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 Mar 21st.We estimate that they had an aggregated short interest worth USD2.0bn.</li>
<li>We tabulate league table 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 PTT, SCC, Krung Thai Bank, True, Srisawad.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 21st.We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league table 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 PTT, SCC, Krung Thai Bank, True, Srisawad.


Thailand Short Interest Weekly (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table 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 Advanced Info Service, Carabao.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table 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 Advanced Info Service, Carabao.


Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

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>The 4Q24 and 2024 earnings came out in line with expectations.</li><li>We maintain our 2025-26E earnings forecasts and expect the firm to close the earnings gap by 2026E, with 2Y core EPS growing at a 13% CAGR (in line with the sector), driven by recovering oil sales volume and an improving EBITDA margin in the lifestyle business following the divestment of unprofitable operations.</li><li>The valuation metrics suggest maintaining a positive view on the current valuation, as the market price implies around 25% upside from the unchanged 12M FV of Bt14.24 and the 2Y core EPS growth is in line with the sector’s average.</li></ul>

The 4Q24 and 2024 earnings came out in line with expectations.We maintain our 2025-26E earnings forecasts and expect the firm to close the earnings gap by 2026E, with 2Y core EPS growing at a 13% CAGR (in line with the sector), driven by recovering oil sales volume and an improving EBITDA margin in the lifestyle business following the divestment of unprofitable operations.The valuation metrics suggest maintaining a positive view on the current valuation, as the market price implies around 25% upside from the unchanged 12M FV of Bt14.24 and the 2Y core EPS growth is in line with the sector’s average.

Ptt Oil and Retail Business -In-Line 4Q24/2024 Earnings

<ul><li>4Q24E profit is expected to recover YoY and QoQ. We have revised down our 2025-26E net profit estimates by 17%, reflecting a more conservative GP/liter assumption.</li><li>However, 2- year core EPS is projected to grow at a 12% CAGR, in line with the sector’s average.</li><li>We maintain our Outperform rating due to limited tactical risks and a positive view on the current valuation, with the stock trading at a discount to the new FV of Bt14.04 (previously Bt16.6).</li></ul>

4Q24E profit is expected to recover YoY and QoQ. We have revised down our 2025-26E net profit estimates by 17%, reflecting a more conservative GP/liter assumption.However, 2- year core EPS is projected to grow at a 12% CAGR, in line with the sector’s average.We maintain our Outperform rating due to limited tactical risks and a positive view on the current valuation, with the stock trading at a discount to the new FV of Bt14.04 (previously Bt16.6).

Ptt Oil and Retail Business - 4Q24E Earnings Recovery

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 3rd.We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table 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 Cal-Comp Electronics, JMT Network Services, VGI, Delta Electronics, CP ALL, Kasikornbank, SCC.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 3rd.We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table 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 Cal-Comp Electronics, JMT Network Services, VGI, Delta Electronics, CP ALL, Kasikornbank, SCC.


Thailand Short Interest Weekly (Jan 3rd): Cal-Comp Electronics, JMT Network Services, VGI

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 (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, SCC, Krung Thai Bank, True, Srisawad.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Carabao.

Ke Yan, CFA, FRM

Ptt Oil and Retail Business -In-Line 4Q24/2024 Earnings

We maintain our 2025-26E earnings forecasts and expect the firm to close the earnings gap by 2026E, with 2Y core EPS growing at a 13% CAGR (in line...

Krungthai XSpring

Ptt Oil and Retail Business - 4Q24E Earnings Recovery

4Q24E profit is expected to recover YoY and QoQ. We have revised down our 2025-26E net profit estimates by 17%, reflecting a more conservative GP...

Krungthai XSpring

Thailand Short Interest Weekly (Jan 3rd): Cal-Comp Electronics, JMT Network Services, VGI

We analyzed SET short interest report for the past week and highlighted short interest changes in Cal-Comp Electronics, JMT Network Services, VGI,...

Ke Yan, CFA, FRM

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