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>We expect 4Q24E core profit to have declined YoY but increased QoQ, coming in lower than previously estimated.</li><li>As a result, we revise down our 2024E core profit forecast by 5% and also lower our 2025-26E estimates, reflecting delays in recognizing the transfers at Vietnam industrial estates and a decrease in asset sales to the REIT.</li><li>However, we maintain our presale estimate at a high level of 2,400 rai, leading to a +10% CAGR in core EPS for 2024-26E, which is lower than the industry average of 17%.</li></ul>

We expect 4Q24E core profit to have declined YoY but increased QoQ, coming in lower than previously estimated.As a result, we revise down our 2024E core profit forecast by 5% and also lower our 2025-26E estimates, reflecting delays in recognizing the transfers at Vietnam industrial estates and a decrease in asset sales to the REIT.However, we maintain our presale estimate at a high level of 2,400 rai, leading to a +10% CAGR in core EPS for 2024-26E, which is lower than the industry average of 17%.

Wha Corporation - Revise Down Earnings Forecasts to Reflect Lower Asset Sales to REIT

Thematic (Sector/Industry)

<ul><li>Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.</li><li>The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.</li><li>We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.</li></ul>

Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.

Krungthai XSpring Technical Eng. December 11, 2025

<ul><li>The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.</li><li>The index pulled back toward the support at 1,260 and 1,250 points.</li><li>We expect the 1,260–1,250 support zone to continue providing a base for rebounds.</li></ul>

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.The index pulled back toward the support at 1,260 and 1,250 points.We expect the 1,260–1,250 support zone to continue providing a base for rebounds.

Krungthai XSpring Technical Eng. December 9, 2025

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 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 Nov 28th. We estimate that they had an aggregated short interest worth USD2.2bn.</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, Airports of Thailand, PTT GlobalChem, CP Foods, Advanced Info Service, Airports Of Thailand, Advanced Info Service, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 28th. We estimate that they had an aggregated short interest worth USD2.2bn.
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, Airports of Thailand, PTT GlobalChem, CP Foods, Advanced Info Service, Airports Of Thailand, Advanced Info Service, Cp Foods.


Thailand Short Interest Weekly (Nov 28th): Intouch, Airports of Thailand, PTT GlobalChem, CP Foods

Thailand

WHA Corp PCL is a built-to-suit distribution center and factory developer in Thailand.

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WHA Corp Pcl (WHA TB)

Wha Corporation - Revise Down Earnings Forecasts to Reflect Lower Asset Sales to REIT

We expect 4Q24E core profit to have declined YoY but increased QoQ, coming in lower than previously estimated. As a result, we revise down our...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 11, 2025

The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 9, 2025

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

Thailand Short Interest Weekly (Nov 28th): Intouch, Airports of Thailand, PTT GlobalChem, CP Foods

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Airports of Thailand (AOT...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)