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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,424 points (25-day EMA) / 1,431 points and the support at 1,407 points (10-day EMA)/1,400 points.</li><li>Any indication of higher-for-longer rates could exert a negative impact on markets.</li><li>If the number of bidders falls short of the supply, indicating diminished demand, this could adversely affect US equity markets, especially the loan and mortgage sectors, as well as global equity markets.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,424 points (25-day EMA) / 1,431 points and the support at 1,407 points (10-day EMA)/1,400 points.Any indication of higher-for-longer rates could exert a negative impact on markets.If the number of bidders falls short of the supply, indicating diminished demand, this could adversely affect US equity markets, especially the loan and mortgage sectors, as well as global equity markets.

Wait for Rate Signals From Fed Chairman and Presidents

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Financial meeting / Caixin Explains: China concludes sixth top financial meeting to tackle new challenges</li><li>Personnel /: China’s wave of ministry-level leadership shakeups rolls on in October</li><li>PE /: Communist Party cadres told to steer clear of private equity</li></ul>

Financial meeting / Caixin Explains: China concludes sixth top financial meeting to tackle new challengesPersonnel /: China’s wave of ministry-level leadership shakeups rolls on in OctoberPE /: Communist Party cadres told to steer clear of private equity

CX Daily: China Concludes Sixth Top Financial Meeting to Tackle New Challenges 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – 2Q23 online advertising: recovery in cautious mode

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

DZT Research

DZT 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.

Index Rebalance

<ul>
<li>HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete.</li>
<li>Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four.</li>
<li>The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.</li>
</ul>


HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete.
Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four.
The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.


HS TECH June 2026 Rebalance: Post-Implementation Review

<ul>
<li>HSTECH June 2026 rebalance takes effect on 8 Jun 2026. Two ADDs and two DELETEs enter implementation on that date.</li>
<li>MINIMAX-W fell through the bridge. KNOWLEDGE ATLAS was flat. Both DELETEs rose over the same period.</li>
<li>Historical first-week outcomes showed weak ADD precedent. Positive-bridge DELETEs showed a small first-week gain.</li>
</ul>


HSTECH June 2026 rebalance takes effect on 8 Jun 2026. Two ADDs and two DELETEs enter implementation on that date.
MINIMAX-W fell through the bridge. KNOWLEDGE ATLAS was flat. Both DELETEs rose over the same period.
Historical first-week outcomes showed weak ADD precedent. Positive-bridge DELETEs showed a small first-week gain.


HS TECH June 2026 Rebalance: Pre-Implementation Update

China

Weibo Corporation operates a leading social media platform in China, enabling users to create, discover, and distribute Chinese-language content. The company primarily generates revenue through advertising and marketing services, alongside value-added services such as membership and online games. It is headquartered in Beijing, China, and was founded in 2009.

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Weibo (9898 HK)

Wait for Rate Signals From Fed Chairman and Presidents

Technically, the SET Index is expected to move sideways, with the resistance at 1,424 points (25-day EMA) / 1,431 points and the support at 1,407...

Krungthai XSpring

CX Daily: China Concludes Sixth Top Financial Meeting to Tackle New Challenges

Financial meeting / Caixin Explains: China concludes sixth top financial meeting to tackle new challenges China held its twice-a-decade central...

Caixin Global

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

HS TECH June 2026 Rebalance: Post-Implementation Review

HSTECH June 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

HS TECH June 2026 Rebalance: Pre-Implementation Update

HSTECH enters the implementation phase on 8 Jun 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

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