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>US CPI marked at +7.7% YoY in Oct. vs. the consensus estimate at +7.9% YoY, while the services CPI slowed to +0.3% MoM from +0.5% MoM in Sep.</li><li>The property sector has reported good earnings growth at 110.1% YoY and 13.1% QoQ due to the pickup of transfers ahead of interest rate hikes.</li><li>The SET Index is expected to gain further this week and test the resistance at 1,649 points due to easing concerns over Fed rate hikes.</li></ul>

US CPI marked at +7.7% YoY in Oct. vs. the consensus estimate at +7.9% YoY, while the services CPI slowed to +0.3% MoM from +0.5% MoM in Sep.The property sector has reported good earnings growth at 110.1% YoY and 13.1% QoQ due to the pickup of transfers ahead of interest rate hikes.The SET Index is expected to gain further this week and test the resistance at 1,649 points due to easing concerns over Fed rate hikes.

SET Index to Test 1,649 Points on Easing Concerns Over Fed Rate Hikes

<ul><li>We expect the SET Index to move sideways, with the support at 1,580/1,550 points and resistance at 1,627/1,660 points.</li><li>For long-term investment, we recommend accumulating reopening plays and high dividend plays.</li><li>Short-term factors affecting the SET in November include reports of 3Q22 GDP, central bank meetings (FOMC, BoE and the MPC), global summits (G-20, APEC), the results of the US midterm election (November 8), and earnings results.</li></ul>

We expect the SET Index to move sideways, with the support at 1,580/1,550 points and resistance at 1,627/1,660 points.For long-term investment, we recommend accumulating reopening plays and high dividend plays.Short-term factors affecting the SET in November include reports of 3Q22 GDP, central bank meetings (FOMC, BoE and the MPC), global summits (G-20, APEC), the results of the US midterm election (November 8), and earnings results.

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 Jul 10th. We estimate that they had an aggregated short interest worth USD3.1bn.</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 PTT E&amp;P, SCC, Minor International, Amata, CP Foods, PTT E&amp;P, Scc, Minor International, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 10th. We estimate that they had an aggregated short interest worth USD3.1bn.
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 PTT E&amp;P, SCC, Minor International, Amata, CP Foods, PTT E&amp;P, Scc, Minor International, Cp Foods.


Thailand Short Interest Weekly (Jul 10th): PTT E&P, SCC, Minor International, Amata, CP Foods, Scc

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Thematic (Sector/Industry)

<h2>CGS: 3Q21 Road Show</h2><ul>
<li><h3>Performance review of CGS‘s stock picks</h3></li>
<li><h3>CGS Strategy</h3></li>
<li>
<h3>Our stock picks for 3Q21</h3>
<ul><li><ul>
<li>
<strong>KBANK</strong>:  Most benefit amongst big banks post-COVID recovery</li>
<li>
<strong>EPG</strong>: Global-standard polymer converter assured of sustainable growth</li>
<li>
<strong><strong>CKP:</strong></strong> Positive 2021-22 outlook from the better hydro operation</li>
</ul></li></ul>
</li>
<li>
<h3>Power sector</h3>
<ul><li><ul>
<li>
<strong>RATCH</strong>: Stable earnings outlook and a high dividend yield</li>
<li>
<strong>GULF</strong>: Earning growth and upside from INTUCH investment</li>
</ul></li></ul>
</li>
</ul>

CGS: 3Q21 Road Show
Performance review of CGS‘s stock picks
CGS Strategy

Our stock picks for 3Q21


KBANK:  Most benefit amongst big banks post-COVID recovery

EPG: Global-standard polymer converter assured of sustainable growth

CKP: Positive 2021-22 outlook from the better hydro operation



Power sector


RATCH: Stable earnings outlook and a high dividend yield

GULF: Earning growth and upside from INTUCH investment




<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 3rd. We estimate that they had an aggregated short interest worth USD3.1bn.</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 SCB X, Airports of Thailand, SCC, Bumrungrad Hospital, Bangchak, Airports Of Thailand, Scb X, Scc, Bumrungrad Hospital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 3rd. We estimate that they had an aggregated short interest worth USD3.1bn.
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 SCB X, Airports of Thailand, SCC, Bumrungrad Hospital, Bangchak, Airports Of Thailand, Scb X, Scc, Bumrungrad Hospital.


Thailand Short Interest Weekly (Jul 3rd): SCB X, Airports of Thailand, SCC, Bumrungrad Hospital, Scc

Thailand

Ratch Group is a leading investment holding company primarily focused on electricity generation and energy businesses. The company's portfolio includes fossil-fuel-based, renewable energy, and battery energy storage projects across Thailand, ASEAN, and Australia. It also invests in infrastructure and electricity-related businesses, such as maintenance and operation services, fuel supply, and energy innovation. Headquartered in Nonthaburi, Thailand, the company was established on March 7, 2000.

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Ratch Group (RATCH TB)

SET Index to Test 1,649 Points on Easing Concerns Over Fed Rate Hikes

US CPI marked at +7.7% YoY in Oct. vs. the consensus estimate at +7.9% YoY, while the services CPI slowed to +0.3% MoM from +0.5% MoM in Sep. The...

Krungthai XSpring

Monthly Report: November 2022

We expect the SET Index to move sideways, with the support at 1,580/1,550 points and resistance at 1,627/1,660 points. For long-term investment,...

Krungthai XSpring

Thailand Short Interest Weekly (Jul 10th): PTT E&P, SCC, Minor International, Amata, CP Foods, Scc

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT E&P, SCC, Minor International, Amata, CP...

Ke Yan, CFA, FRM

3Q21 Road Show

CGS's roadshow : Performance review of CGS ‘s stock picks, CGS Strategy, Our stock picks for 3Q21, Power sector outlook 3Q21

Pi Securities PCL, Thailand

Thailand Short Interest Weekly (Jul 3rd): SCB X, Airports of Thailand, SCC, Bumrungrad Hospital, Scc

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

Ke Yan, CFA, FRM

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