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.

Technical Analysis

<ul><li>The SET initially declined before swiftly improving as the market shifted its focus to the economic stimulus measures set to be unveiled next week and significantly increased export figures.</li><li>The index may not have shown a reversal signal, but it was able to consistently remain above the support at 1,288 points, indicating that it has created a solid base for a rebound.</li><li>The index is likely to keep rising but needs to quickly adjust upward with heavy volume to confirm the positive signal.</li></ul>

The SET initially declined before swiftly improving as the market shifted its focus to the economic stimulus measures set to be unveiled next week and significantly increased export figures.The index may not have shown a reversal signal, but it was able to consistently remain above the support at 1,288 points, indicating that it has created a solid base for a rebound.The index is likely to keep rising but needs to quickly adjust upward with heavy volume to confirm the positive signal.

<ul><li>The SET attempted to climb up while the market waited for the Fed and MPC meeting results, as well as the US CPI.</li><li>The index declined further despite the absence of new negative factors.</li><li>We recommend holding cash but view that the index has a chance to rebound at the support after it began to try to climb up.</li></ul>

The SET attempted to climb up while the market waited for the Fed and MPC meeting results, as well as the US CPI.The index declined further despite the absence of new negative factors.We recommend holding cash but view that the index has a chance to rebound at the support after it began to try to climb up.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 2 changes for the ASX50, 1 for the ASX100, 6 for the S&amp;P/ASX 200 and 16 adds/11 deletes for the ASX300 in September.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the ASX200 and ASX300 indices.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months, but outperformance has reduced for the ASX50/ASX200 indices and has increased for the ASX100/ASX300 indices.</li>
</ul>


There could be 2 changes for the ASX50, 1 for the ASX100, 6 for the S&amp;P/ASX 200 and 16 adds/11 deletes for the ASX300 in September.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the ASX200 and ASX300 indices.
The forecast adds have outperformed the forecast deletes over the last few months, but outperformance has reduced for the ASX50/ASX200 indices and has increased for the ASX100/ASX300 indices.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

<ul><li>Despite a slight rise in the SET, the lack of boosting factors and limited buying power made it difficult for the surge to gain momentum.</li><li>The index has stopped its downward trajectory but has yet to show clear positive signals.</li><li>The index is expected to move sideways because we believe it has absorbed the selling force and is waiting for a reversal signal; hence, we recommend holding cash.</li></ul>

Despite a slight rise in the SET, the lack of boosting factors and limited buying power made it difficult for the surge to gain momentum.The index has stopped its downward trajectory but has yet to show clear positive signals.The index is expected to move sideways because we believe it has absorbed the selling force and is waiting for a reversal signal; hence, we recommend holding cash.

Krungthai XSpring Technical Eng. June 6, 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After rejecting SG Fleet's $3.60/share NBIO, <a href="https://www.smartkarma.com/entities/element-fleet-management-corp" target="_blank" data-smartkarma-citation="entities:24511:1" rel="noopener">Element Fleet (EFN CN)</a> tabled a A$3.80/share NBIO for <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners (FPR AU)</a>, increasing to A$4.00/share with exclusive DD. FleetPartners has now rejected that exclusivity.</li>
<li>SG Fleet has returned with a revised A$4/share NBIO (no exclusivity). And now <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">ORIX (8591 JP)</a> has thrown its hat into the ring with a A$3.80/share NBIO (also no exclusivity).</li>
<li>FleetPartners is mulling all three proposals. A$4/share is looking full. And fair. </li>
</ul>


After rejecting SG Fleet's $3.60/share NBIO, Element Fleet (EFN CN) tabled a A$3.80/share NBIO for FleetPartners (FPR AU), increasing to A$4.00/share with exclusive DD. FleetPartners has now rejected that exclusivity.
SG Fleet has returned with a revised A$4/share NBIO (no exclusivity). And now ORIX (8591 JP) has thrown its hat into the ring with a A$3.80/share NBIO (also no exclusivity).
FleetPartners is mulling all three proposals. A$4/share is looking full. And fair. 


FleetPartners (FPR AU) Dings Element's Exclusivity. SG Fleet Returns. ORIX Joins The Party

Australia

SmartGroup Corp Ltd. is an Australian outsourced salary packaging company within the health, not-for-profit, State and Federal Government departments and corporate sectors nationwide.

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Smartgroup Corp (SIQ AU)

Recommendation: Brief Speculation

The SET initially declined before swiftly improving as the market shifted its focus to the economic stimulus measures set to be unveiled next week...

Krungthai XSpring

Recommendation: Hold Cash

The SET attempted to climb up while the market waited for the Fed and MPC meeting results, as well as the US CPI. The index declined further...

Krungthai XSpring

S&P/ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

There could be 45 changes across the ASX family of indices in Sept. Passive trackers need to trade a lot of stock in many names. Short interest is...

Brian Freitas

Krungthai XSpring Technical Eng. June 6, 2024

Despite a slight rise in the SET, the lack of boosting factors and limited buying power made it difficult for the surge to gain momentum. The...

Krungthai XSpring

FleetPartners (FPR AU) Dings Element's Exclusivity. SG Fleet Returns. ORIX Joins The Party

The Australian had the inside track that Sumitomo Corp (8053 JP) may join the bidding process. FleetPartners announced this morning Sumitomo,...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Recommendation: Brief Speculation

The SET initially declined before swiftly improving as the market shifted its focus to the economic stimulus measures set to be unveiled next week...

Krungthai XSpring

Recommendation: Hold Cash

The SET attempted to climb up while the market waited for the Fed and MPC meeting results, as well as the US CPI. The index declined further...

Krungthai XSpring

S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

There could be 45 changes across the ASX family of indices in Sept. Passive trackers need to trade a lot of stock in many names. Short interest is...

Brian Freitas

Krungthai XSpring Technical Eng. June 6, 2024

Despite a slight rise in the SET, the lack of boosting factors and limited buying power made it difficult for the surge to gain momentum. The...

Krungthai XSpring

FleetPartners (FPR AU) Dings Element's Exclusivity. SG Fleet Returns. ORIX Joins The Party

The Australian had the inside track that Sumitomo Corp (8053 JP) may join the bidding process. FleetPartners announced this morning Sumitomo,...

David Blennerhassett

S&P/ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact