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

DZT Research

DZT 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 Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.</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, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.
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, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.


Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

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

PTT Oil and Retail Business / Equity Bottom-Up

<ul><li>We maintain our view that OR’s performance already peaked in 1Q25, with challenges ahead in 2H25E from seasonal effects in 3Q, marketing margin pressure, and accelerating SG&amp;A expenses amid intense competition in the oil retail business.</li><li>The company did not extend its gasoline-gasohol discount campaign launched during April to June as sales volume was below the targets.</li><li>In addition, unrest in Cambodia and the boycott of Thai products could pose downside risks to oil and Café Amazon sales for the global business in 2H25E.</li></ul>

We maintain our view that OR’s performance already peaked in 1Q25, with challenges ahead in 2H25E from seasonal effects in 3Q, marketing margin pressure, and accelerating SG&amp;A expenses amid intense competition in the oil retail business.The company did not extend its gasoline-gasohol discount campaign launched during April to June as sales volume was below the targets.In addition, unrest in Cambodia and the boycott of Thai products could pose downside risks to oil and Café Amazon sales for the global business in 2H25E.

Ptt Oil and Retail Business - Weak 2Q25 Earnings as Expected

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.</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, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.
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, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.


Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

<ul><li>We forecast a net profit of Bt2.34bn (-8% YoY, -47% QoQ) and core profit of Bt2.5bn (+9% YoY, -33% QoQ) in 2Q25E.</li><li>The QoQ decline is primarily driven by the following: i) The oil sales volume of the mobility business is likely to have dropped 5% QoQ to 6,386mn liters.</li><li>This includes a 10% QoQ retreat in commercial segment sales volume owing to seasonally lower jet fuel demand and a modest 4% QoQ recovery in the retail segment, despite the Bt0.50/liter gasoline and gasool discount campaign should have been minimal as sales volume may have significantly  missed expectations.</li></ul>

We forecast a net profit of Bt2.34bn (-8% YoY, -47% QoQ) and core profit of Bt2.5bn (+9% YoY, -33% QoQ) in 2Q25E.The QoQ decline is primarily driven by the following: i) The oil sales volume of the mobility business is likely to have dropped 5% QoQ to 6,386mn liters.This includes a 10% QoQ retreat in commercial segment sales volume owing to seasonally lower jet fuel demand and a modest 4% QoQ recovery in the retail segment, despite the Bt0.50/liter gasoline and gasool discount campaign should have been minimal as sales volume may have significantly  missed expectations.

Ptt Oil and Retail Business - Expect Weak 2Q25E Earnings

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 25th. We estimate that they had an aggregated short interest worth USD2.2bn.</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, CP ALL, Kasikornbank, Airports of Thailand, Srisawad, Airports Of Thailand, Kasikornbank, CP ALL.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 25th. We estimate that they had an aggregated short interest worth USD2.2bn.
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, CP ALL, Kasikornbank, Airports of Thailand, Srisawad, Airports Of Thailand, Kasikornbank, CP ALL.


Thailand Short Interest Weekly (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

Thailand

PTT Oil and Retail Business Public Company Limited is a Thailand-based company engaged in the sales and distribution of petroleum products, retail business, and other services, including the operation of fuel stations, convenience stores, and Cafe Amazon coffee shops. The company also provides lube oil blending, bottling, and fuel-related services. It was incorporated in 2007 and is headquartered in Bangkok, Thailand.

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PTT Oil and Retail Business (OR TB)

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

Ptt Oil and Retail Business - Weak 2Q25 Earnings as Expected

We maintain our view that OR’s performance already peaked in 1Q25, with challenges ahead in 2H25E from seasonal effects in 3Q, marketing margin...

Krungthai XSpring

Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bumrungrad Hospital (BH TB),...

Ke Yan, CFA, FRM

Ptt Oil and Retail Business - Expect Weak 2Q25E Earnings

he QoQ decline is primarily driven by the following: i) The oil sales volume of the mobility business is likely to have dropped 5% QoQ to 6,386mn...

Krungthai XSpring

Thailand Short Interest Weekly (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), CP ALL (CPALL TB),...

Ke Yan, CFA, FRM

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