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 in a sideways-down pattern, with the support at 1,432/1,427 points and the resistance at 1,444/1,453 points (10-day EMA).</li><li>In the medium term, the index remains in a large sideways range between 1,273-1,716 points, while the short-term trend is testing the support level of a descending triangle pattern, awaiting confirmation of a downtrend toward 1,406 points if the index breaks below the previous support at 1,432 points.</li><li>We recommend selling on rallies and buying back near the key support level.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,432/1,427 points and the resistance at 1,444/1,453 points (10-day EMA).In the medium term, the index remains in a large sideways range between 1,273-1,716 points, while the short-term trend is testing the support level of a descending triangle pattern, awaiting confirmation of a downtrend toward 1,406 points if the index breaks below the previous support at 1,432 points.We recommend selling on rallies and buying back near the key support level.

Flash Manufacturing, Services, and Composite PMIs in October for Japan, the EU and US

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)</li>
<li>3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)</li>
<li>BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)</li>
</ul>


Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)
3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)
BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)


[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

<ul>
<li>NTES US: &lt;Eggy Party&gt; Launches on Nintendo Switch today (+)</li>
<li>JD US/BABA US/PDD US/VIPS US/3690 HK: NBS publishes social retail consumption data for October 2024 (+/+/////-)</li>
<li>JD US:JD.com Launches "On-Demand Delivery Flagship Stores" for Its On-Demand Retail Business (+)</li>
</ul>


NTES US: &lt;Eggy Party&gt; Launches on Nintendo Switch today (+)
JD US/BABA US/PDD US/VIPS US/3690 HK: NBS publishes social retail consumption data for October 2024 (+/+/////-)
JD US:JD.com Launches "On-Demand Delivery Flagship Stores" for Its On-Demand Retail Business (+)


[Blue Lotus Daily-TMT Update]:NTES US/JD US/BABA US/PDD US/VIPS US/3690 HK/AMZN US

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Genfleet Therapeutics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genfleet-therapeutics-shanghai-inc-class-h" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">Genfleet Therapeutics (2595 HK)</a> (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.
GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GenFleet Therapeutics IPO Lockup - Over 50% Is Owned by Pre-IPO Investors, CCASS Movement

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

Price Gauge
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Meituan (3690 HK)

Flash Manufacturing, Services, and Composite PMIs in October for Japan, the EU and US

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,432/1,427 points and the resistance at...

Krungthai XSpring

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/JD US/BABA US/PDD US/VIPS US/3690 HK/AMZN US

New game Eggy Party launches on Nintendo Switch, JD.com introduces On-Demand Delivery Flagship Stores for retail business, NBS releases social...

Blue Lotus Research Institute

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

Aequitas: GenFleet Therapeutics IPO Lockup - Over 50% Is Owned by Pre-IPO Investors, CCASS Movement

Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Flash Manufacturing, Services, and Composite PMIs in October for Japan, the EU and US

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,432/1,427 points and the resistance at...

Krungthai XSpring

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

​China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/JD US/BABA US/PDD US/VIPS US/3690 HK/AMZN US

​New game Eggy Party launches on Nintendo Switch, JD.com introduces On-Demand Delivery Flagship Stores for retail business, NBS releases social...

Blue Lotus Research Institute

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

Aequitas: GenFleet Therapeutics IPO Lockup - Over 50% Is Owned by Pre-IPO Investors, CCASS Movement

Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

New game Eggy Party launches on Nintendo Switch, JD.com introduces On-Demand Delivery Flagship Stores for retail business, NBS releases social...