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>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.</li>
<li>Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  </li>
<li>Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  </li>
</ul>


Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.
Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  
Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  


Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,334 and 1,330 points and the resistance at 1,350 and 1,355 points.</li><li>In the medium term, the index remains in a large downtrend pattern, forming a rounding top within the range of 1,273-1,506 points.</li><li>Similarly, the short-term trend is a zig-zag down pattern, with the most recent high at 1,410 points on December 27, and the index currently seeking a bottom, potentially at 1,330 or 1,300 points.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,334 and 1,330 points and the resistance at 1,350 and 1,355 points.In the medium term, the index remains in a large downtrend pattern, forming a rounding top within the range of 1,273-1,506 points.Similarly, the short-term trend is a zig-zag down pattern, with the most recent high at 1,410 points on December 27, and the index currently seeking a bottom, potentially at 1,330 or 1,300 points.

Keep an Eye on the Earnings of US and Thai Listed Companies

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>UnitedHealth Group reported a strong financial performance in the third quarter of 2024, with revenues reaching $101 billion, marking a more than 9% increase over the prior year.</li><li>This growth was driven by significant contributions from both the Optum and UnitedHealthcare divisions.</li><li>Optum Health revenues grew by over $2 billion to approach $26 billion, and Optum Rx revenues increased by more than $5 billion to exceed $34 billion.</li></ul>

UnitedHealth Group reported a strong financial performance in the third quarter of 2024, with revenues reaching $101 billion, marking a more than 9% increase over the prior year.This growth was driven by significant contributions from both the Optum and UnitedHealthcare divisions.Optum Health revenues grew by over $2 billion to approach $26 billion, and Optum Rx revenues increased by more than $5 billion to exceed $34 billion.

UnitedHealth in Crisis? CEO’s Tragic Death and Bipartisan Bill Shake Healthcare Giant!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&amp;P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.</li>
<li>Considering the Russell 2000 vs. S&amp;P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.</li>
<li>With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&amp;P 500 and $443-$449 on the QQQ, expecting a low near the election.</li>
</ul>


Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&amp;P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.
Considering the Russell 2000 vs. S&amp;P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.
With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&amp;P 500 and $443-$449 on the QQQ, expecting a low near the election.


Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

United States

UnitedHealth Group Incorporated owns and manages organized health systems. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth serves customers worldwide.

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UnitedHealth Group (UNH UN)

Global Market Update: February 24, 2025

Krungthai XSpring

Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth

Waystar Holding successfully priced its SPO at $40.00 per share. EQT, CPPIB and Bain Capital reduced their holdings in American healthtech company

Andrei Zakharov

Keep an Eye on the Earnings of US and Thai Listed Companies

Technically, the SET Index is expected to move sideways, with the support at 1,334 and 1,330 points and the resistance at 1,350 and 1,355...

Krungthai XSpring

UnitedHealth in Crisis? CEO’s Tragic Death and Bipartisan Bill Shake Healthcare Giant!

UnitedHealth Group reported a strong financial performance in the third quarter of 2024, with revenues reaching $101 billion, marking a more than...

Baptista Research

Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

Upgrading Health Care $XLV to Market Weight; New Risk-Off Signals Suggest Pullback in $SPX and $QQQ to Continue, looking for pullbacks to 5100-5191...

Vermilion Research

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