รอบด้านตลาดหุ้น 14 กรกฎาคม 2568 PDF Free Download
1 / 34/34
100%
See disclaimer at the end of report
15 8
What’s in store ?
Fund Flow
Sentiment Fund Flow
fund flows) 5
1,746
2,185
1,073711TIP
90
11514
3
Most active BH BDMS AOT GULF)
Short
,
, ,
, Earning yield gap
3
: CBG
SET test Fibo 50%
10
142568
%
%
YTD
1,143.31
22.18
1.98%
-17.14%
33,684.38
()
Institution
4,032.7
2,358.6
1,674.15
12%
7%
ProprietaryTrading
2,243.2
2,349.8
-106.66
7%
7%
Foreign
18,432.6
17,058.6
1,374.00
55%
51%
Retail
8,975.9
11,917.4
-2,941.50
27%
35%
()
AOT
33.50
1.75
1,925
KTC
26.00
0.00
1,887
GULF
41.75
1.75
1,661
CPALL
44.75
0.25
1,470
PTTEP
112.00
3.00
1,306
%
Electronics
13,067.39
3.04
Energy
15,179.86
2.52
Food
8,616.58
2.34
Finance&Sec.
1,949.64
2.32
Commerce
20,655.55
2.07
SET
1,143.31
1.98
Property
141.99
1.70
Petro
494.38
1.15
Packaging
2,007.27
1.14
ICT
185.02
1.08
Media
21.26
0.81
Bank
395.96
0.58
Auto
270.37
0.16
%
YTD
DJIA
44,459.65
0.20
4.88
NASDAQ
20,640.33
0.27
7.05
FTSE
8,998.06
0.64
8.93
NIKKEI
39,459.62
-0.28
0.39
HSKI
24,203.32
0.26
23.34
PCOMP (PH)
6,525.04
1.01
-0.39
JCI (IN)
7,097.15
0.71
-0.92
FBKMLCI (MY)
1,537.51
0.09
-5.84
FSSTI (SP)
4,109.21
0.52
8.11
Dubai ($bbl)
71.37
2.90
-5.86
THB/USD
32.47
0.10
-5.60
MLR (BBL)%
BOT 1DRP%
1.75
CPI (Jun)%
-0.25
รอบด้านตลาดหุ้น 2
What’s in store ?
▪
▪
▪
▪
▪ Commodities Tracker –
▪ Event Head-up – BLS LTV Day: ?
▪ : PR9 () –
(XD, XR, XW) 19
Market Statistics Daily
▪ (, Short Sell, Warrants)
▪
รอบด้านตลาดหุ้น 3
Market wrap & Outlook
Sentiment Fund Flow
fund flows) 5
1,746
2,185
1,073
711TIP
90
11514
2025516,871
8,400
3,5022,366
Volume Index
Electronic & Semiconductor
Chemicals
Transportation & Logistics
Volume Flow Oversold
Volume Index Commerce,
Energy ICT Mid-point
Domestic AOT GULF
ADVANC TRUE Global Play PTT PTTEP DELTA
CRC BDMS BH GLOBAL
COCOCO SAPPE
JTS ZIGA JAS M AU
Most
active BH BDMS AOT GULF)
Short
,
, ,
รอบด้านตลาดหุ้น 4
, Earning yield gap
2
SET 1
wave 4
5 1/250% Fibonacci retracement)
MACD 061.8% Fibo
1,160EMA 75
SET Fund Flow
&
US
10
What to watch
15 .
IAEA
50%18
30%
25%20%
EU 30%
CBG
BLS Research
(Low Downside risk)
53 Stop loss 51
รอบด้านตลาดหุ้น 5
Commodities
Tracker
WoW bbl
GRM WoW bbl spread
bbl HSFO bbl
spread Jet Diesel bbl
spread Naphtha Ethylene
t, Propylene t, HDPE t
PP t
NEX WoW tonne
BDI WoW Panamax (+Supramax
(+TTA, PSL Capesize WoW
WCI) WoW RCL
Fundamental view: TOP Valuation
IVL PTTGC QoQ Q
downside
Event
Head-up
BLS LTV Day: ?
BLS LTV Day – Will it Unlock Credit and Revive the Housing?”
LTV 100%
LTV %
SIRI LTV 100%
SPALI
??
Home improvement Renovate
HMPRO DOHOME
(BoT)
LTV
? BBL
รอบด้านตลาดหุ้น 6
PR9
PR92Q2518936% YoY 6% QoQ
All-time-high)
1.2515% YoY 1%
QoQ YoY
GM YoY QoQ
SG&A
19%YoY QoQ
H25 YoY, HoH
Fundamental view: Q25
PR9
รอบด้านตลาดหุ้น 7
Bank (0)
0%
2 5
AI
WHA-AMATA
(0/+)
Utilities
SMR
PDP 78-79
(0)
GULF
GULF Gulf Edge Services AISBB
ADVANC 10% 50%
ADVANC (
(0/+)
SCB
SCB 10X) SCB) Seed
12 Pokee AI AI Agent
Pokee AI
(0/+)
SCGP-PTTGC
PSL
7.2 China Play
(0/+)
CIVIL
CIVIL 3 1
4 3,000
6,000
(0)
NEX
NEX 6,679.5
(0)
M
M MK
2-3
(0)
รอบด้านตลาดหุ้น 8
Previous
Consensus
MON
Singapore GDP 2Q
3.9% y-y
3.5% y-y
China exports
4.8% y-y
5.2% y-y
India CPI
2.8% y-y
2/3% y-y
TUE
US Core CPI
0.1% m-m
0.3% m-m
US Consumer price
0.1% m-m
0.3% m-m
India Exports
-2.2% y-y
14.1% y-y
China GDP 2nd
5.4% y-y
5.1% y-y
China Retails sales
6.4% y-y
5.6%
WED
US PPI
0.1% m-m
0.2% m-m
US Industrial production
-0.2% y-y
0.1% y-y
Indonesia BI rate
5.5%
5.5%
THU
US Retail sales
-0.9% m-m
0% m-m
Japan Exports
-1.7% y-y
-1.4% y-y
FRI
Malaysia Exports
-1.1% y-y
3.6% y-y
Malaysia GDP
4.4% y-y
4% y-y
Tel. (662) 618-1336
/
, AISA
รอบด้านตลาดหุ้น 9
BMSCITH
02/01/2025
9.97
9.99
8.60
-13.74%
(
BMSCG
02/01/2025
8.68
8.74
6.85
-21.08%
(
KKP (Short)
24/04/2025
47.50
48.50
47.75
-0.53%
Short Position)
IVL
02/05/2025
19.10
22.00
21.30
11.52%
TOP
08/05/2025
26.75
30.25
29.50
10.28%
BCP
08/05/2025
38.00
39.00
30.50
-19.74%
PTT
08/05/2025
31.25
31.75
31.00
-0.80%
SCGP
19/05/2025
15.90
18.20
16.60
4.40%
SCC
22/05/2025
168.00
180.00
179.50
6.85%
PTTGC
22/05/2025
19.60
21.50
21.40
9.18%
CPN
03/07/2025
47.75
49.75
49.75
4.19%
CBG
04/07/2025
52.00
54.75
54.50
4.81%
Source: ASPEN
Deletion: 05 CPF -2.48%
BJC -9.87% BCH 0% CENTEL +1.55% ERW 0%
25 AAV -13.59% OSP -11.80% BGRIM -10.74% SCGP -15.24%
GPSC -15.70%
PTTGC -22.63% TOP -18.11% BCP -8.16% BTG -7.04% CBG -9.24% HANA -10.78%
16 COM7 -3.03%
GFPT +16.07% HMPRO -5.65%
CPAXT -8.04% CPALL +3.47% CK 0% CBG -1.57% MTC -1.13% OSP +7.43%
8 ADVANC +6.64% TRUE +6.84% OR +17.89%
22 BH -8.28%
GULF -6.91% BGRIM -10.65% GPSC -7.46%
รอบด้านตลาดหุ้น 10
Trend Forecasting 2568
SET Index ,143+1.98% 3.3
SET test Fibo 50%
SET Index 1,135-1,140 1,150
SET impulse wave 5
: SET ! 1 wave 4
1/2(50% Fibonacci retracement)
MACD 0 + % Fibo ,EMA
:SET Fund Flow & !
