Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Orient Overseas (International) / Equity Bottom-Up

<ul>
<li>Price momentum and volume growth both remained weak in September </li>
<li>Mideast ceasefire raises possibility of Suez Canal re-opening in 2026</li>
<li>Expect pricing to remain weak; Suez re-start would likely lead to losses</li>
</ul>


Price momentum and volume growth both remained weak in September 
Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
Expect pricing to remain weak; Suez re-start would likely lead to losses


Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

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 Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.</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 Intouch, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.
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 Intouch, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

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.

Regional Container Lines / Equity Bottom-Up

<ul><li>We maintain our Neutral rating on RCL, while revising our 12-month forward fair value to Bt33.00 (from Bt24.40).</li><li>The current share price implies 6% upside to our fair value of Bt33.00, based on a required return of 14.53%, reflecting a target PER of 6.9x.</li><li>RCL’s operating outlook is expected to soften from the upward cycle in 2024.</li></ul>

We maintain our Neutral rating on RCL, while revising our 12-month forward fair value to Bt33.00 (from Bt24.40).The current share price implies 6% upside to our fair value of Bt33.00, based on a required return of 14.53%, reflecting a target PER of 6.9x.RCL’s operating outlook is expected to soften from the upward cycle in 2024.

REGIONAL CONTAINER LINES - Upbeat 2Q25 Earnings

<ul><li>We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt24.40 (from Bt24.20 previously).</li><li>The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.</li><li>RCL’s growth trajectory is categorized as steady, compared to the sector, which broadly faces industry normalization.</li></ul>

We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt24.40 (from Bt24.20 previously).The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.RCL’s growth trajectory is categorized as steady, compared to the sector, which broadly faces industry normalization.

Regional Container Lines - Little Impact from Recent Geopolitical Tensions

ZIM Integrated Shipping Services / Equity Bottom-Up

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>Shares of container carriers have surged on expectations of a strong recovery in volume</li>
<li>But April data show pricing continued to soften despite solid North American demand</li>
<li>The carriers themselves and other industry players remain downbeat; SHORT the carriers</li>
</ul>


Shares of container carriers have surged on expectations of a strong recovery in volume
But April data show pricing continued to soften despite solid North American demand
The carriers themselves and other industry players remain downbeat; SHORT the carriers


Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Thailand

Regional Container Lines is a Thailand-based international container shipping company specializing in feeder services for containerized cargo across Asia-centric networks. It offers integrated logistics solutions including sea freight, road transport, air cargo, and rail services, supporting both Shipper-Owned Containers (SOC) and Carrier-Owned Containers (COC). The company was founded in 1979 and is headquartered in Bangkok, Thailand.

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Regional Container Lines (RCL TB)

Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

Price momentum and North American inbound demand both remained weak in September, and we believe a new ceasefire raises the likelihood of a Suez...

Tracking Traffic

Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT GlobalChem (PTTGC TB),...

Ke Yan, CFA, FRM

REGIONAL CONTAINER LINES - Upbeat 2Q25 Earnings

The current share price implies 6% upside to our fair value of Bt33.00, based on a required return of 14.53%, reflecting a target PER of 6.9x.

Krungthai XSpring

Regional Container Lines - Little Impact from Recent Geopolitical Tensions

The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.

Krungthai XSpring

Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Pricing remains weak, and carriers kept FY25 guidance downbeat despite decent Q125 results (and US claims of progress on tariffs). We view the...

Tracking Traffic

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