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 Index is expected to trade sideways today, with the support at 1,314/1,300 points and the resistance at 1,334/1,350 points.</li><li>Domestically, sentiment is seen as neutral to slightly negative, with potential volatility from external factors.</li><li>Notably, today is the final day of DELTA’s exclusion from trading limit calculations and its cash balance period.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,314/1,300 points and the resistance at 1,334/1,350 points.Domestically, sentiment is seen as neutral to slightly negative, with potential volatility from external factors.Notably, today is the final day of DELTA’s exclusion from trading limit calculations and its cash balance period.

Krungthai XSpring Zoom Eng. October 30, 2025

<ul><li>Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.</li><li>The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.</li><li>Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.</li></ul>

Most Asian bourses rebounded ahead of the upcoming Fed meeting and next we see further market movements.The index has continued to edge higher, showing clear bullish signals and maintaining a sideways-up trend.Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks likely to continue leading the market.

Krungthai XSpring Technical Eng. October 27, 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 Oct 24th. We estimate that they had an aggregated short interest worth USD2.4bn.</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, Advanced Info Service, True, Gulf Energy Development, PTT, Ptt, Advanced Info Service, True, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 24th. We estimate that they had an aggregated short interest worth USD2.4bn.
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, Advanced Info Service, True, Gulf Energy Development, PTT, Ptt, Advanced Info Service, True, Gulf Energy Development.


Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

<ul><li>The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.</li><li>We maintain a Neutral sector weighting. Despite tight short-term valuations, downside risk is limited by high dividends and solid CET1 ratios.</li><li>We select TTB (Neutral, TP: Bt2.00) as our top pick this quarter, given its laggard performance (flat YTD vs the sector’s +11.7%) and about 7% upside.</li></ul>

The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.We maintain a Neutral sector weighting. Despite tight short-term valuations, downside risk is limited by high dividends and solid CET1 ratios.We select TTB (Neutral, TP: Bt2.00) as our top pick this quarter, given its laggard performance (flat YTD vs the sector’s +11.7%) and about 7% upside.

Banking: Upbeat 3Q25 Earnings On Investment Gains – Neutral

<ul><li>The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian markets declined.</li><li>The rebound was led by blue-chip stocks, with sentiment further lifted by foreign investor buying.</li><li>We recommend selective speculation, as trading volume has strengthened and investor focus remains on blue-chip stocks that are likely to stay on the market’s radar.</li></ul>

The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian markets declined.The rebound was led by blue-chip stocks, with sentiment further lifted by foreign investor buying.We recommend selective speculation, as trading volume has strengthened and investor focus remains on blue-chip stocks that are likely to stay on the market’s radar.

Krungthai XSpring Technical Eng. October 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TMBThanachart Bank (TTB TB)

Krungthai XSpring Zoom Eng. October 30, 2025

The SET Index is expected to trade sideways today, with the support at 1,314/1,300 points and the resistance at 1,334/1,350 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 27, 2025

Nonetheless, we expect the index to rise further and recommend selective speculation, as it has remained above 1,300 points, with blue-chip stocks...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

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

Ke Yan, CFA, FRM

Banking: Upbeat 3Q25 Earnings On Investment Gains – Neutral

The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.

Krungthai XSpring

Krungthai XSpring Technical Eng. October 24, 2025

The SET rebounded for the third consecutive day, rising back above the 1,300-point mark for the first time in eight days, even as most Asian...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)