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

Shenton Research

Shenton 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 changes in short interest of Stock Exchange of Thailand as of Sep 18th. We estimate that they had an aggregated short interest worth USD3.4bn.</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 Delta Electronics, THAI AIRWAYS INTERNATIONAL, Central Plaza Hotel, Bangchak, Advanced Info Service, Delta Electronics, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 18th. We estimate that they had an aggregated short interest worth USD3.4bn.
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 Delta Electronics, THAI AIRWAYS INTERNATIONAL, Central Plaza Hotel, Bangchak, Advanced Info Service, Delta Electronics, Advanced Info Service.


Thailand Short Interest Weekly (Sep 18th): Delta Electronics, THAI AIRWAYS INTERNATIONAL, Bangchak

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 rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.</li><li>However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.</li><li>Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.</li></ul>

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.

<ul><li>Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up gains due to a lack of new market  catalysts and ongoing concerns over a sluggish domestic economy.</li><li>Uncertainty surrounding the 2026 fiscal budget added to the selling pressure, particularly in heavyweights like DELTA and KBANK, dragging the index back down.</li><li>As a result, the index hovered around the 1,160- point level.</li></ul>

Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up gains due to a lack of new market  catalysts and ongoing concerns over a sluggish domestic economy.Uncertainty surrounding the 2026 fiscal budget added to the selling pressure, particularly in heavyweights like DELTA and KBANK, dragging the index back down.As a result, the index hovered around the 1,160- point level.

<ul><li>We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and efforts to reduce D/E ratios to mitigate risks and brace for uncertainty.</li><li>For the truck hire- purchase segment, we also maintain a Neutral weighting.</li><li>While an earnings rebound is clearly underway, policy uncertainty regarding taxation remains a risk to the sector’s full recovery. </li></ul>

We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and efforts to reduce D/E ratios to mitigate risks and brace for uncertainty.For the truck hire- purchase segment, we also maintain a Neutral weighting.While an earnings rebound is clearly underway, policy uncertainty regarding taxation remains a risk to the sector’s full recovery. 

Industry Update: Finance & Securities - May 28, 2025

<ul><li>The SET Index is expected to move up and down within a range of 1,150-1,168/1,176 points today.</li><li>Based on yesterday’s technical signals, the index broke below the key support level of 1,170 points, confirming that the medium-term outlook remains in a downtrend, with a major support level at 1,144 points (buying point).</li><li>While a global market rally yesterday may provide some positive sentiment, other factors continue to pose downside risks. </li></ul>

The SET Index is expected to move up and down within a range of 1,150-1,168/1,176 points today.Based on yesterday’s technical signals, the index broke below the key support level of 1,170 points, confirming that the medium-term outlook remains in a downtrend, with a major support level at 1,144 points (buying point).While a global market rally yesterday may provide some positive sentiment, other factors continue to pose downside risks. 

KTX Zoom: US FOMC Minutes & Nvidia’s Earnings Results - MAY 28, 2025

Thailand

Muangthai Capital Public Company Limited is a leading non-bank financial institution in Thailand, primarily offering vehicle title loans, land title loans, personal loans, and nano-finance to retail customers. The company also provides motorcycle hire purchase and insurance brokerage services. It was founded on May 22, 1992, and is headquartered in Bangkok, Thailand.

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Muangthai Capital (MTC TB)

Thailand Short Interest Weekly (Sep 18th): Delta Electronics, THAI AIRWAYS INTERNATIONAL, Bangchak

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics (DELTA TB), THAI AIRWAYS...

Ke Yan, CFA, FRM

Technical Analysis - MAY 30, 2025

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.

Krungthai XSpring

Technical Analysis- MAY 29, 2025

Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up...

Krungthai XSpring

Industry Update: Finance & Securities - May 28, 2025

We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and...

Krungthai XSpring

KTX Zoom: US FOMC Minutes & Nvidia’s Earnings Results - MAY 28, 2025

The SET Index is expected to move up and down within a range of 1,150-1,168/1,176 points today. Based on yesterday’s technical signals, the index...

Krungthai XSpring

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