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>The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points.</li><li>Today's momentum is slightly negative due to the increase in the number of COVID-19 cases in Thailand and many countries around the world, raising concern about the return of strict containment measures.</li><li>The key issues this week include the MPC meeting on November 30, in which it is expected to raise interest rates by 0.25% to 1.25% (positive to banking stocks), and the Motor Expo 2022 from December 1-12 (positive to hire purchase and automotive and parts operators).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points.Today's momentum is slightly negative due to the increase in the number of COVID-19 cases in Thailand and many countries around the world, raising concern about the return of strict containment measures.The key issues this week include the MPC meeting on November 30, in which it is expected to raise interest rates by 0.25% to 1.25% (positive to banking stocks), and the Motor Expo 2022 from December 1-12 (positive to hire purchase and automotive and parts operators).

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The International Sustainability Standards Board (ISSB) recently confirmed important aspects of its proposed sustainability reporting standards. One step closer to a unified standard.</li>
<li>Particularly noteworthy is confirmation that disclosures of Scope 3 emissions will be required. Scope 3 emissions are largely unreported, but account for the majority of total emissions.</li>
<li>Scope 3 disclosure could have repercussions for ESG ratings, ESG indices based on ESG ratings, and potentially (though too soon to tell) reconstutions of exchange-traded funds.</li>
</ul>


The International Sustainability Standards Board (ISSB) recently confirmed important aspects of its proposed sustainability reporting standards. One step closer to a unified standard.
Particularly noteworthy is confirmation that disclosures of Scope 3 emissions will be required. Scope 3 emissions are largely unreported, but account for the majority of total emissions.
Scope 3 disclosure could have repercussions for ESG ratings, ESG indices based on ESG ratings, and potentially (though too soon to tell) reconstutions of exchange-traded funds.


ISSB Affirms Scope 3 Emissions Reporting Requirements and Investor-Centric Focus

Writing about High Quality Companies, Enlightened Capital

Enlightened Capital

Writing about High Quality Companies

I have more than 8 years of investing experience across Equities and Fixed Income (Investment Grade/High Yield). I have largely focused on Financials, Energy, and Utilities professionally, but I am interested in exploring new sectors to find attractive opportunities. Right now, the Payments sector is occupying much of my time.

<ul><li>MSCI’s roots date back to 1969, when Capital Group pioneered the development of global equity indexes and began licensing its first index.</li><li>Since its IPO on 11/14/2007, MSCI has generated an exceptional total return of 3,732% substantially outperforming the 316% total return for the S&amp;P 500</li><li>While MSCI represents the type of high-quality business I would like to own, I believe MSCI’s quality attributes and growth prospects are currently priced in</li></ul>

MSCI’s roots date back to 1969, when Capital Group pioneered the development of global equity indexes and began licensing its first index.Since its IPO on 11/14/2007, MSCI has generated an exceptional total return of 3,732% substantially outperforming the 316% total return for the S&amp;P 500While MSCI represents the type of high-quality business I would like to own, I believe MSCI’s quality attributes and growth prospects are currently priced in

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

*A50 Challenges From HKEx: On October 18, 2021, the Hong Kong Exchange &amp; Clearing (388.HK) [HKEx] is set to launch a derivative product (China A50 contract), which is predicated on the new MSCI A50 Index. Unfortunately, this new product will be in direct competition with Singapore Exchange’s (SGX.SP) [SGX]  FTSE A50 contract, which represents approximately 10% of company revenue or close to 20% of PBT - not to mention 53% of its equity derivatives volume. HKEx has a very broad range of liquid Hong Kong-China linked products, with the new A50 contract being linked to the northbound Stock Connect – on top of a better fee offering; and*Time For Massive Strategic Move: As SGX needs to contend with a greater than expected impact from the earlier-than-expected launch of HKEX's MSCI China A50 index futures – on top of weaker equity volumes and fees, it continues to do numerous tiny bolt-on deals which appear to be more of a distraction than their worth. SGX must consider significant strategic alternatives if it is to avoid being hollowed out over the longer-term.

*A50 Challenges From HKEx: On October 18, 2021, the Hong Kong Exchange &amp; Clearing (388.HK) [HKEx] is set to launch a derivative product (China A50 contract), which is predicated on the new MSCI A50 Index. Unfortunately, this new product will be in direct competition with Singapore Exchange’s (SGX.SP) [SGX]  FTSE A50 contract, which represents approximately 10% of company revenue or close to 20% of PBT - not to mention 53% of its equity derivatives volume. HKEx has a very broad range of liquid Hong Kong-China linked products, with the new A50 contract being linked to the northbound Stock Connect – on top of a better fee offering; and*Time For Massive Strategic Move: As SGX needs to contend with a greater than expected impact from the earlier-than-expected launch of HKEX's MSCI China A50 index futures – on top of weaker equity volumes and fees, it continues to do numerous tiny bolt-on deals which appear to be more of a distraction than their worth. SGX must consider significant strategic alternatives if it is to avoid being hollowed out over the longer-term.

