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>Political tensions appeared to ease, but the SET remained volatile within a narrow range due to the absence of strong supporting factors, coupled with short-term selling pressure — particularly in ADVANC, AOT, CPF, and BDMS.</li><li>But this did not derail the broader rebound trend.</li><li>The declining trading volume suggested consolidation, before the index ultimately moved higher, supported by gains in banking stocks, China-related plays, and continued buying by domestic funds</li></ul>

Political tensions appeared to ease, but the SET remained volatile within a narrow range due to the absence of strong supporting factors, coupled with short-term selling pressure — particularly in ADVANC, AOT, CPF, and BDMS.But this did not derail the broader rebound trend.The declining trading volume suggested consolidation, before the index ultimately moved higher, supported by gains in banking stocks, China-related plays, and continued buying by domestic funds

<ul><li>The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.</li><li>However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.</li><li>The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.</li></ul>

The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.

<ul><li>The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.</li><li>A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.</li><li>This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.</li></ul>

The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.

<ul><li>The SET Index is expected to move sideways down, with the support levels at 1,074/1,067 points and the resistance levels at 1,090/1,097 points (10-day EMA).</li><li>Based on the technical signals, a bearish reversal pattern (Evening Star) has formed, with potential rebound points at 1,067 (the gap opened on June 24) and 1,053.79 (the lowest point of the year, recorded on June 24).</li><li>External factors are positive, particularly the potential postponement of the reciprocal tariff deadline to September 1.</li></ul>

The SET Index is expected to move sideways down, with the support levels at 1,074/1,067 points and the resistance levels at 1,090/1,097 points (10-day EMA).Based on the technical signals, a bearish reversal pattern (Evening Star) has formed, with potential rebound points at 1,067 (the gap opened on June 24) and 1,053.79 (the lowest point of the year, recorded on June 24).External factors are positive, particularly the potential postponement of the reciprocal tariff deadline to September 1.

KTX Zoom: Window Dressing for End of 2Q25 - JUNE 30, 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 Jun 27th. We estimate that they had an aggregated short interest worth USD2.0bn.</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, Scb X, Advanced Info Service, Ptt, Central Pattana, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 27th. We estimate that they had an aggregated short interest worth USD2.0bn.
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, Scb X, Advanced Info Service, Ptt, Central Pattana, Cp Foods.


Thailand Short Interest Weekly (Jun 27th): Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

Technical Analysis - JULY 3, 2025

Political tensions appeared to ease, but the SET remained volatile within a narrow range due to the absence of strong supporting factors, coupled...

Krungthai XSpring

Technical Analysis -JULY 2, 2025

The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci...

Krungthai XSpring

Technical Analysis - JULY 1, 2025

A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.

Krungthai XSpring

KTX Zoom: Window Dressing for End of 2Q25 - JUNE 30, 2025

The SET Index is expected to move sideways down, with the support levels at 1,074/1,067 points and the resistance levels at 1,090/1,097 points (10...

Krungthai XSpring

Thailand Short Interest Weekly (Jun 27th): Bumrungrad Hospital, Scb X, Advanced Info Service, Ptt

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Scb X, Advanced Info...

Ke Yan, CFA, FRM

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