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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move sideways up, with resistance levels at 1,215 (10-day EMA) and 1,222 points, while the support levels are at 1,193 and 1,185 points.</li><li>In the medium term, the trend remains downward in a zig-zag down pattern, with the index searching for a bottom within the range of 1,130-1,506 points.</li><li>In the short term, the index has re- entered a short-term rally phase after making a new year-low at 1,173.13 points on March 4. </li></ul>

Technically, the SET Index is expected to move sideways up, with resistance levels at 1,215 (10-day EMA) and 1,222 points, while the support levels are at 1,193 and 1,185 points.In the medium term, the trend remains downward in a zig-zag down pattern, with the index searching for a bottom within the range of 1,130-1,506 points.In the short term, the index has re- entered a short-term rally phase after making a new year-low at 1,173.13 points on March 4. 

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

Shenton Research

Shenton 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 11th. We estimate that they had an aggregated short interest worth USD3.2bn.</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 Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures, Kiatnakin Phatra Bank, Thai Oil, Ptt Globalchem, Indorama Ventures, Bangchak, Kiatnakin Phatra Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 11th. We estimate that they had an aggregated short interest worth USD3.2bn.
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 Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures, Kiatnakin Phatra Bank, Thai Oil, Ptt Globalchem, Indorama Ventures, Bangchak, Kiatnakin Phatra Bank.


Thailand Short Interest Weekly (Sep 11th): Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures

Cross Asset Strategy

<ul><li>KTX's strategy team has a positive outlook on the Thai stock market in 1Q25.</li><li>The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de-ratings for high-growth stocks.</li><li>In contrast, the Bank of Japan’s (BoJ) potential shift toward tighter monetary policy creates an opportunity for capital to flow back into the Asian region. </li></ul>

KTX's strategy team has a positive outlook on the Thai stock market in 1Q25.The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de-ratings for high-growth stocks.In contrast, the Bank of Japan’s (BoJ) potential shift toward tighter monetary policy creates an opportunity for capital to flow back into the Asian region. 

Special Report: Stock Valuation - January 2, 2025

<ul><li>The 4Q24E earnings of the agribusiness and food sector are expected to recover YoY but decline QoQ, particularly for major livestock companies (with swine businesses in Thailand, Vietnam, and China), which are projected to turn from losses in 4Q23 to profits in 4Q24E.</li><li>This should be supported by continued momentum in profit margins due to lower raw material costs.</li><li>However, profits are expected to decline QoQ owing to the strong seasonal performance of the broiler export business in 3Q. </li></ul>

The 4Q24E earnings of the agribusiness and food sector are expected to recover YoY but decline QoQ, particularly for major livestock companies (with swine businesses in Thailand, Vietnam, and China), which are projected to turn from losses in 4Q23 to profits in 4Q24E.This should be supported by continued momentum in profit margins due to lower raw material costs.However, profits are expected to decline QoQ owing to the strong seasonal performance of the broiler export business in 3Q. 

Agribusiness and Food Sector - DECEMBER 9, 2024

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Seven stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 126% versus the SET 100 Index’s return of 34%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Seven stocks remain, seven new join the fray
Since inception, it has gained 126% versus the SET 100 Index’s return of 34%


The Stocks to Own in Thailand – Vol. 47

Thailand

Thaifoods Group is a vertically integrated food producer specializing in the production of chicken and swine, operating in Thailand and Vietnam. The company's core activities include chicken breeding, meat production, processed chicken products, pig breeding, and live pig sales. It also operates feed mills and a retail business. Thaifoods Group was founded in 1987 and is headquartered in Bangkok, Thailand.

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Thaifoods Group (TFG TB)

KTX Zoom: ECB Meeting - MARCH 6, 2025

Technically, the SET Index is expected to move sideways up, with resistance levels at 1,215 (10-day EMA) and 1,222 points, while the support levels...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 11th): Bangchak, Thai Oil, PTT GlobalChem, Indorama Ventures

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangchak (BCP TB), Thai Oil (TOP TB), PTT...

Ke Yan, CFA, FRM

Special Report: Stock Valuation - January 2, 2025

The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de...

Krungthai XSpring

Agribusiness and Food Sector - DECEMBER 9, 2024

The 4Q24E earnings of the agribusiness and food sector are expected to recover YoY but decline QoQ, particularly for major livestock companies

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 47

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Seven stocks remain, seven new...

A. Stotz Investment Research

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