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>The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.</li><li>Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.</li><li>We do not anticipate a deep correction in the index and believe it will eventually rebound.</li></ul>

The SET came under profit-taking pressure amid a lack of new catalysts, while a sharp drop in DELTA added to the drag.Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline.We do not anticipate a deep correction in the index and believe it will eventually rebound.

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. 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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. 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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.


Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

<ul><li>For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).</li><li>Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.</li><li>We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.</li></ul>

For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

<ul><li>The SET advanced for a second consecutive day, supported by two straight sessions of foreign investor buying.</li><li>The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.</li><li>We expect the index to continue climbing toward the 1,300-point target.</li></ul>

The SET advanced for a second consecutive day, supported by two straight sessions of foreign investor buying.The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.We expect the index to continue climbing toward the 1,300-point target.

Krungthai XSpring Technical Eng. September 26, 2025

<ul><li>The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.</li><li>The index plunged for the fifth straight day, pressured by continuous foreign investor sell-offs over the same period.</li><li>We expect the index to either rebound or move sideways after consecutive declines.</li></ul>

The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.The index plunged for the fifth straight day, pressured by continuous foreign investor sell-offs over the same period.We expect the index to either rebound or move sideways after consecutive declines.

Krungthai XSpring Technical Eng. September 24, 2025

Thailand

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

Krungthai XSpring Technical Eng. SEPTEMBER 29, 2025

Fund outflows were a key factor weighing on the index, in addition to DELTA’s sharp decline. We do not anticipate a deep correction in the index...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy...

Ke Yan, CFA, FRM

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 26, 2025

The index regained a positive pattern after breaking above the resistance at 1,284 points, signaling a reversal that supports further gains.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 24, 2025

The SET attempted a rebound, led by a surge in DELTA, but lacked new supporting factors amid concerns over fund outflows following the weaker baht.

Krungthai XSpring

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