Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.</li>
<li>South Korean private equity firm VIG Partners tables an Offer for beauty device company <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>, whose major shareholder, <a href="https://www.smartkarma.com/entities/dms-co-ltd" target="_blank" data-smartkarma-citation="entities:2132:1" rel="noopener">DMS (068790 KS)</a>, faces allegations of unfair internal transactions.</li>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco (200 HK)</a>'s 11.9% gain on the 26th June - on serious volume - was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.</li>
</ul>



Krungthai Card (KTC TB) is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.
South Korean private equity firm VIG Partners tables an Offer for beauty device company VIOL (335890 KS), whose major shareholder, DMS (068790 KS), faces allegations of unfair internal transactions.

Melco (200 HK)'s 11.9% gain on the 26th June - on serious volume - was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.


Last Week In Event SPACE: Krungthai Card, VIOL, Melco, Singapore Post

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 initiate our coverage on KTC with an Outperform rating and a 12-month fair value (FV) of Bt45.50, based on the earnings yield method with a required return of 6.6%.</li><li>The valuation metrics indicate 24% upside to the current price.</li><li>The stock has declined 25% YTD, reflecting concerns over weak purchasing power and selling pressure following its removal from the MSCI Global Standard Index, while the long-term growth prospects are lower than peers — core EPS is projected to grow at a 6.1% CAGR in 2026-27E. The tactical downside risk appears limited</li></ul>

We initiate our coverage on KTC with an Outperform rating and a 12-month fair value (FV) of Bt45.50, based on the earnings yield method with a required return of 6.6%.The valuation metrics indicate 24% upside to the current price.The stock has declined 25% YTD, reflecting concerns over weak purchasing power and selling pressure following its removal from the MSCI Global Standard Index, while the long-term growth prospects are lower than peers — core EPS is projected to grow at a 6.1% CAGR in 2026-27E. The tactical downside risk appears limited

Krungthai Card - Maintaining Strength Amid a Challenging Environment

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 Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.</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 Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.
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 Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.


Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 9th. We estimate that they had an aggregated short interest worth USD2.1bn.</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 Airports Of Thailand, Advanced Info Service, Gulf Energy Development, Central Retail, Srisawad, Tmbthanachart Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 9th. We estimate that they had an aggregated short interest worth USD2.1bn.
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 Airports Of Thailand, Advanced Info Service, Gulf Energy Development, Central Retail, Srisawad, Tmbthanachart Bank.


Thailand Short Interest Weekly (May 9th): Airports Of Thailand, Advanced Info Service

Thailand

Krungthai Card Public Company Limited is a Thailand-based financial services company primarily engaged in credit card and personal loan businesses. The company offers a variety of credit cards, merchant acquiring services, payment services, and personal loan products including auto title loans, provincial retail lending, and e-money services. It was founded in Bangkok, Thailand, in 1996.

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Krungthai Card (KTC TB)

Last Week In Event SPACE: Krungthai Card, VIOL, Melco, Singapore Post

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Krungthai Card - Maintaining Strength Amid a Challenging Environment

We initiate our coverage on KTC with an Outperform rating and a 12-month fair value (FV) of Bt45.50, based on the earnings yield method with a...

Krungthai XSpring

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (May 9th): Airports Of Thailand, Advanced Info Service

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports Of Thailand (AOT TB), Advanced Info...

Ke Yan, CFA, FRM

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