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.

Cross Asset Strategy

<ul><li>The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA).</li><li>Negative momentum will be generated by US inflation in August coming it at +8.3% YoY, higher than the market's expectation at +8.10% YoY – fed funds futures now suggest a 33% probability of the Fed raising interest rates by 1.00% (with a 67% probability of a 0.75% increase), which pulled US markets down sharply yesterday.</li><li>According to Thaisettakij News, after reviewing the related laws, the board of the Council of State is expected to rule that the NBTC does not hold the authority to regulate the merger deal between TRUE and DTAC.</li></ul>

The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA).Negative momentum will be generated by US inflation in August coming it at +8.3% YoY, higher than the market's expectation at +8.10% YoY – fed funds futures now suggest a 33% probability of the Fed raising interest rates by 1.00% (with a 67% probability of a 0.75% increase), which pulled US markets down sharply yesterday.According to Thaisettakij News, after reviewing the related laws, the board of the Council of State is expected to rule that the NBTC does not hold the authority to regulate the merger deal between TRUE and DTAC.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>While the S&amp;P 500 has hit marginal new highs, price action of the S&amp;P 500 and the price and RS of several Sectors/subsectors is similar to the periods leading up to the October 2018 and May 2019 breakdowns. We draw several similarities in today’s report, and we continue to believe upside is likely to be muted from here barring additional positive developments.</p>

While the S&amp;P 500 has hit marginal new highs, price action of the S&amp;P 500 and the price and RS of several Sectors/subsectors is similar to the periods leading up to the October 2018 and May 2019 breakdowns. We draw several similarities in today’s report, and we continue to believe upside is likely to be muted from here barring additional positive developments.

U.S. Equities: Mixed Signals Punctuate Muted Outlook

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul><li>Terra Vista began accepting new tenants in early May as part of the Phase 1 opening off a planned 495 total residential units once fully completed.</li><li>TRC is optimistic about the trends in leasing activity as of June 30, 2025, 49% of 84 delivered units were leased.</li><li>The housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive demand from Kern county and other residents, including TRCC employees and others.</li></ul>

Terra Vista began accepting new tenants in early May as part of the Phase 1 opening off a planned 495 total residential units once fully completed.TRC is optimistic about the trends in leasing activity as of June 30, 2025, 49% of 84 delivered units were leased.The housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive demand from Kern county and other residents, including TRCC employees and others.

TRC: 2Q25 Highlights  Company Encouraged by Terra Vista Leasing Trends

<ul><li>Zacks Small-Cap Research Note for Tejon Ranch (TRC)</li></ul>

Zacks Small-Cap Research Note for Tejon Ranch (TRC)

TRC: Board Composition Has Changed Over Past Year  Half the Directors are New

<ul><li>Terra Vista housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive demand from TRCC employees and others.</li><li>For example, the development of the nearby Hard Rock Hotel & Casino Tejon is another likely driver of demand for affordable housing from its employees.</li><li>The first units have become available and on completion, Terra Vista at Tejon is expected to be the largest rental community in Kern County.</li></ul>

Terra Vista housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive demand from TRCC employees and others.For example, the development of the nearby Hard Rock Hotel & Casino Tejon is another likely driver of demand for affordable housing from its employees.The first units have become available and on completion, Terra Vista at Tejon is expected to be the largest rental community in Kern County.

TRC: Shareholder Meeting Tomorrow  Terra Vista Rentals Begin, as Development Moves Forward

United States

Tejon Ranch Co. is a diversified real estate development and agri-business company owning land located in Los Angeles and Kern counties, California. The Company is in the process of developing its land holdings along transportation corridors into master-planned business and residential communities.

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Tejon Ranch (TRC US)

Market Outlook

The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA). Negative momentum...

Krungthai XSpring

U.S. Equities: Mixed Signals Punctuate Muted Outlook

While the S&P 500 has hit marginal new highs, price action of the S&P 500 and the price and RS of several Sectors/subsectors is similar to...

Vermilion Research

TRC: 2Q25 Highlights Company Encouraged by Terra Vista Leasing Trends

Terra Vista began accepting new tenants in early May as part of the Phase 1 opening off a planned 495 total residential units once fully...

Zacks Small Cap Research

TRC: Board Composition Has Changed Over Past Year Half the Directors are New

Zacks Small-Cap Research Note for Tejon Ranch (TRC)

Zacks Small Cap Research

TRC: Shareholder Meeting Tomorrow Terra Vista Rentals Begin, as Development Moves Forward

Terra Vista housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive...

Zacks Small Cap Research

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