US
Most active stocks: AOT low / KTC GULF
AOT
KTC
Impulse wave & Fibo 50%
SET daily chart
GULF
MACD 0
5
1
Bullish Engulfing
2
3
4
a
b
c
1
2
3
4
5
Thanarut@bualuang.co.th +662-618-1334
รอบด้านตลาดหุ้น 11
Technical follow up
Stock
Recommend
Comment
PR9
CPALL
sideway
CRC
Inverse H & S
test ( close gap)
CPF
( wave C)
IVL
EMA 200 21.5
KBANK
week high > 157 …. 164
BDMS
low
19.8-EMA > 20.8
8
()
CPF
24/06/25
22.8
22.9
22
+4%
Short
KCE
10/06/25
21.9
21.7
+33%
DELTA
19/06/25
96.75
110
110
+12%
WHA
02/07/25
3.26
3.36
3.32
+2%
BAM
11/06/25
6.8
7.45
+6%
SCGP
17.1
18.4
16.5
-2%
GULF
24/06/25
40
41.75
41.75
+4%
!
SCC
25/06/25
166
179.5
179.5
+8%
BTS
26/06/25
3.62
3.78
3.54
-1.7%
PTTGC
01/07/25
20
21.5
21.4
+7.25%
Run trend
CENTEL
02/07/25
25.25
27 .25
26.25
+5%
BCH
13.4
13.5
13.5
+1%
ADVANC
09/07/25
284
290
288
+1%
CPN
14/07/25
48.75
49.75
49.75
+2.5%
Note:
CPF Short 25 68
KCE 3 68
DELTA 3 68
WHA 3 68
BAM 68
SCGP 68
รอบด้านตลาดหุ้น 12
Indicator “Volume profile”
PTTEP….price pattern ! !
Bearish triangle
Indicator “volume profile” SET Index
Double top
Bullish rectangle
Double bottom
Bullish RSI
Previous high
: PTTEP
(stop loss< 107)
1,150-1,170
1,170-1,190
1,125-1,140
รอบด้านตลาดหุ้น 13
CPN (
Breakout….!
“
CPN
drawdown 40%
“Breakout”
Note: CPN
ADVANC ()
!
“
ADVANC EMA
high 3
288 (test high) :
….
Note:
ARPU
GULF (
low!
“
GULF low!
2024 high
! ! MACD
Note: GULF
MW
47-48
53 / 56
Stop Loss
< 45
-284
300/ 310
Stop Loss
<277
40
45
Stop Loss
<38
MACD > 0
Bullish EMA 200
low
Volume !
!
“breakout”
Consolidate zone
Drawdown -40%
MACD 0
รอบด้านตลาดหุ้น 14
.
SYMBOL
TREND
KKP
4
48/52
PSH
4.3
4.6
MEGA
25
28/30
SUPEREIF
wave 3
5.5/5.9
MSC
8
9.1/9.5
THCOM
Sideway
7
8/8.4
OKJ
6
7/7.3
BLA
Bull divergence
15.5-16
17.5/18
Signal recovery
TSTH
0.68-0.70
/0.85
BA
breakout
รอบด้านตลาดหุ้น 15
United States
Economic Releases
Date Event Period Survey Actual Prior Revised Relevance
15/07/2025 Empire Manufacturing Jul -9.6 -- -16.0 -- 84.9315
15/07/2025 CPI MoM Jun 0.3% -- 0.1% -- 97
15/07/2025 CPI Ex Food and Energy MoM Jun 0.3% -- 0.1% -- 78
15/07/2025 CPI YoY Jun 2.6% -- 2.4% -- 95.8904
15/07/2025 CPI Ex Food and Energy YoY Jun 2.9% -- 2.8% -- 75.3425
15/07/2025 CPI Index NSA Jun 322.512 -- 321.465 -- 47.2603
15/07/2025 CPI Core Index SA Jun 327.819 -- 326.854 -- 53.4247
15/07/2025 Real Avg Hourly Earning YoY Jun -- -- 1.4% -- 21.9178
15/07/2025 Real Avg Weekly Earnings YoY Jun -- -- 1.5% 1.4% 24.6575
16/07/2025 MBA Mortgage Applications 11-Jul -- -- 9.4% -- 90.411
16/07/2025 PPI Final Demand MoM Jun 0.2% -- 0.1% -- 93.1507
16/07/2025 PPI Ex Food and Energy MoM Jun 0.2% -- 0.1% -- 69.863
16/07/2025 PPI Ex Food, Energy, Trade MoM Jun 0.2% -- 0.1% -- 28.7671
16/07/2025 PPI Final Demand YoY Jun 2.5% -- 2.6% -- 72.6027
16/07/2025 PPI Ex Food and Energy YoY Jun 2.7% -- 3.0% -- 68.4932
16/07/2025 PPI Ex Food, Energy, Trade YoY Jun -- -- 2.7% -- 26.0274
16/07/2025 New York Fed Services Business Activity Jul -- -- -13.2 -- 13.0137
16/07/2025 Industrial Production MoM Jun 0.1% -- -0.2% -- 89.726
16/07/2025 Manufacturing (SIC) Production Jun 0.0% -- 0.1% -- 26.7123
16/07/2025 Capacity Utilization Jun 77.4% -- 77.4% -- 62.8082
17/07/2025 Fed Releases Beige Book 0
17/07/2025 Retail Sales Advance MoM Jun 0.1% -- -0.9% -- 93.8356
17/07/2025 Retail Sales Ex Auto and Gas Jun 0.3% -- -0.1% -- 58.2192
17/07/2025 Retail Sales Ex Auto MoM Jun 0.3% -- -0.3% -- 65.6849
17/07/2025 Retail Sales Control Group Jun 0.3% -- 0.4% -- 32.8767
17/07/2025 Import Price Index MoM Jun 0.3% -- 0.0% -- 78.0822
17/07/2025 Import Price Index ex Petroleum MoM Jun 0.2% -- 0.2% -- 17.1233
17/07/2025 Import Price Index YoY Jun 0.3% -- 0.2% -- 41.0959
17/07/2025 Export Price Index MoM Jun 0.0% -- -0.9% -- 27.3973
17/07/2025 Export Price Index YoY Jun -- -- 1.7% -- 25.3425
17/07/2025 Initial Jobless Claims 12-Jul 233k -- 227k -- 98.6301
17/07/2025 Initial Claims 4-Wk Moving Avg 12-Jul -- -- 235.50k -- 3.42466
17/07/2025 Continuing Claims 5-Jul 1965k -- 1965k -- 69.0411
17/07/2025 Philadelphia Fed Business Outlook Jul -1.0 -- -4.0 -- 78.7671
17/07/2025 Business Inventories May 0.0% -- 0.0% -- 42.4658
17/07/2025 NAHB Housing Market Index Jul 33.0 -- 32.0 -- 50
18/07/2025 Net Long-term TIC Flows May -- -- -$7.8b -- 71.9178
18/07/2025 Total Net TIC Flows May -- -- -$14.2b -- 64.3836
18/07/2025 Housing Starts Jun 1295k -- 1256k -- 89.0411
18/07/2025 Building Permits Jun P 1388k -- 1394k -- 62.3288
18/07/2025 Housing Starts MoM Jun 3.1% -- -9.8% -- 39.0411
18/07/2025 Building Permits MoM Jun P -0.5% -- -2.0% -- 36.9863
18/07/2025 U. of Mich. Sentiment Jul P 61.4 -- 60.7 -- 94.5205
18/07/2025 U. of Mich. Current Conditions Jul P 63.8 -- 64.8 -- 28.0822
18/07/2025 U. of Mich. Expectations Jul P 56.0 -- 58.1 -- 29.4521
18/07/2025 U. of Mich. 1 Yr Inflation Jul P 4.9% -- 5.0% -- 34.2466
18/07/2025 U. of Mich. 5-10 Yr Inflation Jul P 4.0% -- 4.0% -- 32.1918
รอบด้านตลาดหุ้น 16
Sources: Bloomberg
China
Economic Releases
Date Event Period Survey Actual Prior Revised Relevance
11/07/2025 FDI YTD YoY CNY Jun -- -- -13.2% -- 19.2308
11/07/2025 New Yuan Loans CNY YTD Jun 12699.5b -- 10680.0b 10682.2b 5.76923
