1966, and is headquartered in Bangkok, Thailand.

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Krung Thai Bank (KTB TB)

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 11th): Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangchak (BCP TB), Thai Oil (TOP TB), PTT...

Ke Yan, CFA, FRM

FMS Outlook Following Trump's Victory as US President - November 19, 2024

The survey, which took place between November 1-7, includes 22% of responses gathered after the US election results were announced — reflecting...

Krungthai XSpring

Economic Update: 3Q24 GDP Growth - Upbeat 3Q24 GDP Growth

KTX expects the better-than-expected 3Q24 GDP growth report, along with the NESDC's upward revision of 2024E GDP growth to 2.6% (from 2.5%), to...

Krungthai XSpring

Special Report – Vayupak Fund 1 (VAYU1)

KTX expects that the sale of Type A investment units of the Vayupak 1 Fund (VAYU1), scheduled for September 16-20, will meet the target of Bt150bn

Krungthai XSpring

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