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>Asian bourses advanced on expectations that the Fed will cut interest rates at its September 16–17 meeting.</li><li>The SET surged for a fifth consecutive day while gains in the electronic, transportation, finance and tourism sectors boosted the index up and finally increased 2.28% from the previous week.</li><li>Therefore, we continue to recommend selective speculation, as the index remains in the uptrend with having a bullish signal.</li></ul>

Asian bourses advanced on expectations that the Fed will cut interest rates at its September 16–17 meeting.The SET surged for a fifth consecutive day while gains in the electronic, transportation, finance and tourism sectors boosted the index up and finally increased 2.28% from the previous week.Therefore, we continue to recommend selective speculation, as the index remains in the uptrend with having a bullish signal.

Krungthai XSpring Technical Eng. September 15, 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 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>Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.</li><li>The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.</li><li>Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.</li></ul>

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

<ul><li>The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.</li><li>In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.</li><li>Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.</li></ul>

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.

Krungthai XSpring Technical Eng. September 10, 2025

<ul><li>The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.</li><li>The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.</li><li>Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.</li></ul>

The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.

Banking: Virtual Banks and the Thai Banking Landscape

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 15, 2025

The SET surged for a fifth consecutive day while gains in the electronic, transportation, finance and tourism sectors boosted the index up and...

Krungthai XSpring

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

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 10, 2025

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.

Krungthai XSpring

Banking: Virtual Banks and the Thai Banking Landscape

The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)