11/07/2025 Aggregate Financing CNY YTD Jun 22430.7b -- 18630.0b 18630.7b 7.69231
11/07/2025 Money Supply M2 YoY Jun 8.2% -- 7.9% -- 84.6154
11/07/2025 Money Supply M1 YoY Jun 2.8% -- 2.3% -- 61.5385
11/07/2025 Money Supply M0 YoY Jun -- -- 12.1% -- 57.6923
14/07/2025 Exports YoY Jun 5.0% -- 4.8% -- 80.7692
14/07/2025 Imports YoY Jun 0.3% -- -3.4% -- 78.8462
14/07/2025 Trade Balance Jun $112.10b -- $103.22b -- 82.6923
14/07/2025 Exports YoY CNY Jun -- -- 6.3% -- 48.0769
14/07/2025 Imports YoY CNY Jun -- -- -2.1% -- 46.1538
14/07/2025 Trade Balance CNY Jun -- -- 750.00b -- 44.2308
15/07/2025 New Home Prices MoM Jun -- -- -0.2% -- 38.4615
15/07/2025 Used Home Prices MoM Jun -- -- -0.5% -- 3.84615
15/07/2025 GDP YoY 2Q 5.1% -- 5.4% -- 96.1538
15/07/2025 GDP YTD YoY 2Q 5.3% -- 5.4% -- 67.3077
15/07/2025 GDP SA QoQ 2Q 0.9% -- 1.2% -- 59.6154
15/07/2025 Retail Sales YoY Jun 5.2% -- 6.4% -- 86.5385
15/07/2025 Retail Sales YTD YoY Jun 5.0% -- 5.0% -- 63.4615
15/07/2025 Industrial Production YTD YoY Jun 6.2% -- 6.30% -- 69.2308
15/07/2025 Industrial Production YoY Jun 5.6% -- 5.8% -- 88.4615
15/07/2025 Fixed Assets Ex Rural YTD YoY Jun 3.6% -- 3.7% -- 65.3846
15/07/2025 Surveyed Jobless Rate Jun 5.0% -- 5.0% -- 30.7692
15/07/2025 Property Investment YTD YoY Jun -10.9% -- -10.7% -- 32.6923
15/07/2025 Residential Property Sales YTD YoY Jun -- -- -2.8% -- 17.3077
Japan
Economic Releases
Date Event Period Survey Actual Prior Revised Relevance
14/07/2025 Core Machine Orders MoM May -1.5% -- -9.1% -- 88.8889
14/07/2025 Core Machine Orders YoY May 5.2% -- 6.6% -- 64.4444
14/07/2025 Industrial Production MoM May F -- -- 0.5% -- 98.8889
14/07/2025 Industrial Production YoY May F -- -- -1.8% -- 70
14/07/2025 Capacity Utilization MoM May -- -- 1.3% -- 69.2222
14/07/2025 Tertiary Industry Index MoM May 0.1% -- 0.3% -- 86.6667
17/07/2025 Trade Balance Jun ¥350.3b -- -¥637.6b -¥638.6b 67.7778
17/07/2025 Trade Balance Adjusted Jun -¥274.7b -- -¥305.5b -- 48.8889
17/07/2025 Exports YoY Jun 0.5% -- -1.7% -- 52.2222
17/07/2025 Imports YoY Jun -1.0% -- -7.7% -- 43.3333
17/07/2025 Japan Buying Foreign Bonds 11-Jul -- -- ¥1656.8b -- 60
17/07/2025 Japan Buying Foreign Stocks 11-Jul -- -- -¥512.7b -- 45.5556
17/07/2025 Foreign Buying Japan Bonds 11-Jul -- -- -¥164.6b -- 50
17/07/2025 Foreign Buying Japan Stocks 11-Jul -- -- ¥611.7b -- 53.3333
17/07/2025 Tokyo Condominiums for Sale YoY Jun -- -- -16.9% -- 47.7778
18/07/2025 Natl CPI YoY Jun 3.3% -- 3.5% -- 93.3333
18/07/2025 Natl CPI Ex Fresh Food YoY Jun 3.4% -- 3.7% -- 71.1111
18/07/2025 Natl CPI Ex Fresh Food, Energy YoY Jun 3.3% -- 3.3% -- 25.5556
Thailand
Economic Releases
Date Event Period Survey Actual Prior Revised Relevance
18/07/2025 Gross International Reserves 11-ก.ค. -- -- $262.8b -- 80.7692
18/07/2025 Forward Contracts 11-ก.ค. -- -- $21.9b -- 23.0769
18/07/2025 Car Sales Jun -- -- 52229 -- 30.7692
18/07/2025 Customs Exports YoY Jun 22.0% -- 18.4% -- 76.9231
18/07/2025 Customs Imports YoY Jun 18.2% -- 18.0% -- 53.8462
18/07/2025 Customs Trade Balance Jun $1200m -- $1116m -- 50
รอบด้านตลาดหุ้น 17
As of July 14, 2025
Daily -
• Timing"
• BLS Universe
• Direction"
Model Port - -6
รอบด้านตลาดหุ้น 18
Technical Port - 1
รอบด้านตลาดหุ้น 19
XD TAIWANAI13 0.0223 Baht
XD TAIWAN19 0.1259 Baht XD INETREIT 0.0667 Baht XD MWG19 0.124 Baht XD TMW 3.61 Baht
XD BLAND 0.01 Baht
XD PFIZER19 0.2366 Baht
XR FSX 2 : 9@1.6Baht
XD VGI 0.013 Baht XD SINGTEL80 0.25111 Baht XD EPG 0.08 Baht
XR NRF 15 : 1@1Baht
XD NRF 1 : 5
XD KYE 17.8 Baht XD ROCTEC 0.0165 Baht XR TPL 0.9 : 1@0.7Baht XD PTL 0.2 Baht
XD TPL 1.75 : 1XD SIA19 0.7602 Baht
XD LLY80 0.00246 Baht
XD UOB19 0.0618 Baht
XR FVC 1 : 4.5316@0.5Baht XD MSFT01 0.0066 Baht XD TVDH 1.15 : 1@0.01Baht
XD MSFT06 0.00679 Baht
29 Aug 25
25 Aug 25
26 Aug 25
27 Aug 25
28 Aug 25
21 Aug 25
22 Aug 25
29 Jul 25
28 Jul 25
1 Aug 25
30 Jul 25
13 Aug 25
14 Aug 25
15 Aug 25
31 Jul 25
18 Aug 25
19 Aug 25
20 Aug 25
23 Jul 25
4 Aug 25
5 Aug 25
6 Aug 25
12 Aug 25
Fri
Thu
25 Jul 25
15 Jul 25
Wed
16 Jul 25
17 Jul 25
18 Jul 25
24 Jul 25
11 Aug 25
7 Aug 25
8 Aug 25
Mon
22 Jul 25
Tue
14 Jul 25
21 Jul 25
รอบด้านตลาดหุ้น 20
Note-XD Cash Dividend, XD (ST) Stock Dividend, PD Payment Date, XR- Right for Common
XW- Right for Warrant XM- Right for meeting
Sources: SET, Bualuang research
XD AJA 1 : 5
XR AJA 20 : 1@0.11Baht
XD HONDA19 0.0666 Baht
XD MITSU19 0.0228 Baht
XD MUFG19 0.0666 Baht
XD NINTENDO19 0.1294 Baht
XD SMFG19 0.1294 Baht
XD TOYOTA80 0.10024 Baht
9 Oct 25
10 Oct 25
2 Oct 25
3 Oct 25
29 Sep 25
30 Sep 25
1 Oct 25
26 Sep 25
24 Sep 25
25 Sep 25
23 Sep 25
8 Oct 25
15 Sep 25
16 Sep 25
22 Sep 25
17 Sep 25
6 Oct 25
7 Oct 25
8 Sep 25
2 Sep 25
9 Sep 25
10 Sep 25
3 Sep 25
11 Sep 25
5 Sep 25
1 Sep 25
18 Sep 25
19 Sep 25
4 Sep 25
12 Sep 25
Fri
Thu
Wed
Mon
Tue
Please see final page for additional important disclosures. Bualuang Securities Public Company Limited (“BLS”) is a foreign broker-dealer unregistered in the
USA. BLS research is prepared by research analysts who are not registered in the USA. BLS research is distributed in the USA pursuant to Rule 15a-6 of the
Securities Exchange Act of 1934.
