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 with a downward bias today, drifting softly with the support at 1,263/1,250 points and the resistance at 1,287/1,300 points.</li><li>We expect lingering doubts over Fed rate cuts and the stronger dollar to keep global and Thai markets volatile and temporarily slow foreign fund inflows.</li><li>China’s economic indicators for 4Q25 show continued signs of weakness.</li></ul>

The SET Index is expected to trade sideways with a downward bias today, drifting softly with the support at 1,263/1,250 points and the resistance at 1,287/1,300 points.We expect lingering doubts over Fed rate cuts and the stronger dollar to keep global and Thai markets volatile and temporarily slow foreign fund inflows.China’s economic indicators for 4Q25 show continued signs of weakness.

Krungthai XSpring Zoom Eng. November 17, 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 7th. We estimate that they had an aggregated short interest worth USD2.3bn.</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, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 7th. We estimate that they had an aggregated short interest worth USD2.3bn.
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, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.


Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.</li><li>The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.</li><li>Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.

Krungthai XSpring Zoom Eng. November 4, 2025

<ul><li>The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.</li><li>The minor pullback does not alter the primary uptrend structure of higher highs and higher lows, as the index is forming a support base around 1,313–1,300.</li><li>We therefore recommend buying on dips, expecting the index to hold above the 1,313–1,300 support zone, with a focus on blue-chip stocks.</li></ul>

The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.The minor pullback does not alter the primary uptrend structure of higher highs and higher lows, as the index is forming a support base around 1,313–1,300.We therefore recommend buying on dips, expecting the index to hold above the 1,313–1,300 support zone, with a focus on blue-chip stocks.

Krungthai XSpring Technical Eng. October 31, 2025

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.</li><li>Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.</li><li>Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.

Krungthai XSpring Zoom Eng. October 31, 2025

Thailand

Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

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Indorama Ventures (IVL TB)

Krungthai XSpring Zoom Eng. November 17, 2025

The SET Index is expected to trade sideways with a downward bias today, drifting softly with the support at 1,263/1,250 points and the resistance...

Krungthai XSpring

Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bumrungrad Hospital (BH TB),...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. November 4, 2025

Thailand's S&P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by...

Krungthai XSpring

Krungthai XSpring Technical Eng. October 31, 2025

The SET fluctuated in a narrow range after the Fed cut rates as expected but signaled uncertainty over future rate reductions.

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 31, 2025

Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)