Singapore Exchange – 50 Hits To Bottom-Line

I recently published <a href="https://www.smartkarma.com/insights/u-s-esg-legislation-h-r-1187-unlikely-to-survive-the-republican-senate-but-there-is-more-to-come" target="_blank" data-smartkarma-citation="insights:55304" rel="noopener">U.S. ESG Legislation (H.R.1187) Unlikely to Survive the Republican Senate But There Is More to Come</a>, a brief update on ESG legislative activity in the U.S. Congress, specifically House bill (<a href="https://www.congress.gov/117/bills/hr1187/BILLS-117hr1187rfs.pdf" target="_blank" rel="noopener">H.R.1187</a>), commonly known by its short title, the "ESG Disclosure Simplification Act."That Insight told a bitter-sweet tale. On one hand, H.R.1187 is the first substantive ESG legislation in U.S. history and its passage by the House to the Senate represents a watershed moment for U.S. ESG policy. On the other hand, the bill is likely already dead on arrival in the Republican Senate.A key point made in that Insight is that whilst H.R.1187 seems destined to die on the Senate floor, it would not be in vain. H.R.1187 and its precursors set the wheels of U.S. ESG policy in motion to such a degree that Congressional legislation is merely one locus of current ESG policy activity.Aside from ESG legislation in Congress, ESG regulation at the Securities and Exchange Commission is a second epicentre of U.S. ESG policy – and in many respects, the SEC is the more promising of the two. In the first Insight, I promised a summary of the SEC's ESG-related activity.So here we are; a quick catch-up on recentg SEC activity, an overview of its ESG agenda, and a few thoughts on where things are headed vis-à-vis climate and ESG disclosure regulations.

I recently published U.S. ESG Legislation (H.R.1187) Unlikely to Survive the Republican Senate But There Is More to Come, a brief update on ESG legislative activity in the U.S. Congress, specifically House bill (H.R.1187), commonly known by its short title, the "ESG Disclosure Simplification Act."That Insight told a bitter-sweet tale. On one hand, H.R.1187 is the first substantive ESG legislation in U.S. history and its passage by the House to the Senate represents a watershed moment for U.S. ESG policy. On the other hand, the bill is likely already dead on arrival in the Republican Senate.A key point made in that Insight is that whilst H.R.1187 seems destined to die on the Senate floor, it would not be in vain. H.R.1187 and its precursors set the wheels of U.S. ESG policy in motion to such a degree that Congressional legislation is merely one locus of current ESG policy activity.Aside from ESG legislation in Congress, ESG regulation at the Securities and Exchange Commission is a second epicentre of U.S. ESG policy – and in many respects, the SEC is the more promising of the two. In the first Insight, I promised a summary of the SEC's ESG-related activity.So here we are; a quick catch-up on recentg SEC activity, an overview of its ESG agenda, and a few thoughts on where things are headed vis-à-vis climate and ESG disclosure regulations.

U.S. ESG Regulation Expected By Year-End; SEC to Mandate Climate/ESG Disclosure By Listed Companies

United States

MSCI Inc. provides investment decision support tools to investment institutions worldwide. The Company produces indices and risk and return portfolio analytics for use in managing investment portfolios.

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MSCI Inc (MSCI US)

Today's Daily Report

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points. Today's momentum...

Krungthai XSpring

ISSB Affirms Scope 3 Emissions Reporting Requirements and Investor-Centric Focus

Confirmation of key aspects of the ISSB sustainability reporting standards bring us one step closer to a single, investor-centric reporting...

Kyle Rudden

MSCI Deep Dive

MSCI’s roots date back to 1969, when Capital Group pioneered the development of global equity indexes and began licensing its first index....

Enlightened Capital

Singapore Exchange – 50 Hits To Bottom-Line

SGX: On October 18th HKEx is set to launch its own China A50 contract, which will be in direct competition with SGX FTSE A50 contract. SGX's A50...

Thomas J. Monaco

U.S. ESG Regulation Expected By Year-End; SEC to Mandate Climate/ESG Disclosure By Listed Companies

While ESG reporting legislation is tied up in Congress, ESG reporting regulation is moving swiftly at the SEC unencumbered by the bipartisanship of...

Kyle Rudden

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