See disclaimer at the end of report
บัวหลวงมอนิเตอร์
15 กรกฎาคม 2568
SET Index 1,143.31 SET 50 744.01 DOW 44,459.65 NASDAQ 20,640.33
+22.18 +1.98% +15.94 +2.19% +88.14 +0.20% +54.80 +0.27%
Market Oscillator – SET50
620
710
800
890
980
1,070
20
35
50
65
80
95
Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Jul-25
Oscillator SET50 Index (RHS)
Overbought
Oversold
บัวหลวงมอนิเตอร์ - 2
Market Oscillator – SET
750
900
1,050
1,200
1,350
1,500
1,650
1,800
0
10
20
30
40
50
60
70
80
90
100
Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Jul-25
Oscillator SET Index (RHS)
Overbought
Oversold
หมายเหตุ :
: I = SMA (Up – Down, 10) ; 0 – 100
I =
SMA =
Up =
Down =
บัวหลวงมอนิเตอร์ - 3
RISING PRICE STOCKS
24CS BEYOND EURO JAS MCOT RATCH SMT TOP AEONTS PRTR DV8
AAI BGRIM FM JDF MEGA ROJNA SNNP TPIPP AH PSL MEDEZE
AAV BH FNS JMART MONO RSP SO TPL AI SCC SRS
ABM BLA FPI JTS MTC S SPALI TPS AOT SCGD TKC
ADVANC BLESS FSMART KAMART NC SABINA SPI TQR AP SHR TQM
ADVICE BPP FSX KCAR NCAP SAFE SPREME TVO BKA SIMAT
AIT BR GGC KCE NEX SAK SPVI TWPC BLC SRIPANWA
AKP BRI GLOBAL KCG NSL SAUCE STGT UPOIC CK STECON
ALLA BSRC GPI KKP OKJ SAWAD STX UREKA CPN TASCO
ALUCON CHAO GPSC KLINIQ ONEE SC SVI VIBHA DEMCO TIPCO
AMANAH CNT GULF LALIN OR SCAP SVOA VIH EASON TTA
AMATAV COCOCO HENG LEO ORI SCB SYNEX VL EASTW WHA
ARIP COLOR HMPRO LH PEACE SCCC TC VRANDA ECF
AS CPAXT HTECH LHHOTEL PLAT SCL TCAP WARRIX GYT
ASIMAR CPW IFS LHK PPS SCN TEAM WINDOW IVL
BA CRANE ILM LIT PRECHA SE TEAMG WINMED LEE
BAFS DELTA INSET LPN PROEN SEAOIL TEGH XPG MAGURO
BAM DITTO IRC LST PSG SGC THANI XYZ ML
BANPU DOHOME IRPC LTS PSP SGF THCOM MOSHI
BBL EA IT MALEE PT SINGER THG NYT
BCP EGCO ITEL MBK PTG SIRI TIDLOR PAP
BCPG EPG ITNS MC PTT SIS TIPH PCSGH
BEC ERW J MCA PTTEP SKR TOG PMC
FALLING PRICE STOCKS
KUMWEL CIVIL
MEB TFM
NEO
LARGEST VOLUME INCREASE
ABM LUXF CPALL
AGE JAS
AMA M-CHAI
AMANAH MCOT
AUCT MTC
BH
BLA
EGCO
EP
GCAP
GUNKUL
HMPRO
INGRS
JTS
KOOL
4-day rising volume
5-day rising volume
5-day falling price
3-day rising volume
3-day falling price
2-day rising price
4-day rising price
3-day rising price
4-day falling price
บัวหลวงมอนิเตอร์ - 4
TOP 10 MARKET MOVERS
Leaders Price %Chg Points Laggers Price %Chg Points
GRAND 0.04 33.33% 0.008 SDC 0.03 -25.00% -0.028
B 0.05 25.00% 0.006 SUPER 0.12 -14.29% -0.044
TFI 0.05 25.00% 0.014 PRIME 0.07 -12.50% -0.003
TRITN 0.05 25.00% 0.018 STELLA 0.16 -11.11% -0.024
TSTE 12.40 16.98% 0.055 MILL 0.08 -11.11% -0.006
M 19.50 12.07% 0.155 TPA 2.60 -9.09% -0.003
BIOTEC 0.19 11.76% 0.005 NEP 0.22 -8.33% -0.004
BA 14.30 11.72% 0.253 JCK 0.12 -7.69% -0.003
PRECHA 0.84 9.09% 0.002 NOVA 10.10 -7.34% -0.011
GLOBAL 5.55 7.77% 0.174 NEO 23.00 -6.50% -0.039
Leading Movers
Lagging Movers
BTS 23,001,292 TTB -7,893,502 PTT 250,133,231 AOT -160,237,858
XPG 19,184,700 ITEL-W5 -7,609,740 ADVANC 201,181,300 CPN -145,265,075
WHA 12,270,325 AOT -4,858,201 BBL 155,499,575 MINT -53,639,210
MONO 11,489,300 BEM -4,594,300 KTB 135,282,400 SCB -34,005,750
GUNKUL 10,262,300 AAV -3,673,800 DELTA 132,052,943 SCC -32,738,198
PTT 8,154,038 NCAP -3,321,500 KBANK 89,354,900 PTTGC -30,330,391
EA 8,112,900 BTC -3,142,400 BTS 80,394,784 KCE -28,609,630
IRPC 6,398,200 CPN -2,954,901 GULF 62,869,979 ITC -25,644,720
AWC 6,359,600 MINT -2,248,200 PTTEP 57,513,830 KTC -25,569,440
KTB 6,246,800 ITC -2,153,900 CRC 51,929,232 CPALL -25,467,993
BWG 5,670,400 BA -1,778,300 COM7 47,819,840 BA -24,985,780
CHAYO 4,592,100 RS -1,646,600 GPSC 45,448,925 BEM -24,025,335
NEWS 4,572,100 PLANB -1,478,900 WHA 39,751,034 MTC -19,500,575
QH 4,554,200 PTTGC -1,452,401 TOP 29,794,975 TTB -14,873,412
SIRI 4,141,300 KCE -1,394,700 HANA 28,860,650 JMT -11,682,390
BANPU 3,884,900 JMT -1,122,501 BH 25,919,360 OSP -9,559,210
SUPER 3,047,600 TRITN -1,119,800 SAWAD 20,686,830 NCAP -9,011,614
CRC 2,830,399 PROEN -1,074,100 MONO 20,117,044 BJC -8,363,910
JAS 2,642,300 KTC -1,016,490 EA 19,443,646 AEONTS -7,716,225
SC 2,555,600 ITEL-W6 -940,668 BGRIM 19,341,400 TISCO -7,497,975
TOP 20 NVDR NET BUY (Vol)
TOP 20 NVDR NET SELL (Vol)
TOP 20 NVDR NET BUY (Val)
TOP 20 NVDR NET SELL (Val)
SECTOR LAST CHG %CHG SECTOR LAST CHG %CHG SECTOR BUY SELL NET
ENERG 15,179.86 382.53 2.52 TRANS 183.82 8.18 4.45 ENERG 1,846 1,261 585
TRANS 183.82 8.18 4.45 ETRON 13,067.39 397.25 3.04 BANK 1,014 693 321
BANK 395.96 2.30 0.58 HELTH 4,411.82 128.38 2.91 ICT 1,153 935 217
FIN 1,949.64 45.23 2.32 ENERG 15,179.86 382.53 2.52 ETRON 625 479 146
ICT 185.02 2.00 1.08 FOOD 8,616.58 201.63 2.34 COMM 864 761 102
TOP 5 NVDR NET BUY (Mil. Baht)
TOP 5 GAINER SECTOR
TOP 5 ACTIVE SECTOR
Sources: SET, Bualuang Researc
h
Please see final page for additional important disclosures. Bualuang Securities Public Company Limited (“BLS”) is a foreign broker-dealer unregistered in the
USA. BLS research is prepared by research analysts who are not registered in the USA. BLS research is distributed in the USA pursuant to Rule 15a-6 of the
Securities Exchange Act of 1934.
