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.

Cross Asset Strategy

<ul><li>Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).</li><li>The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).</li><li>The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).</li></ul>

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks (PTTEP, PTTGC, SPRC).The NESDC raised its 2026 export growth forecast to 15.1% from 9.6%, supported by strong demand for electronics and advanced-technology products (DELTA, KCE).The Transport Ministry is preparing a Bt24bn budget to support the transition of public transport vehicles to EVs (NEX, EA).

Krungthai XSpring Zoom Eng. August 18, 2026

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 Oct 9th. 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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. 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 Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Equity Bottom-Up

PTT Exploration & Production / Equity Bottom-Up

<ul><li>PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing contract (PSC) located in shallow offshore waters in Malaysia.</li><li>The natural gas produced from the field has secured market outlets, supplying onshore LNG liquefaction complexes, while condensate is sold through a tender process.</li><li>The acquisition has completed in mid-December 2025, though the transaction value has not been disclosed due to confidentiality obligations.</li></ul>

PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing contract (PSC) located in shallow offshore waters in Malaysia.The natural gas produced from the field has secured market outlets, supplying onshore LNG liquefaction complexes, while condensate is sold through a tender process.The acquisition has completed in mid-December 2025, though the transaction value has not been disclosed due to confidentiality obligations.

PTT Exploration and Production Plc: PTTEP Has Acquired An Indirect 9.998% Equity In Block SK408

<ul><li>PTTEP targets 3.5% CAGR petroleum sales growth in 2026–30E, similar to the 2025–29E plan, supported by sustaining core projects and advancing development projects.</li><li>We maintain a Neutral rating and trim 2026 FV to Bt115 (from Bt120) based on a 12.3% required return (Rf 1.23%, MRP 5.61%).</li><li>With the updated 5-year expenditure and sales volume plans, lower Dubai crude prices, and a higher unit cost of USD29–30/bbl, we cut 2025–27E net profit by 14%, 12%, and 4%.</li></ul>

PTTEP targets 3.5% CAGR petroleum sales growth in 2026–30E, similar to the 2025–29E plan, supported by sustaining core projects and advancing development projects.We maintain a Neutral rating and trim 2026 FV to Bt115 (from Bt120) based on a 12.3% required return (Rf 1.23%, MRP 5.61%).With the updated 5-year expenditure and sales volume plans, lower Dubai crude prices, and a higher unit cost of USD29–30/bbl, we cut 2025–27E net profit by 14%, 12%, and 4%.

PTT Exploration And Production Plc. (PTTEP): 5-Year Petroleum Sale Volume & Expenditure Plan

Technical Analysis

<ul><li>The SET Index was boosted by a rebound in DELTA, which played a key role in lifting the market in line with Asian equities amid growing expectations that the Fed may refrain from further rate hikes.</li><li>The index has continued to hold above the 1,600-point support and resumed its advance at a healthy pace, reinforcing the uptrend and keeping the 1,650-point target firmly in sight.</li><li>We recommend buying on dips, as the index has recently seen sharp advances followed by quick pullbacks.</li></ul>

The SET Index was boosted by a rebound in DELTA, which played a key role in lifting the market in line with Asian equities amid growing expectations that the Fed may refrain from further rate hikes.The index has continued to hold above the 1,600-point support and resumed its advance at a healthy pace, reinforcing the uptrend and keeping the 1,650-point target firmly in sight.We recommend buying on dips, as the index has recently seen sharp advances followed by quick pullbacks.

Krungthai XSpring Technical Eng. August 11, 2026

Thailand

PTT Exploration & Production is a national petroleum exploration and production company engaged in the exploration, development, and production of oil and gas both domestically and internationally. The company also invests in renewable energy and related activities, aiming for sustainable growth and a low-carbon future. It is headquartered in Bangkok, Thailand, and was founded on June 20, 1985.

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PTT Exploration & Production (PTTEP TB)

Krungthai XSpring Zoom Eng. August 18, 2026

Brent crude rose more than 2% amid concerns that tensions in the Middle East could persist, supporting speculative trading in energy stocks...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

PTT Exploration and Production Plc: PTTEP Has Acquired An Indirect 9.998% Equity In Block SK408

PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing...

Krungthai XSpring

PTT Exploration And Production Plc. (PTTEP): 5-Year Petroleum Sale Volume & Expenditure Plan

PTTEP targets 3.5% CAGR petroleum sales growth in 2026–30E, similar to the 2025–29E plan, supported by sustaining core projects and advancing...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 11, 2026

The SET Index was boosted by a rebound in DELTA, which played a key role in lifting the market in line with Asian equities amid growing...

Krungthai XSpring

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