Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>Year to date (July) US border crossing data paint a surprisingly mixed picture</li>
<li>Overall, total crossings at all points and by all modes are down -3.7% Y/Y</li>
<li>States facing Canada saw a -17.5% decline; air crossings into West up +3.7%</li>
</ul>


Year to date (July) US border crossing data paint a surprisingly mixed picture
Overall, total crossings at all points and by all modes are down -3.7% Y/Y
States facing Canada saw a -17.5% decline; air crossings into West up +3.7%


US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

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.

<ul><li>Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.</li><li>Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.</li><li>We recommend selective speculation, as the upward trend remains intact.</li></ul>

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.We recommend selective speculation, as the upward trend remains intact.

Krungthai XSpring Technical Eng. August 15, 2025

<ul><li>The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.</li><li>The index rebounded sharply and advanced further, supported by rising RSI and MACD, and remains above all short-term EMA lines.</li><li>We recommend selective speculation as the index continues to advance with the potential to rally towards the 1,300-point level.</li></ul>

The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.The index rebounded sharply and advanced further, supported by rising RSI and MACD, and remains above all short-term EMA lines.We recommend selective speculation as the index continues to advance with the potential to rally towards the 1,300-point level.

Krungthai XSpring Technical Eng. August 14, 2025

Equity Bottom-Up

<ul>
<li>The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April</li>
<li>Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker</li>
<li>All signs point to sluggish US demand, which is unlikely to recover any time soon</li>
</ul>


The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April
Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker
All signs point to sluggish US demand, which is unlikely to recover any time soon


Monthly Air Cargo Tracker | April Data Shows Slowing Demand, Low (And Falling) Capacity Utilization

<ul>
<li>The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y</li>
<li>But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months</li>
<li>With strong pricing power, we still prefer China's airlines over travel platform Trip.com </li>
</ul>


The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y
But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months
With strong pricing power, we still prefer China's airlines over travel platform Trip.com 


Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

Thailand

Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific.  The Company is a state enterprise which is controlled by the government and partly owned by the public.

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Thai Airways International (THAI TB)

US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Recently released US border crossing data show a mixed bag: total crossings at the US Northern and Southern borders are down YTD, but crossings by...

Tracking Traffic

Krungthai XSpring Technical Eng. August 15, 2025

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 14, 2025

The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.

Krungthai XSpring

Monthly Air Cargo Tracker | April Data Shows Slowing Demand, Low (And Falling) Capacity Utilization

April data from Asian carriers and a range of air cargo gateways on both sides of the Pacific suggest moderating demand growth and low carrier...

Tracking Traffic

Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

The growth of Chinese domestic air travel activity in April accelerated to almost 8% after slumping to < 1% in Q125. High domestic passenger load...

Tracking Traffic

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