See disclaimer at the end of report
Market Statistics Daily
July 15, 2025
Figure 1: Changes in management's securities holding
Name of Name of Managem ent Types of Total Volum e Price Total Value Transaction The methods
Com pany Securities (Shrs) (Bt) (Bt) Date
ACE Mr TEERAWUT SONGMETTA Common Share 8,286,000 1.31 10,854,660 11/07/2025 Buy
BDMS Miss PORAMAPORN PRASARTTONG-OSOTH Common Share 497,000 20.10 9,989,700 11/07/2025 Buy
S&J Mr BOONKIET CHOKWATANA Common Share 69,200 31.08 2,150,736 11/07/2025 Buy
BKIH Mr CHAI SOPHONPANICH Common Share 2,000 284.60 569,200 11/07/2025 Buy
SEAOIL Mr KOSIT FUANGSWASDI Common Share 52,000 2.48 128,960 11/07/2025 Buy
FSX Mr VARAH SUCHARITAKUL Common Share 100,000 1.10 110,000 11/07/2025 Buy
BM Mr TIRAWAT AMORNTHATRI Common Share 100,000 1.08 108,000 11/07/2025 Buy
SKN Mrs KITIYA NIEBLER Common Share 10,200 5.50 56,100 11/07/2025 Buy
TTI Mr KUMJORN CHUENCHOOCHIT Common Share 1,500 25.00 37,500 11/07/2025 Buy
SE Mr SITTICHAI LEEKASEM Common Share 40,300 0.38 15,314 11/07/2025 Buy
TTI Mr KUMJORN CHUENCHOOCHIT Common Share 100 25.75 2,575 11/07/2025 Buy
AWC Miss NARDRERDEE ARJ-HARNWONGSE Common Share 1,000 1.65 1,650 20/06/2025 Buy
JMT Mr SOMSAK ATHISAITRAKUL Common Share 1,000,000 10.20 10,200,000 11/07/2025 Sell
CPNREIT Mr POOM OSATANANDA Units 30,000 10.60 318,000 11/07/2025 Sell
APO Miss SUWONGRAT PAPANGKORN Common Share 54,000 1.17 63,180 11/07/2025 Sell
K Mr THEERAPORN VERATHAWORN Warrant 125,000 0.17 21,250 11/07/2025 Sell
Sources: SEC, Bualuang research
As of 14 July 2025
Market Statistics Daily - 2
Figure 2: Short Sale Trading (Top 30)
As of 14 July 2025
Stock Volum e (Shares) Turnover (Baht) %Short Sale Volum e
Com paring w ith Main Board
OR 3,773,500 43,502,380 28.61%
HMPRO 10,585,400 69,455,335 20.56%
THANI 403,800 618,840 19.99%
QH 3,138,800 4,143,089 18.14%
AWC 14,494,000 27,897,905 16.88%
CKP 853,500 2,145,094 14.24%
VGI 6,705,400 13,959,068 13.95%
MTC 856,100 31,287,625 12.42%
MBK 67,000 1,119,580 12.24%
KCE 1,951,300 40,171,640 12.10%
CPN 1,142,200 56,268,475 11.69%
WHA 9,534,000 30,959,388 11.68%
TTB 18,319,700 34,619,641 11.62%
CPAXT 689,900 13,394,000 10.92%
AMATA 1,526,700 22,284,950 10.58%
MEGA 60,700 1,627,150 10.56%
BPP 158,900 1,097,370 10.12%
TLI 476,600 4,959,030 8.98%
DOHOME 2,469,400 8,268,806 8.88%
BH 468,200 65,942,550 8.81%
SISB 259,500 3,815,300 8.72%
MINT 1,758,300 42,245,980 8.40%
GPSC 430,300 13,163,400 8.34%
CBG 230,700 12,393,175 8.27%
STPI 593,100 2,128,218 7.94%
PTG 179,700 1,051,380 7.75%
TPIPL 174,400 146,496 7.65%
ICHI 465,700 4,884,950 7.57%
LH 1,854,000 6,734,628 7.35%
SJWD 57,500 468,905 6.95%
Source: SET
Remark: - Excluding a short sale by a member that is a participating dealer or market maker of the ETF investment units for the
company's account,for the purpose of realizing a profit from a price spread (arbitrage), or for the purpose of stabilizing liquidity, as
the case may be.
- Outstanding Short Positions - For securities other than common shares, the number of listed shares with the Stock
Exchange of Thailand (SET) will be used instead of paid-up shares.
Market Statistics Daily - 3
Figure 3: Short sale volume (%Short Sale Volume Comparing with Auto Matching) - previous
six months
Sources: SET, Bualuang Researc
h
4.94 4.85 4.72 4.61 4.24 4.20 4.18
3.80 3.57 3.53 3.47 3.38 3.26 3.21 3.03
0.0
1.2
2.4
3.6
4.8
6.0
WHA
HANA
BH
KCE
SAWAD
SCC
HMPRO
AMATA
BCP
TISCO
PTTGC
TOP
KBANK
JMT
BEM
Closing price as of:
(* In case of no closing price of the indictated date, use the latest closing price)
Warrants Warrant Black & Premium Stock Exercise Expiry Shares Conversion Gearing All-in Delta Implied CFP Exercise
Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date
% (m shares) % % % %
24CS-W1 0.18 0.01 Very High 1.37 3.00000 28-Jan-27 193.99 1.00000 7.61 132.12 2.57 71.03 82.31 28 Jan 2027
24CS-W2 0.33 0.00 Very High 1.37 6.00000 28-Jan-28 48.50 1.00000 4.15 362.04 1.77 95.22 99.38 29 Jan, 29 Jul
A5-W4 0.02 0.01 199.25 1.89 3.50000 08-Aug-26 361.00 1.00000 94.50 86.24 6.97 36.54 80.07 Last business day of Mar, Jun, Sep, Dec
A5-W5 0.10 0.25 (60.04) 1.89 2.00000 13-May-27 235.59 1.00000 18.90 11.11 7.98 14.69 6.26 30 Jun 26, 13 May 27
ACC-W2 0.20 0.00 Very High 0.32 0.81776 16-May-27 447.68 1.22283 1.96 206.66 1.36 144.26 146.20 22nd of Jun, Dec
ASW-W3 0.48 0.50 (3.32) 6.55 9.00000 22-May-28 89.92 1.00000 13.65 44.73 4.33 29.54 14.79 22nd of May, Nov
B52-W4 0.03 0.00 Very High 0.25 0.50000 14-Jan-26 490.06 1.00000 8.33 112.00 2.74 114.19 414.22 14 Jan 2026
BC-W3 0.15 0.00 Very High 0.92 1.50000 27-Feb-26 57.22 1.00000 6.13 79.35 2.57 100.85 192.18 Last business day of Feb, Aug, Nov
BC-W4 0.08 0.01 Very High 0.92 2.50000 29-Feb-28 114.43 1.00000 11.50 180.43 2.84 52.87 51.45 Last business day of Feb, May, Aug, Nov
BE8-W1 1.16 0.00 Very High 6.95 75.00000 31-May-26 13.23 1.00000 5.99 995.83 1.82 184.35 Very High Last business day of Mar, Jun, Sep, Dec
BIOTEC-W2 0.03 0.00 Very High 0.19 0.50000 31-Mar-26 1,016.56 1.00000 6.33 178.95 2.26 126.05 398.17 Last business day of Mar, Jun, Sep, Dec
BRI-W1 1.10 0.00 Very High 1.45 3.00000 16-Jun-28 150.03 1.00000 1.32 182.76 1.32 Very High 108.54 Last business day of Mar, Jun, Sep, Dec
BRR-W2 0.14 0.00 Very High 4.10 13.00000 13-Feb-26 81.19 1.00000 29.29 220.49 3.64 99.75 666.74 Last business day of Mar, Jun, Sep, Dec
BR-W1 0.04 0.00 Very High 1.57 5.00000 01-Sep-26 456.61 1.00000 39.25 221.02 3.92 65.63 184.78 Last business day of Mar, Jun, Sep, Dec
BTC-W7 0.14 0.00 Very High 0.35 1.09900 12-Jul-26 682.79 1.18400 2.96 247.78 1.63 166.98 380.36 Last business day of Mar, Jun, Sep, Dec
BTS-W8 0.02 0.00 Very High 3.54 14.38700 21-Nov-26 2,632.31 1.03600 183.37 306.96 5.12 53.33 182.94 Last business day of Mar, Jun, Sep, Dec
B-W8 0.01 0.00 Very High 0.05 0.30000 14-Nov-26 2,691.27 1.00000 5.00 520.00 1.82 135.36 352.74 15th of May, Dec
BWG-W6 0.01 0.00 Very High 0.20 0.70000 14-Aug-25 897.20 1.00000 20.00 255.00 3.10 301.69 Very High 13 Aug 24, 13 Nov 24, 13 Feb 25, 13 May 25, 13 Aug 25
BWG-W7 0.03 0.00 Very High 0.20 0.45000 28-May-27 964.27 1.00000 6.67 140.00 2.41 69.03 68.37 15 Aug 25, 14 Nov 25, 13 Feb 26, 15 May 26, 14 Aug 26, 13 Nov 26, 15 Feb 27, 28 May 27
CEN-W5 0.02 0.09 (77.90) 1.30 2.14000 12-May-26 372.36 1.00000 65.00 66.15 6.96 37.72 86.49 15th of Mar, Jun, Sep, Dec
CGH-W5 0.16 0.02 652.91 0.50 1.00000 31-May-26 64.58 1.00000 3.13 132.00 1.74 140.62 242.30 Last business day of May, Nov
