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 recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined stop-loss levels, while also reducing portfolio risk amid heightened market volatility.</li><li>Our KTX Tactical DR Portfolio's average holding-period return declined 0.69%, pressured by the sell-off in Asian technology stocks, particularly TEL80 and LENOVO13.</li><li>Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.</li></ul>

We recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined stop-loss levels, while also reducing portfolio risk amid heightened market volatility.Our KTX Tactical DR Portfolio's average holding-period return declined 0.69%, pressured by the sell-off in Asian technology stocks, particularly TEL80 and LENOVO13.Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.

KTX Tactical DR Picks - July 20, 2026 (Eng.)

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Hang Seng TECH Index / Equity Derivatives

<ul>
<li>In a <a href="https://www.smartkarma.com/insights/hstech-30-capitulation-and-global-ai-selloff-trigger-tactical-long-entry" target="_blank" rel="noopener">recent insight</a> we theorized the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX EQUITY)</a> was about to bottom and rally. The rally happened as expected, but lasted only 2 weeks.</li>
<li>After 2 weeks up, the following (last week's) negative WEEKLY Close could be a potential tactical entry before the rally restarts. Our model signals the next leg could reach 5000.</li>
<li>Global tech valuation de-rating (Nasdaq AI selloff), geopolitical macro shock (Iran war), and China's recent domestic economic data are the possible headwinds to our model's theory.</li>
</ul>


In a recent insight we theorized the Hang Seng TECH Index (HSTECH INDEX EQUITY) was about to bottom and rally. The rally happened as expected, but lasted only 2 weeks.
After 2 weeks up, the following (last week's) negative WEEKLY Close could be a potential tactical entry before the rally restarts. Our model signals the next leg could reach 5000.
Global tech valuation de-rating (Nasdaq AI selloff), geopolitical macro shock (Iran war), and China's recent domestic economic data are the possible headwinds to our model's theory.


HSTECH Tactical Outlook Amid Global AI De-Rating and Macro Shocks

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 latest HK SFC report for aggregate short position as of Jul 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.


HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. </li>
<li>The top ten companies to benefit from 5G rollout based on innovation and citation count are <strong>Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple,</strong> and <strong>Nokia </strong>
</li>
<li>A stand-out in 5G technology rankings is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> which is punching well above its current market share in the industry. </li>
</ul>


The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. 
The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 

A stand-out in 5G technology rankings is LG Electronics (066570 KS) which is punching well above its current market share in the industry. 


Stock Ideas from Data Mining Technical Publications: A Look at 5G

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Gaia is likely a high-powered PCIe companion card aiming to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM).</li>
<li>We estimate Gaia must target an 800-1,200 TOPS envelope to displace Nvidia’s workstation GPUs, specifically leveraging PIM to bypass the severe data bottlenecks of standard PCIe interfaces.</li>
<li>The PC-level integration is a Trojan horse to potentially pitch custom hyperscaler ASICs against incumbents, providing long-term optionality ahead of a pivotal (because ADRs) and potentially soft SKHynix earnings print.</li>
</ul>


Gaia is likely a high-powered PCIe companion card aiming to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM).
We estimate Gaia must target an 800-1,200 TOPS envelope to displace Nvidia’s workstation GPUs, specifically leveraging PIM to bypass the severe data bottlenecks of standard PCIe interfaces.
The PC-level integration is a Trojan horse to potentially pitch custom hyperscaler ASICs against incumbents, providing long-term optionality ahead of a pivotal (because ADRs) and potentially soft SKHynix earnings print.


Samsung's Gaia: A PIM Trojan Horse and the Case for Structural Outperformance

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

KTX Tactical DR Picks - July 20, 2026 (Eng.)

We recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined...

Krungthai XSpring

HSTECH Tactical Outlook Amid Global AI De-Rating and Macro Shocks

The Hang Seng TECH Index has been flagged by our model for potential tactical re-entry this week, with aprofit target at 5071, despite global tech...

Nico Rosti

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

Samsung's Gaia: A PIM Trojan Horse and the Case for Structural Outperformance

Gaia, a high-powered PCIe companion card, aims to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM) to bypass...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Tactical DR Picks - July 20, 2026 (Eng.)

We recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined...

Krungthai XSpring

HSTECH Tactical Outlook Amid Global AI De-Rating and Macro Shocks

The Hang Seng TECH Index has been flagged by our model for potential tactical re-entry this week, with aprofit target at 5071, despite global tech...

Nico Rosti

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

Samsung's Gaia: A PIM Trojan Horse and the Case for Structural Outperformance

​Gaia, a high-powered PCIe companion card, aims to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM) to bypass...

Mint Finance

Gaia, a high-powered PCIe companion card, aims to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM) to bypass...