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 Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

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.

Equity Bottom-Up

Sri Trang Agro-Industry / Equity Bottom-Up

<ul><li>STA reported strong net profit in 1Q25, mainly driven by improved gross margins in both the natural rubber and rubber glove businesses.</li><li>Given the robust performance, we see slight upside risk to our current estimates.</li><li>We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PER of 15.2x.</li></ul>

STA reported strong net profit in 1Q25, mainly driven by improved gross margins in both the natural rubber and rubber glove businesses.Given the robust performance, we see slight upside risk to our current estimates.We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PER of 15.2x.

STA TB - Strong 1Q25 Profit Driven by Both the Natural Rubber and Rubber Glove Businesses

<ul><li>STA reported a 4Q24 net profit that was below the Bloomberg consensus expectation, likely due to a weaker- than-expected gross profit margin (GPM).</li><li>However, the weak GPM in 4Q24 is considered temporary and has likely been priced into the stock to a certain extent following its sharp decline earlier.</li><li>We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PE of 15.2x.</li></ul>

STA reported a 4Q24 net profit that was below the Bloomberg consensus expectation, likely due to a weaker- than-expected gross profit margin (GPM).However, the weak GPM in 4Q24 is considered temporary and has likely been priced into the stock to a certain extent following its sharp decline earlier.We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PE of 15.2x.

Sri Trang Agro-Industry - 4Q24 Profit Came in Below Consensus Expectation

<ul><li>We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting the target PER of 15.2x.</li><li>The valuation metrics indicate that the current stock price is attractive with 18% upside to our fair price; the earnings growth is steady at a 18% CAGR in 2024-26E; and the tactical parameters are neutral.</li><li>STA is a global player in the natural rubber and medical glove industry.</li></ul>

We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting the target PER of 15.2x.The valuation metrics indicate that the current stock price is attractive with 18% upside to our fair price; the earnings growth is steady at a 18% CAGR in 2024-26E; and the tactical parameters are neutral.STA is a global player in the natural rubber and medical glove industry.

Sri Trang Agro-Industry - Stands to Benefit from Trump 2.0 Trade Policy

<ul><li>STA has been added to the bottom of the list, supported by a near-term catalyst from robust 3Q24E results, driven by seasonal strength in the rubber business and an improved performance in the rubber glove business.</li><li>WHA has been removed from the portfolio, with a holding period return of -1.0%.</li><li>KTX's SET100 Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

STA has been added to the bottom of the list, supported by a near-term catalyst from robust 3Q24E results, driven by seasonal strength in the rubber business and an improved performance in the rubber glove business.WHA has been removed from the portfolio, with a holding period return of -1.0%.KTX's SET100 Tactical Picks portfolio is constructed within SET100 Index constituents.

Thailand

Sri Trang Agro-Industry Public Company Limited is an integrated producer and distributor of natural rubber and natural rubber products, including ribbed smoked sheets, concentrated latex, and block rubber, as well as natural gloves. The company also engages in rubber plantations and provides engineering, logistics, and IT services. Headquartered in Songkhla, Thailand, the company was founded in 1987.

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Sri Trang Agro-Industry (STA SP)

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

STA TB - Strong 1Q25 Profit Driven by Both the Natural Rubber and Rubber Glove Businesses

We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PER of 15.2x.

Krungthai XSpring

Sri Trang Agro-Industry - 4Q24 Profit Came in Below Consensus Expectation

STA reported a 4Q24 net profit that was below the Bloomberg consensus expectation, likely due to a weaker- than-expected gross profit margin (GPM).

Krungthai XSpring

Sri Trang Agro-Industry - Stands to Benefit from Trump 2.0 Trade Policy

We initiate our coverage on STA with an Outperform rating and a 2025E fair value (FV) of Bt20.12, based on a required return of 6.58%, reflecting...

Krungthai XSpring

SET100 Tactical Picks

STA has been added to the bottom of the list, supported by a near-term catalyst from robust 3Q24E results, driven by seasonal strength in the...

Krungthai XSpring

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