CHASE-W1 0.23 0.20 14.69 0.55 0.50000 06-Jun-27 197.53 1.00000 2.39 32.73 1.75 71.65 26.58 Last business day of Jun, Dec
CHAYO-W3 0.03 0.00 Very High 1.27 8.75900 08-Dec-25 113.71 1.02700 43.48 591.99 3.18 156.28 Very High Last business day of Mar, Jun, Sep, Dec
CHAYO-W4 0.30 0.05 469.99 1.27 2.50000 14-May-27 126.34 1.00000 4.23 120.47 2.03 80.35 67.75 Last business day of Mar, Jun, Sep, Dec
CHO-W4 0.01 0.00 Very High 0.05 1.15000 09-Jun-26 278.47 0.20000 1.00 2,300.00 1.00 Very High Very High Last business day of every month
CIG-W10 0.04 0.00 Very High 0.03 0.50000 06-Jul-28 80.14 1.00000 0.75 1,700.00 0.75 Very High Very High 15th of Mar, Jun, Sep, Dec
CIG-W9 0.02 0.00 Very High 0.03 0.50000 09-May-28 289.03 1.00000 1.50 1,633.33 1.16 191.87 300.54 15th of Mar, Jun, Sep, Dec
COMAN-W1 0.11 0.00 Very High 0.55 3.00000 24-Jun-27 83.70 1.00000 5.00 465.45 1.84 108.84 168.65 24 Jun 2026, 24 Jun 2027
CV-W1 0.02 0.00 Very High 0.03 1.00000 22-Feb-29 63.18 0.50000 0.75 3,366.67 0.75 Very High Very High Last business day of Mar, Jun, Sep, Dec
DCON-W4 0.03 0.02 34.39 0.24 0.30000 17-Mar-27 846.37 1.00000 8.00 37.50 3.41 47.11 23.79 17th of Mar, Sep
14 Jul 2025 Bualuang Securities
Closing price as of:
(* In case of no closing price of the indictated date, use the latest closing price)
Warrants Warrant Black & Premium Stock Exercise Expiry Shares Conversion Gearing All-in Delta Implied CFP Exercise
Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date
% (m shares) % % % %
14 Jul 2025 Bualuang Securities
DV8-W2 2.22 6.30 (64.76) 7.10 0.80000 17-Jul-25 301.84 1.00000 3.20 (57.46) 3.20 0.00 (100.00) Last business day of Jun, Dec
EA-W1 0.96 0.30 219.45 2.42 4.00000 13-Feb-28 1,237.77 1.00000 2.52 104.96 1.68 99.50 47.71 14 Aug 25, 16 Feb 26, 17 Aug 26, 17 Feb 27, 17 Aug 27, 13 Feb 28
ECF-W5 0.01 0.00 Very High 2.10 5.00000 30-Jul-25 479.74 2.33605 490.57 138.30 8.32 185.21 Very High 30 Nov 24, 30 Mar 25, 29 Jul 25
EMC-W7 0.03 0.00 Very High 0.04 0.13000 16-Jun-27 2,068.29 1.00000 1.33 300.00 1.14 208.60 280.20 31 Jan, 30 Apr, 31 Jul, 31 Oct
GLOCON-W6 0.20 0.05 343.54 0.19 0.25000 27-May-29 1,665.00 1.00000 0.95 136.84 0.95 Very High Very High 26th of Feb, May, Aug, Nov
GLORY-W1 0.18 0.17 7.98 0.85 1.00000 16-Nov-27 134.51 1.00000 4.72 38.82 2.62 42.58 18.67 Last business day of Nov
HYDRO-W2 0.13 0.01 931.25 1.05 1.50400 05-Feb-27 155.93 0.26591 2.15 89.80 1.50 118.89 88.02 Last business day of May, Nov
IMH-W1 0.23 0.05 357.79 3.90 6.00000 30-Jun-26 106.78 1.00000 16.96 59.74 4.39 47.95 66.97 Last business day of Mar, Jun, Sep, Dec
ITEL-W5 0.06 0.03 128.03 1.22 2.00000 27-Jun-26 276.94 1.00000 20.33 68.85 4.49 51.29 77.36 Last business day of Dec 25, Jan 26, Jun 26
ITEL-W6 0.09 0.04 100.38 1.22 3.00000 27-Jun-28 346.17 1.00000 13.56 153.28 3.22 48.68 39.18 Last business day of Mar, Jun, Sep, Dec
JAS-W4 0.44 0.00 Very High 1.40 3.00000 10-Oct-31 4,145.92 1.00000 3.18 145.71 3.18 Very High 20.03 Last business day of Mar, Jun, Sep, Dec
JMART-W5 0.01 0.00 Very High 7.25 61.91597 26-Jul-25 50.98 1.13057 819.66 754.14 5.09 429.90 Very High Last business day of Mar, Jun, Sep, Dec
JSP-W2 0.03 0.00 Very High 1.65 4.00000 08-Dec-25 237.28 1.00000 55.00 144.24 4.88 85.77 857.99 8 December 2025
J-W3 0.09 0.00 Very High 0.87 9.00000 05-Jun-26 30.00 1.00000 9.67 944.83 2.07 159.26 Very High Last business day of Mar, Jun, Sep, Dec
J-W4 0.26 0.00 Very High 0.87 3.10000 01-Aug-26 160.17 1.00000 3.35 286.21 1.66 154.06 372.73 Last business day of Mar, Jun, Sep, Dec
KGEN-W2 0.13 0.00 Very High 0.68 1.75240 31-Jul-26 416.87 1.14130 5.97 174.46 2.22 105.03 195.21 14 Jun 24, 13 Jun 25, 16 Jun 26, 31 Ju 26
KKP-W6 0.63 0.89 (29.47) 47.75 70.00000 17-Mar-26 70.55 1.00000 75.79 47.92 8.19 36.52 80.34 17 Mar 2026
KUN-W2 0.01 0.00 Very High 0.99 2.11539 16-Aug-25 249.70 1.04000 102.96 114.65 6.28 145.67 Very High 17th of Feb, Aug
KUN-W3 0.04 0.12 (66.07) 0.99 1.25000 23-Mar-27 59.07 1.04000 25.74 30.15 6.60 23.39 17.55 23rd of Mar, Sep
K-W3 0.16 0.00 Very High 1.24 3.00000 25-Jun-26 39.24 1.00000 7.75 154.84 2.50 96.24 194.73 Last business day of May, Nov
MGI-W1 1.91 1.21 57.69 10.00 10.00000 21-Aug-26 83.95 1.00000 5.24 19.10 3.12 47.40 21.22 21 Aug 2029
NATION-W4 0.01 0.00 Very High 0.03 0.25000 26-Nov-25 2,711.98 1.00000 3.00 766.67 1.49 338.51 Very High 15th of Mar, Jun, Sep, Dec
NER-W2 0.15 0.29 (49.07) 4.16 5.50000 15-May-26 307.96 1.00000 27.73 35.82 6.22 37.84 46.13 15 Dec 24, 15 Jun 25, 15 Dec 25, 15 May 26
NOBLE-W3 0.12 0.15 (22.53) 1.71 2.32000 18-May-27 684.59 1.00000 14.25 42.69 4.31 44.76 22.78 Last business day of Mar, Jun, Sep, Dec
ORI-W2 0.19 0.11 71.28 1.85 4.00000 18-May-28 613.52 1.00000 9.74 126.49 3.11 59.92 36.24 Last business day of Mar, Jun, Sep, Dec
PACO-W1 0.01 0.00 885.91 1.31 3.00000 15-Dec-25 200.00 1.00000 131.00 129.77 6.40 68.42 635.20 15th of Dec
PEER-W2 0.02 0.00 Very High 0.11 1.30000 17-Dec-26 479.07 1.00000 5.50 1,100.00 1.75 149.95 551.66 17 Dec 2025, 17 Dec 2026
PLANET-W2 0.96 0.98 (2.47) 1.89 1.00000 11-Mar-27 32.48 1.00000 1.97 3.70 1.83 43.22 4.48 Last business day of Mar, Jun, Sep, Dec
PPPM-W6 0.28 0.26 8.07 0.47 0.22000 19-Aug-26 130.16 1.00000 1.68 6.38 1.53 82.23 14.31 15th of every month
PRG-W3 2.50 2.48 0.94 7.05 4.67980 17-Nov-25 0.34 1.06840 3.01 (0.43) 2.92 39.68 (1.86) 15th throughout the life of warrant
Closing price as of:
(* In case of no closing price of the indictated date, use the latest closing price)
Warrants Warrant Black & Premium Stock Exercise Expiry Shares Conversion Gearing All-in Delta Implied CFP Exercise
Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date
% (m shares) % % % %
14 Jul 2025 Bualuang Securities
PRG-W4 1.85 2.03 (8.65) 7.05 4.84350 17-May-27 0.40 1.03230 3.93 (5.88) 3.93 0.00 (4.37) 15th throughout the life of warrant
PRG-W5 2.66 1.83 45.10 7.05 4.95340 15-Nov-27 1.46 1.00940 2.68 7.64 2.11 47.92 5.05 15th throughout the life of warrant
PROEN-W2 0.40 0.28 44.12 1.25 1.00000 14-Oct-26 98.14 1.00000 3.13 12.00 2.39 49.19 13.89 14 Oct 2026
PROS-W1 0.04 0.00 Very High 0.68 1.00000 14-May-26 271.40 1.00000 17.00 52.94 4.56 48.53 71.19 Last business day of Jan, Jul
PROUD-W3 0.10 0.01 Very High 1.21 2.00000 13-May-28 243.50 1.00000 12.10 73.55 3.64 33.54 23.13 Last business day of Mar, Jun, Sep, Dec
PSTC-W2 0.01 0.00 Very High 0.39 1.89290 11-Nov-25 790.58 1.05660 41.21 387.79 3.43 151.76 Very High 10th of Nov
