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>Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.</li><li>The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.</li><li>Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.</li></ul>

Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.

Krungthai XSpring Technical Eng. October 27, 2025

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 Oct 24th. We estimate that they had an aggregated short interest worth USD2.4bn.</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 Intouch, Advanced Info Service, True, Gulf Energy Development, PTT, Ptt, Advanced Info Service, True, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 24th. We estimate that they had an aggregated short interest worth USD2.4bn.
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 Intouch, Advanced Info Service, True, Gulf Energy Development, PTT, Ptt, Advanced Info Service, True, Gulf Energy Development.


Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

<ul><li>The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.</li><li>Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.</li><li>Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.</li></ul>

The US: US equities advanced (S&amp;P 500 +0.58%, NASDAQ +0.89%) on renewed optimism over US–China trade negotiations, following the White House’s confirmation that President Donald Trump will meet President Xi Jinping on October 30 in a sideline discussion at the APEC Summit in South Korea.Oil: Crude oil prices rebounded sharply (WTI +5.43%, Brent +5.62%) after the US imposed sanctions on Rosneft and Lukoil, two of Russia’s largest oil producers.Thailand: Focus today will also be on Thailand’s September international trade report, which is expected to show continued recovery.

Krungthai XSpring Zoom Eng. October 24, 2025

<ul><li>The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.</li><li>Despite the steep decline, trading volume remained light, and the index continued to move sideways.</li><li>Consequently, the downside appears limited, presenting an opportunity for accumulation. We therefore recommend buying on dips.</li></ul>

The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.Despite the steep decline, trading volume remained light, and the index continued to move sideways.Consequently, the downside appears limited, presenting an opportunity for accumulation. We therefore recommend buying on dips.

Krungthai XSpring Technical Eng. October 20, 2025

<ul><li>The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.</li><li>We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.</li><li>Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.</li></ul>

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses on Thursday.We recommend short-term speculative plays in export and industrial estate stocks (DELTA, HANA, KCE, TFG, WHA, AMATA), which should benefit from the improving trade outlook.Bank stocks may see increased volatility driven by speculative trading or sell-on-fact activity, which could add short-term pressure to the SET Index.

Krungthai XSpring Zoom Eng. October 20, 2025

Thailand

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

PTT Exploration & Production P (PTTEP-R TB)

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PTT Exploration & Production P (PTTEP-R TB)

Krungthai XSpring Technical Eng. October 27, 2025

Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Advanced Info Service...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. October 24, 2025

The SET Index is expected to trade in a sideways-up pattern today, with the resistance at 1,314 and 1,334 points, and support at 1,300 and 1,280...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 20, 2025

The issue of bad debts among US regional banks pressured Asian markets, which were already weighed down by renewed concerns over a US–China trade war.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 20, 2025

The easing tensions helped lift US equities, including a rebound in regional bank stocks (Zions +5.8%, Western Alliance +3.1%) after sharp losses...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)