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.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.</li><li>Crude oil prices have declined from the USD100 level, suggesting the worst of market concerns may have passed.</li><li>The Thai stock market rebounded yesterday, gaining 22.79 points (+1.65%) to close at 1,405.76.</li></ul>

The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.Crude oil prices have declined from the USD100 level, suggesting the worst of market concerns may have passed.The Thai stock market rebounded yesterday, gaining 22.79 points (+1.65%) to close at 1,405.76.

Krungthai XSpring Zoom Eng. March 11, 2026

<ul><li>The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.</li><li>Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.</li><li>As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.</li></ul>

The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.

Krungthai XSpring Technical Eng. March 10, 2026

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 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

<ul><li>The SET Index is expected to rebound today, with resistance at 1,391/1,427 and support at 1,362/1,340.</li><li>Global financial markets have begun to ease concerns over tensions in the Middle East.</li><li>The Thai equity market corrected sharply, with the SET Index dropping 8% in the morning session before rebounding in the afternoon to close at 1,384.61, down 5.58%.</li></ul>

The SET Index is expected to rebound today, with resistance at 1,391/1,427 and support at 1,362/1,340.Global financial markets have begun to ease concerns over tensions in the Middle East.The Thai equity market corrected sharply, with the SET Index dropping 8% in the morning session before rebounding in the afternoon to close at 1,384.61, down 5.58%.

Krungthai XSpring Zoom Eng. March 5, 2026

<ul><li>The Monetary Policy Committee (MPC) surprised the market with a 4:2 vote to cut the policy rate to 1.00%, earlier than expected, marking the lowest level in three years and four months.</li><li>Share prices declined following the rate cut, which came earlier than the market had expected.</li><li>Banking stocks (SETBANK) declined by 0.8% yesterday (led by BAY -2.8%, KBANK -2.24%, and KKP -1.62%) in response to the MPC’s decision to cut interest rates earlier than the market had expected.</li></ul>

The Monetary Policy Committee (MPC) surprised the market with a 4:2 vote to cut the policy rate to 1.00%, earlier than expected, marking the lowest level in three years and four months.Share prices declined following the rate cut, which came earlier than the market had expected.Banking stocks (SETBANK) declined by 0.8% yesterday (led by BAY -2.8%, KBANK -2.24%, and KKP -1.62%) in response to the MPC’s decision to cut interest rates earlier than the market had expected.

Banking: Banking Stocks Declined, Reflecting the MPC’s Earlier-Than-Expected Rate Cut.

Thailand

SCB X is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology. The company was officially established on September 15, 2021, and is headquartered in Bangkok, Thailand.

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SCB X (SCB TB)

Krungthai XSpring Zoom Eng. March 11, 2026

The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.

Krungthai XSpring

Krungthai XSpring Technical Eng. March 10, 2026

Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.

Krungthai XSpring

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

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

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. March 5, 2026

The Thai equity market corrected sharply, with the SET Index dropping 8% in the morning session before rebounding in the afternoon to close at...

Krungthai XSpring

Banking: Banking Stocks Declined, Reflecting the MPC’s Earlier-Than-Expected Rate Cut.

The Monetary Policy Committee (MPC) surprised the market with a 4:2 vote to cut the policy rate to 1.00%, earlier than expected, marking the lowest...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

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