PSTC-W3 0.09 0.01 Very High 0.39 0.50000 29-Apr-27 235.23 1.00000 4.33 51.28 2.36 58.20 33.05 29th of Apr
ROCTEC-W3 0.01 0.00 Very High 0.54 1.54500 30-Aug-25 1,352.97 1.29400 69.88 187.54 4.77 165.93 Very High Last business day of Mar, Jun, Sep, Dec
ROCTEC-W5 0.02 0.00 Very High 0.54 1.50000 05-Feb-27 2,029.47 1.00000 27.00 181.48 3.75 56.49 97.07 Last business day of Mar, Jun, Sep, Dec
RS-W5 0.15 0.00 Very High 0.25 3.00000 15-Jan-26 85.61 2.00000 3.33 1,130.00 1.54 301.54 Very High Last business day of Jan, Jul
SAMTEL-W2 1.05 0.49 112.44 5.05 8.00000 15-Jan-27 102.99 1.00000 4.81 79.21 2.31 73.69 58.54 Last Business Day of every 6 months
SAWAD-W2 0.16 0.00 Very High 18.00 79.26200 30-Aug-25 54.92 1.26100 141.86 341.05 4.67 191.35 Very High Last business day of Feb, Aug
SCN-W2 0.02 0.00 Very High 0.43 5.00000 14-Jan-26 120.00 1.00000 21.50 1,067.44 2.48 186.42 Very High Last business day of Mar, Jun, Sep, Dec
SFLEX-W2 0.03 0.00 Very High 2.82 10.00000 21-Jan-26 102.50 1.00000 94.00 255.67 4.69 89.47 Very High 20 Jan 2026
SGC-W1 0.02 0.00 Very High 0.85 1.30000 12-Sep-25 653.50 1.00000 42.50 55.29 6.40 86.86 Very High 30 Dec 24, 12 Sep 25
SGC-W2 0.28 0.02 Very High 0.85 1.60000 12-Sep-27 1,188.00 1.00000 3.04 121.18 1.74 87.73 61.20 30 Dec 24, 12 Sep 27
SKE-W1 0.03 0.00 Very High 0.20 1.30000 01-Jun-26 223.18 1.00000 6.67 565.00 1.97 156.00 910.64 Last business day of Mar, Jun, Sep, Dec
STELLA-W6 0.06 0.00 Very High 0.16 0.50000 27-Jul-27 1,640.98 1.00000 2.67 250.00 1.54 118.73 120.72 Last business day of Mar, Jun, Sep, Dec
TCC-W5 0.17 0.01 Very High 0.29 0.50000 24-May-28 98.41 1.00000 1.71 131.03 1.53 179.68 64.70 Last business day of Jul
TEAMG-W1 0.16 0.00 Very High 2.72 14.90200 22-Jun-26 135.99 1.00700 17.12 453.71 2.66 111.93 555.01 Last business day of Jun, Dec
TFG-W4 0.65 1.16 (43.94) 4.30 3.80000 15-May-27 568.67 1.00000 6.62 3.49 5.41 13.00 2.22 Last business day of May, Nov
TFI-W1 0.01 0.00 Very High 0.05 0.15000 06-Jan-26 3,648.78 1.00000 5.00 220.00 2.00 179.57 Very High 31 Mar 2021, 6 Jan 2026
TGE-W2 0.12 0.03 375.58 1.37 3.00000 15-Jan-27 109.96 1.00000 11.42 127.74 3.04 61.74 78.97 15 Jan 2027
TNITY-W2 0.29 0.11 157.38 2.54 5.00000 08-Jun-27 53.60 1.00000 8.76 108.27 2.85 55.81 52.28 Last business day of Jun, Dec
TRITN-W7 0.01 0.00 Very High 0.05 0.10000 19-Oct-25 75.93 1.00000 5.00 120.00 2.17 199.12 Very High 19 Oct 2025
TSR-W2 0.01 0.00 Very High 0.24 2.72727 30-Oct-25 274.69 1.10000 26.40 1,040.15 2.59 232.98 Very High Last business day of Jan, Apr, Jul, Oct
TVDH-W5 0.03 0.00 Very High 0.08 0.50000 15-Jun-28 218.95 1.00000 2.67 562.50 1.46 117.87 119.99 Last business day of Jun, Dec
TWZ-W8 0.01 0.00 Very High 0.03 0.12000 25-Jul-26 2,250.41 1.00000 3.00 333.33 1.58 169.64 472.01 25 Jul 2025, 24 Jul 2026
TWZ-W9 0.01 0.00 Very High 0.03 0.20000 25-Jul-29 2,250.41 1.00000 3.00 600.00 1.52 96.10 77.06 25 Jul 25, 24 Jul 26, 23 Jul 27, 25 Jul 28, 25 Jul 29
VGI-W3 0.02 0.02 11.94 2.10 9.63700 23-May-27 2,583.35 1.23490 129.66 359.68 4.57 50.81 128.34 Last business day of Mar, Jun, Sep, Dec
Closing price as of:
(* In case of no closing price of the indictated date, use the latest closing price)
Warrants Warrant Black & Premium Stock Exercise Expiry Shares Conversion Gearing All-in Delta Implied CFP Exercise
Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date
% (m shares) % % % %
14 Jul 2025 Bualuang Securities
VGI-W4 0.46 0.62 (25.47) 2.10 1.49320 03-Sep-25 1,119.38 1.00450 4.59 (7.09) 4.59 0.00 (50.03) 3 September 2025
VIBHA-W4 0.01 0.00 Very High 1.43 3.00000 19-Jul-25 1,131.32 1.00000 143.00 110.49 6.94 380.83 Very High Last business day of Sep
VIH-W1 0.61 1.46 (58.22) 7.40 8.00000 30-Jun-26 18.96 1.00000 12.13 16.35 5.45 29.92 18.65 Last business day of Jun, Dec
WAVE-W3 0.01 0.00 Very High 0.03 0.14400 24-Oct-25 2,617.54 1.04000 3.12 412.05 1.57 338.28 Very High Last business day of Jan, Apr, Jul, Oct
WAVE-W4 0.01 0.00 Very High 0.03 0.20000 17-Jun-27 1,121.92 1.00000 3.00 600.00 1.52 140.27 231.09 Last business day of Mar, Jun, Sep, Dec
WIIK-W3 0.03 0.00 Very High 0.90 3.91400 06-May-26 279.20 1.02200 30.66 338.15 3.37 99.77 542.21 Last business day of Mar, Jun, Sep, Dec
XBIO-W6 0.07 0.00 Very High 0.15 1.43110 05-Jan-27 45.48 1.04814 2.25 898.59 1.35 196.01 586.49 4 Jan 2027
XBIO-W7 0.03 0.00 Very High 0.15 0.95407 23-Dec-27 643.03 1.04814 5.24 555.13 1.84 99.58 132.71 22 Dec 2027
ZIGA-W2 0.12 0.04 185.82 1.35 4.25000 31-Mar-27 245.50 1.00000 11.25 223.70 2.68 72.19 106.53 31 Mar 2027
* Gearing Ratio(Times) = (Closing Price of Underlying*Ratio)/Closing Price of Warrant
% Premium = [(Closing Price of Warrant+(Exercise Price-Closing Price of Underlying)*Ratio)/(Closing Price of Underlying*Ratio)]*100
Stock Coverage
BLS Stock Rating Gearing BLS Stock Rating All-in
Premium
BTS-W8 HOLD 183.37 TFG-W4 TRADING BUY 3.49
SAWAD-W2 SELL 141.86 KKP-W6 SELL 47.92
KKP-W6 SELL 75.79 BTS-W8 HOLD 306.96
TFG-W4 TRADING BUY 6.62 SAWAD-W2 SELL 341.05
Note: Rank by Gearing Note: Rank by All-in Premium
| RESEARCH
Bualuang Securities Public Company Limited
BUALUANG SECURITIES PUBLIC COMPANY LIMITED (BLS) is a subsidiary of BANGKOK BANK PUBLIC COMPANY LIMITED (BBL). This document
is produced based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. The statements or
expressions of opinion herein were arrived at after due and careful consideration to use as information for investment. Expressions of opinion contained
herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell
any securities. The use of any information shall be at the sole discretion and risk of the user.
BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY BE IN RELATIONSHIP WITH THE SECURITIES IN THIS REPORT. “Opinions,
projections and other information contained in this report are based upon sources believed to be accurate including the draft prospectus, but no
responsibility is accepted for any loss occasioned by reliance placed upon the contents hereof. Bualuang Securities Public Company Limited may from
time to time perform investment, advisory or other services for companies mentioned in this report, as well as dealing (as principal or otherwise) in, or
otherwise being interested in, any securities mentioned herein, This report does not constitute a solicitation to buy or sell any securities”. Investors
