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

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.

Technical Analysis

<ul><li>The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.</li><li>In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.</li><li>We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.</li></ul>

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock.In addition, both the MACD and RSI continue to signal further upside potential, suggesting the index could break above the 1,650 level.We therefore recommend buying on weakness, as the market is likely to remain volatile and sector rotation is expected to continue at a relatively rapid pace.

Krungthai XSpring Technical Eng. July 27, 2026

Cross Asset Strategy

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

Thematic (Sector/Industry)

<ul><li>OPEC+ agreed to increase oil production by 0.188mbd starting in July, marking the fourth consecutive monthly output hike (April: 0.137mbd; May–June: 0.188mbd, excluding the UAE's production share following its withdrawal from the group on May 1).</li><li>The EIA expects the oil market to remain tight in 2Q–3Q26E before gradually normalizing in 4Q26E.</li><li>Oil-linked stocks continue to face headwinds as crude oil prices have likely passed their peak in March and entered a downtrend.</li></ul>

OPEC+ agreed to increase oil production by 0.188mbd starting in July, marking the fourth consecutive monthly output hike (April: 0.137mbd; May–June: 0.188mbd, excluding the UAE's production share following its withdrawal from the group on May 1).The EIA expects the oil market to remain tight in 2Q–3Q26E before gradually normalizing in 4Q26E.Oil-linked stocks continue to face headwinds as crude oil prices have likely passed their peak in March and entered a downtrend.

Energy (Oil): OPEC+ Approves A 0.188mbd Oil Production Increase Starting In July - Neutral

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 112% versus the SET 100 Index’s return of 55%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 112% versus the SET 100 Index’s return of 55%


The Stocks to Own in Thailand – Vol. 53

Thailand

PTT Global Chemical is a Thai petrochemical company that specializes in synthesizing olefins and aromatics. It also engages in crude oil and condensate refining, and produces polymers, green chemicals, and performance chemicals. The company's products serve various industries including packaging, automotive, and construction. PTT Global Chemical was founded on October 19, 2011, and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PTT Global Chemical (PTTGC TB)

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

Krungthai XSpring Technical Eng. July 27, 2026

The index demonstrated strong resilience to selling pressure, with gains broadening beyond any single stock. In addition, both the MACD and RSI...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

Energy (Oil): OPEC+ Approves A 0.188mbd Oil Production Increase Starting In July - Neutral

Oil-linked stocks continue to face headwinds as crude oil prices have likely passed their peak in March and entered a downtrend.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 53

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)