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>Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.</li><li>The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.</li><li>We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.</li></ul>

Although concerns over the US government shutdown pressured the market and triggered sell-offs in energy, banking, finance, and commerce stocks, clarity on the “Khon La Khrueng” co-payment scheme, strong gains in DELTA and AOT, and renewed foreign investor buying helped the SET edge higher.The index’s rebound still lacks conviction, as it relied heavily on DELTA in the previous session.We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring Technical Eng. October 2, 2025

<ul><li>External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.</li><li>We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.</li><li>The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.</li></ul>

External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.

Krungthai XSpring Zoom Eng. October 1, 2025

<ul><li>The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.</li><li>The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.</li><li>We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.</li></ul>

The SET fell sharply on Monday as foreign investors remained net sellers and heavy selling persisted, while the market lacked fresh positive catalysts beyond expectations for government stimulus measures.The index plunged sharply, forming a large black candlestick that engulfed the prior white candlestick.We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring Technical Eng. October 1, 2025

<ul><li>The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.</li><li>Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.</li><li>We do not anticipate a deep correction in the index and believe it will eventually rebound.</li></ul>

The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.We do not anticipate a deep correction in the index and believe it will eventually rebound.

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. We estimate that they had an aggregated short interest worth USD2.5bn.</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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. We estimate that they had an aggregated short interest worth USD2.5bn.
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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.


Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

Thailand

SCG Packaging Public Company Limited provides packaging services and solutions. The Company offers fiber-based packaging, performance and polymer packaging, and food service products, as well as designing and printing services. SCG Packaging serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SCG Packaging (SCGP TB)

Krungthai XSpring Technical Eng. October 2, 2025

We maintain our buy-on-dips recommendation, as we expect the index to eventually rebound given its quick attempts to bounce back.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 1, 2025

We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 1, 2025

We maintain our buy-on-weakness recommendation, as the index has fallen sharply and is likely to consolidate sideways while awaiting new catalysts.

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline. We do not anticipate a deep correction in the index...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)