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

<ul><li>We take a neutral view on asset monetization (through lease and leaseback transactions), which is part of the deleveraging plan to mitigate credit rating risk and increase opportunity for issuing perpetual bonds.</li><li>TOP is proceeding with its asset monetization plan through lease and leaseback transactions by establishing a new subsidiary (TOP 51%, PTT Tank subsidiary 49%) to lease out certain infrastructure assets (crude oil storage tanks, single buoy mooring (SBM), truck loading station, and land).</li><li>TOP will receive Bt18.23bn in cash to reduce debt, which is expected to lower net D/E by 0.15x (to 0.45x) and net debt/EBITDA by 1.83x (to 8.54x).</li></ul>

We take a neutral view on asset monetization (through lease and leaseback transactions), which is part of the deleveraging plan to mitigate credit rating risk and increase opportunity for issuing perpetual bonds.TOP is proceeding with its asset monetization plan through lease and leaseback transactions by establishing a new subsidiary (TOP 51%, PTT Tank subsidiary 49%) to lease out certain infrastructure assets (crude oil storage tanks, single buoy mooring (SBM), truck loading station, and land).TOP will receive Bt18.23bn in cash to reduce debt, which is expected to lower net D/E by 0.15x (to 0.45x) and net debt/EBITDA by 1.83x (to 8.54x).

THAI OIL Plc. (TOP): Asset Monetization: Deleveraging, Lower Credit Risk, Earnings Hit

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 Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.</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 Intouch, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.
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 Intouch, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.


Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 12th. We estimate that they had an aggregated short interest worth USD2.5bn.</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 Intouch, Amata, Advanced Info Service, Bangkok Dusit, Central Pattana, Bangkok Dusit, Central Pattana, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 12th. We estimate that they had an aggregated short interest worth USD2.5bn.
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 Intouch, Amata, Advanced Info Service, Bangkok Dusit, Central Pattana, Bangkok Dusit, Central Pattana, Advanced Info Service.


Thailand Short Interest Weekly (Sep 12th): Intouch, Amata, Advanced Info Service, Bangkok Dusit

<ul><li>2Q25 net profit came in above expectations due to higher- than-expected one-off gains (i.e., a gain on bargain purchases and a gain from bond buybacks).</li><li>We maintain our 2025-27E core profit forecasts and our view expecting a -6% CAGR in 2Y core EPS growth, reflecting a flat market GRM and market GIM, as well as higher financing costs to support additional CAPEX for the CFP.</li><li>The valuation metrics indicate a neutral view on the current valuation, with limited share price upside risk, amid the 2Y core EPS growth lagging behind the sector. </li></ul>

2Q25 net profit came in above expectations due to higher- than-expected one-off gains (i.e., a gain on bargain purchases and a gain from bond buybacks).We maintain our 2025-27E core profit forecasts and our view expecting a -6% CAGR in 2Y core EPS growth, reflecting a flat market GRM and market GIM, as well as higher financing costs to support additional CAPEX for the CFP.The valuation metrics indicate a neutral view on the current valuation, with limited share price upside risk, amid the 2Y core EPS growth lagging behind the sector. 

Thai Oil - Upbeat 2Q25 Earnings Boosted by One-Off Gains

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.</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 Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.
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 Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.


Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

Thailand

Thai Oil is an integrated energy company engaged in oil refining and petrochemicals, producing a diverse range of products including refined fuels, petrochemicals, and base lubricating oils. It operates one of the leading complex refineries in Asia Pacific with a current capacity of 275,000 barrels per day. The company was founded in 1961 and is headquartered in Bangkok, Thailand.

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Thai Oil (TOP-R TB)

THAI OIL Plc. (TOP): Asset Monetization: Deleveraging, Lower Credit Risk, Earnings Hit

TOP will receive Bt18.23bn in cash to reduce debt, which is expected to lower net D/E by 0.15x (to 0.45x) and net debt/EBITDA by 1.83x (to 8.54x).

Krungthai XSpring

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Thai Oil (TOP TB), Gulf...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Sep 12th): Intouch, Amata, Advanced Info Service, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Amata (AMATA TB), Advanced...

Ke Yan, CFA, FRM

Thai Oil - Upbeat 2Q25 Earnings Boosted by One-Off Gains

2Q25 net profit came in above expectations due to higher- than-expected one-off gains (i.e., a gain on bargain purchases and a gain from bond...

Krungthai XSpring

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), Intouch (INTUCH...

Ke Yan, CFA, FRM

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52-week Range

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