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 expect the SET to move lower and test the 1,600-point level following a rebound in the 10- and 30-year US Treasury yields.</li>
<li>We recommend short-term trading in energy, petrochemical, and refinery stocks (PTT, PTTEP, PTTGC, TOP), supported by the rise in crude oil prices to USD94/bbl amid the possibility that the US may impose severe economic measures against Iran.</li>
<li>We recommend waiting for opportunities to accumulate defensive stocks (beta below 1) that still offer more than 5% upside, including GABLE, PR9, BDMS, NER, TU, and MRDIYT.</li>
</ul>


We expect the SET to move lower and test the 1,600-point level following a rebound in the 10- and 30-year US Treasury yields.
We recommend short-term trading in energy, petrochemical, and refinery stocks (PTT, PTTEP, PTTGC, TOP), supported by the rise in crude oil prices to USD94/bbl amid the possibility that the US may impose severe economic measures against Iran.
We recommend waiting for opportunities to accumulate defensive stocks (beta below 1) that still offer more than 5% upside, including GABLE, PR9, BDMS, NER, TU, and MRDIYT.


Krungthai XSpring Zoom Eng. August 21, 2026

<ul>
<li>The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on bond yields and supporting renewed buying in technology stocks.</li>
<li>The baht strengthened to around Bt32.86/USD, which we expect to support continued foreign fund inflows (KBANK, ADVANC, CPALL, KCE).</li>
<li>Foreign investment in Thailand totaled Bt219bn in 7M26, up 37% from 2025, with investment concentrated in the EEC.</li>
</ul>


The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on bond yields and supporting renewed buying in technology stocks.
The baht strengthened to around Bt32.86/USD, which we expect to support continued foreign fund inflows (KBANK, ADVANC, CPALL, KCE).
Foreign investment in Thailand totaled Bt219bn in 7M26, up 37% from 2025, with investment concentrated in the EEC.


Krungthai XSpring Zoom Eng. August 20, 2026

<ul><li>Iraq is accelerating the expansion of its oil export routes, pushing exports up to 2mn bbl/day and putting downward pressure on crude oil prices.</li><li>US retail sales in July contracted 0.6% MoM, reducing the likelihood of a Fed rate hike and supporting further baht appreciation against the US dollar.</li><li>The BOI reported that actual investment in 2Q26 surged 31% YoY to more than Bt255bn, led by AI-related industries.</li></ul>

Iraq is accelerating the expansion of its oil export routes, pushing exports up to 2mn bbl/day and putting downward pressure on crude oil prices.US retail sales in July contracted 0.6% MoM, reducing the likelihood of a Fed rate hike and supporting further baht appreciation against the US dollar.The BOI reported that actual investment in 2Q26 surged 31% YoY to more than Bt255bn, led by AI-related industries.

Krungthai XSpring Zoom Eng. August 17, 2026

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Thai Airways International / Index Rebalance

<ul>
<li>In line with forecasts, there will be 4 changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> at the close on 30 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>'s stock price has doubled this year, and the stock will be capped back to 10% of the index weight in June. </li>
<li>Passive trackers will need to buy between 1.1-3.7% of float in the adds with the largest impacts in <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">Mr. DIY Holding (Thailand)</a> and <a href="https://www.smartkarma.com/entities/thai-airways-international" target="_blank" data-smartkarma-citation="entities:18317:1" rel="noopener">Thai Airways International (THAI TB)</a>. </li>
</ul>


In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.

Delta Electronics Thailand (DELTA TB)'s stock price has doubled this year, and the stock will be capped back to 10% of the index weight in June. 
Passive trackers will need to buy between 1.1-3.7% of float in the adds with the largest impacts in Mr. DIY Holding (Thailand) and Thai Airways International (THAI TB). 


SET50 Index Rebalance: 4 Changes in June; DELTA Capping Too

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

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, Hong Kong and India markets appear to be gearing up for a year end rush.</li>
<li>On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Hong Kong and India markets appear to be gearing up for a year end rush.
On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.


ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

Thailand

Mr. D.I.Y. Holding (Thailand) Public Company Limited operates as a holding company. The Company, through its subsidiaries, retails home improvement, decoration, and repair products. Mr. D.I.Y. Holding (Thailand) serves customers worldwide.

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Mr. DIY Holding (Thailand) (MRDIYT TB)

Krungthai XSpring Zoom Eng. August 21, 2026

We expect the SET to move lower and test the 1,600-point level following a rebound in the 10- and 30-year US Treasury yields. We recommend...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 20, 2026

The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 17, 2026

Iraq is accelerating the expansion of its oil export routes, pushing exports up to 2mn bbl/day and putting downward pressure on crude oil...

Krungthai XSpring

SET50 Index Rebalance: 4 Changes in June; DELTA Capping Too

There are 4 changes for the SET50 in June. DELTA will be capped at 10% of the index. Passives need to buy between 1.1-3.7% of float in the adds...

Brian Freitas

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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52-week Range

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