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 May 23rd. We estimate that they had an aggregated short interest worth USD2.2bn.</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 Advanced Info Service, Minor International, Central Pattana, Gulf Energy Development, True, Osotspa.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 23rd. We estimate that they had an aggregated short interest worth USD2.2bn.
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 Advanced Info Service, Minor International, Central Pattana, Gulf Energy Development, True, Osotspa.


Thailand Short Interest Weekly (May 23rd): Advanced Info Service, Minor International

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 likely to move sideways and consolidate, as global financial markets have already priced in the US tax cut bill to some extent, with bond yields and US stock markets stabilizing.</li><li>Domestically, although the Cabinet has approved the economic stimulus plan, details of each project are still pending.</li><li>For today, the support levels are estimated at 1,173/1,160 points and the resistance levels at 1,185/1,200 points.</li></ul>

The SET Index is likely to move sideways and consolidate, as global financial markets have already priced in the US tax cut bill to some extent, with bond yields and US stock markets stabilizing.Domestically, although the Cabinet has approved the economic stimulus plan, details of each project are still pending.For today, the support levels are estimated at 1,173/1,160 points and the resistance levels at 1,185/1,200 points.

KTX Zoom: Global Financial Markets Have Priced in US Tax Cut - MAY 23, 2025

<ul><li>The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.</li><li>For example, bank stocks are seeing profit-taking after strong gains, while buying interest is shifting toward sectors like telecommunications and energy.</li><li>On the external front, concerns over high bond yield conditions continue to weigh on the market. </li></ul>

The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.For example, bank stocks are seeing profit-taking after strong gains, while buying interest is shifting toward sectors like telecommunications and energy.On the external front, concerns over high bond yield conditions continue to weigh on the market. 

KTX Zoom: Bond Auction Yield Rises & Half-Price Thai Travel Scheme - MAY 22, 2025

<ul><li>The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.</li><li>Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.</li><li>Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.</li></ul>

The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

<ul><li>The influx of positive factors — particularly China's rollout of economic stimulus measures and this week's trade negotiations between China and the US — along with strong 1Q25 earnings from ADVANC, sparked a sharp rally in the SET, making it the best- performing market in the region.</li><li>Large-cap stocks took the lead, and the index showed a steady upward pattern.</li><li>The index not only held above the 1,200-point area but also quickly advanced toward the 1,235-point resistance faster than expected. </li></ul>

The influx of positive factors — particularly China's rollout of economic stimulus measures and this week's trade negotiations between China and the US — along with strong 1Q25 earnings from ADVANC, sparked a sharp rally in the SET, making it the best- performing market in the region.Large-cap stocks took the lead, and the index showed a steady upward pattern.The index not only held above the 1,200-point area but also quickly advanced toward the 1,235-point resistance faster than expected. 

Thailand

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

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Minor International (MINT TB)

Thailand Short Interest Weekly (May 23rd): Advanced Info Service, Minor International

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

Ke Yan, CFA, FRM

KTX Zoom: Global Financial Markets Have Priced in US Tax Cut - MAY 23, 2025

The SET Index is likely to move sideways and consolidate, as global financial markets have already priced in the US tax cut bill to some extent,...

Krungthai XSpring

KTX Zoom: Bond Auction Yield Rises & Half-Price Thai Travel Scheme - MAY 22, 2025

The SET Index is likely to move sideways as the market lacks clear supporting factors and signs of sector rotation begin to emerge.

Krungthai XSpring

Technical Analysis - MAY 9, 2025

Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

Krungthai XSpring

Technical Analysis - MAY 8, 2025

The index not only held above the 1,200-point area but also quickly advanced toward the 1,235-point resistance faster than expected.

Krungthai XSpring

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