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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Feb 13th. We estimate that they had an aggregated short interest worth USD2.9bn.</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 Bangkok Dusit, Intouch, TISCO Financial, Gulf Energy Development, Advanced Info Service, Advanced Info Service, Bangkok Dusit, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Feb 13th. We estimate that they had an aggregated short interest worth USD2.9bn.
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 Bangkok Dusit, Intouch, TISCO Financial, Gulf Energy Development, Advanced Info Service, Advanced Info Service, Bangkok Dusit, Gulf Energy Development.


Thailand Short Interest Weekly (Feb 13th): Bangkok Dusit, Intouch, TISCO Financial

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Eastroc Beverage / Equity Capital Markets

<ul>
<li>Chinese functional beverage giant <a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a>  has announced the terms for its HK offering and plans to raise around US$1.3bn.</li>
<li>The HK offer is priced at HK$248/share, which is at a 13% discount to the last closed price of A-shares as of 23rd January 2026.</li>
<li>Our valuation analysis suggests that H-shares are not a bargain, and we think the shares are priced fairly suggesting limited upside.</li>
</ul>


Chinese functional beverage giant Eastroc Beverage Group (605499 CH)  has announced the terms for its HK offering and plans to raise around US$1.3bn.
The HK offer is priced at HK$248/share, which is at a 13% discount to the last closed price of A-shares as of 23rd January 2026.
Our valuation analysis suggests that H-shares are not a bargain, and we think the shares are priced fairly suggesting limited upside.


Eastroc Beverage H-Share Listing: Not Really a Bargain

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we present our latest capping flow expectations for the March 2026 index rebal event.</li>
<li>Separately, we have also shown our expectations for index changes in the next index review in June 2026.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we present our latest capping flow expectations for the March 2026 index rebal event.
Separately, we have also shown our expectations for index changes in the next index review in June 2026.


Quiddity Leaderboard SET50 Jun26: Delta Capping in Mar26; One Index Change Likely in Jun26

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. 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, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. 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, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.


Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we have presented our latest capping flow expectations for the September 2025 index rebal event.</li>
<li>Separately, we expect at least one index change during the next index review in December 2025.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we have presented our latest capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least one index change during the next index review in December 2025.


Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

Thailand

Carabao Group Public Company Limited is a Thailand-based holding company primarily investing in subsidiaries that produce, market, sell, and distribute energy drinks and other beverages both domestically and internationally. Their product range includes carbonated and non-carbonated energy drinks, vitamin C drinks, coffee products, and drinking water under brands like Carabao, Carabao Sport, and Woody C+ Lock. The company also manufactures and distributes packaging products such as bottles, glass products, and aluminum cans. Headquartered in Bangkok, Thailand, the company was established in 2001.

Price Gauge
52-week Range	0.00 - 0.00
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Carabao Group (CBG TB)

Thailand Short Interest Weekly (Feb 13th): Bangkok Dusit, Intouch, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Dusit (BDMS TB), Intouch (INTUCH TB),...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Jun26: Delta Capping in Mar26; One Index Change Likely in Jun26

There are multiple potential DELs close to the border. If they underperform other names sharply, more index changes could be triggered in June 2026.

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Muangthai Capital (MTC TB),...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

We expect one ADD and one DEL during the December 2025 index review based on the latest data. However, there could be more changes depending on...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (Feb 13th): Bangkok Dusit, Intouch, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Dusit (BDMS TB), Intouch (INTUCH TB),...

Ke Yan, CFA, FRM

Eastroc Beverage H-Share Listing: Not Really a Bargain

​Chinese beverage giant Eastroc Beverage Group plans to raise $1.3bn in HK offering which is priced at a 13% discount to A-shares, our valuation...

Shifara Samsudeen, FCMA, CGMA

Quiddity Leaderboard SET50 Jun26: Delta Capping in Mar26; One Index Change Likely in Jun26

There are multiple potential DELs close to the border. If they underperform other names sharply, more index changes could be triggered in June 2026.

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Muangthai Capital (MTC TB),...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

We expect one ADD and one DEL during the December 2025 index review based on the latest data. However, there could be more changes depending on...

Janaghan Jeyakumar, CFA

Chinese beverage giant Eastroc Beverage Group plans to raise $1.3bn in HK offering which is priced at a 13% discount to A-shares, our valuation...