should carefully read details in the prospectus before making investment decision.
BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY ACT AS MARKET MAKER AND ISSUER OF DWs, AND ISSUER OF STRUCTURED
NOTES ON THESE SECURITIES. The company may prepare the research reports on those underlying securities. Investors should carefully read the
details of the derivative warrants and structured notes in the prospectus before making investment decisions.
ADVANC AMATA AOT AWC BA BANPU BCP BDMS BGRIM BH BLA BTS CBG CENTEL COM7
CPALL CPF CPN CRC DELTA DOHOME ERW GLOBAL GPSC GULF HANA HMPRO ITC IVL KBANK
KTB KTC MINT MTC OR OSP PTT PTTEP PTTGC RCL SAWAD SCB SCC SCGP STA
TOP TRUE TU VGI WHA BCPG BCH
BUALUANG SECURITIES PUBLIC COMPANY LIMITED IS OR MAY BE AN UNDERWRITER/CO-UNDERWRITER/JOINT LEAD IN RESPECT OF
THE INITIAL PUBLIC OFFERING (IPO) OF SECURITIES.
Financial Advisor
Lead underwriter/
Underwriter/
Co-underwriter
CG Rating
Score Range
Score Range
Description
90 – 100
Excellent
80 – 89
Very Good
70 – 79
Good
60 – 69
Satisfactory
50 – 00359
Pass
Below 50
No logo given
N/A
Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
under Thai Institute of Directors
• companies that have declared their intention to join CAC, and
• companies certified by CAC.
DISCLAIMER
| RESEARCH
CORPORATE GOVERNANCE REPORT DISCLAIMER
This research report was prepared by Bualuang Securities Public Company Limited and refers to research prepared by Morgan Stanley. Morgan Stanley
does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in
the material reproduced in this report. Morgan Stanley is under no obligation to inform Bualuang Securities or you if the views or information referred to
or reproduced in this research report change.
Corporate Governance Report disclaimer
The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the policy of
the Office of the Securities and Exchange Commission. The IOD survey is based on the information of a company listed on the Stock Exchange of
Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is
from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be
changed after that date. Bualuang Securities Public Company Limited neither confirms nor certifies the accuracy of such survey results.
“Disclaimer: The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by the
relevant institution as disclosed by the Office of the Securities and Exchange Commission, is made in order to comply with the policy and sustainable
development plan for the listed companies. The relevant institution made this assessment based on the information received from the listed company, as
stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2),
or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of a third party. It is not an
assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the
assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, Bualuang Securities Public
Company Limited neither confirms, verifies, nor certifies the accuracy and completeness of the assessment result.”
BUALUANG RESEARCH – RECOMMENDATION FRAMEWORK
STOCK RECOMMENDATIONS
BUY: Expected positive total returns of 15% or more over the next 12
months.
HOLD: Expected total returns of between -15% and +15% over the next 12
months.
SELL: Expected negative total returns of 15% or more over the next 12
months.
TRADING BUY: Expected positive total returns of 15% or more over the next
3 months.
SECTOR RECOMMENDATIONS
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to outperform the relevant primary market index over the next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, is
expected to perform in line with the relevant primary market index over the next 12
months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to underperform the relevant primary market index over the next 12
months.
| RESEARCH
IMPORTANT DISCLOSURES FOR U.S. PERSONS
This research report was prepared by Bualuang Securities Public Company Limited (“BLS”). BLS is not a registered broker-dealer in the
United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research
analysts. This research report is provided for distribution to “major U.S. institutional investors” in reliance on the exemption from
registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial
instruments through BLS. Rosenblatt Securities Inc. accepts responsibility for the contents of this research report, subject to the terms set
out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor.
The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry
Regulatory Authority (“FINRA”) and may not be an associated person of Rosenblatt Securities Inc. and, therefore, may not be subject to
applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by
a research analyst account.
Additional Disclosures
This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no
regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single
recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or
developments referred to in this research report. Neither BLS nor any of its directors, officers, employees or agents shall have any liability,
however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research
report’s preparation or publication, or any losses or damages which may arise from the use of this research report.
BLS may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups,
or affiliates of BLS.
Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain
risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange
Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be
subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States.
The value of any investment or income from any securities or related financial instruments discussed in this research report denominated
in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or
income from such securities or related financial instruments.
Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by BLS
with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this research
report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this
research report may become outdated as a consequence of changes in the environment in which the issuer of the securities under
analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein.
No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior
consent of BLS and BLS accepts no liability whatsoever for the actions of third parties in this respect.
