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 not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.</li><li>These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.</li><li>As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.</li></ul>

The SET not only rebounded strongly but also recovered all of yesterday’s losses, supported by expectations of new economic stimulus measures, speculation over 3Q25 bank earnings, and optimism that the Fed will cut interest rates.These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp rally.As a result, the index climbed back above 1,280 points, accompanied by renewed foreign investor buying.

Krungthai XSpring Technical Eng. October 16, 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 10th. 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, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. 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, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

<ul><li>The MPC voted 5–2 to keep the policy rate unchanged at 1.50%, contrary to market expectations.</li><li>The pass-through of lower rates should help shorten deposit durations and benefit smaller banks such as TISCO and KKP.</li><li>We view the recent short-term sell-off in financial stocks as a buying opportunity, supported by improving bond market sentiment, lower deposit rates, and grassroots economic stimulus measures.</li></ul>

The MPC voted 5–2 to keep the policy rate unchanged at 1.50%, contrary to market expectations.The pass-through of lower rates should help shorten deposit durations and benefit smaller banks such as TISCO and KKP.We view the recent short-term sell-off in financial stocks as a buying opportunity, supported by improving bond market sentiment, lower deposit rates, and grassroots economic stimulus measures.

Banking And Financial Group: MPC Holds Rates — Short-Term Dip In Financials Opens A Buy Window

<ul><li>For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).</li><li>Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.</li><li>We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.</li></ul>

For the six banks under our coverage, we estimate combined net profit of Bt42bn in 3Q25E (–4.3% YoY, –7.0% QoQ).Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and equity market recovery.We maintain our “Neutral” sector weighting, as 3Q25E earnings are unlikely to stand out given weaker loans and NIM.

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.</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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.
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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.


Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

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

Tisco Financial Group (TISCO TB)

Krungthai XSpring Technical Eng. October 16, 2025

These factors spurred broad-based buying across banking, commerce, energy, finance, transportation, and tourism stocks, while DELTA posted a sharp...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT GlobalChem (PTTGC TB),...

Ke Yan, CFA, FRM

Banking And Financial Group: MPC Holds Rates — Short-Term Dip In Financials Opens A Buy Window

We view the recent short-term sell-off in financial stocks as a buying opportunity, supported by improving bond market sentiment, lower deposit...

Krungthai XSpring

Banking Sector 3Q25E Profit Outlook Pressured By Loans And NIM - Neutral

Net interest income (NII) is expected to decline, weighed down by loan contraction and lower NIM, while non-NII should rise on investment gains and...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Thai Oil (TOP TB), Gulf...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)