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 up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.</li><li>External factors are assessed as slightly positive, following signals from the US that it remains open to negotiations beyond August 1.</li><li>Continued foreign net buying is also supporting sentiment, driven by uncertainty surrounding the yen, after Japan’s ruling coalition may lose its majority in both the lower and upper houses. </li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.External factors are assessed as slightly positive, following signals from the US that it remains open to negotiations beyond August 1.Continued foreign net buying is also supporting sentiment, driven by uncertainty surrounding the yen, after Japan’s ruling coalition may lose its majority in both the lower and upper houses. 

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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 take a look at our capping flow expectations for the September 2025 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).</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 take a look at our capping flow expectations for the September 2025 index rebal event.
We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).


Quiddity Leaderboard SET50 Dec25: Capping Flows in September and Index Changes in December

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 Jul 18th. 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 Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. 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 Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.


Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

Equity Bottom-Up

Delta Electronics Thailand  / Equity Bottom-Up

<ul><li>We switch our rating to Underperform (from Neutral) due to a weaker tactical outlook compared to the view presented in our previous report.</li><li>Despite potential upward revisions to our 2024-26E earnings projections to reflect the strong 2Q24 results, our current valuation based on the fundamentals is unlikely to become more attractive.</li><li>DELTA reported a 2Q24 net profit of Bt6.57bn (+40.6% YoY and +52.4% QoQ).</li></ul>

We switch our rating to Underperform (from Neutral) due to a weaker tactical outlook compared to the view presented in our previous report.Despite potential upward revisions to our 2024-26E earnings projections to reflect the strong 2Q24 results, our current valuation based on the fundamentals is unlikely to become more attractive.DELTA reported a 2Q24 net profit of Bt6.57bn (+40.6% YoY and +52.4% QoQ).

Delta Electronics - Record-High Net Profit in 2Q24 but Share Price Fully Valued

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Two thirds of the way through the review period, we see one change for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in December with <a href="https://www.smartkarma.com/entities/kce-electronics-pcl" target="_blank" data-smartkarma-citation="entities:1892:1" rel="noopener">KCE Electronics (KCE TB)</a> replacing <a href="https://www.smartkarma.com/entities/ngern-tid-lor-pcl" target="_blank" data-smartkarma-citation="entities:31103:1" rel="noopener">Ngern Tid Lor (TIDLOR TB)</a>. </li>
<li>There is one close change where <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-TAIL (ITC TB)</a> could replace <a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> in the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is unlikely to be deleted while <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> fails liquidity and is unlikely to be added.</li>
</ul>


Two thirds of the way through the review period, we see one change for the SET 50 Index in December with KCE Electronics (KCE TB) replacing Ngern Tid Lor (TIDLOR TB). 
There is one close change where I-TAIL (ITC TB) could replace Srisawad Power 1979 (SAWAD TB) in the index.

Delta Electronics Thailand (DELTA TB) is unlikely to be deleted while Berli Jucker (BJC TB) fails liquidity and is unlikely to be added.


SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

Thailand

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

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Delta Electronics Thailand (DELTA TB)

KTX Zoom - JULY 21, 2025

The SET Index is expected to trade sideways up today, with the resistance at 1,214/1,220 points and the support at 1,200/1,194 points.

Krungthai XSpring

Quiddity Leaderboard SET50 Dec25: Capping Flows in September and Index Changes in December

There are currently two potential ADDs and two potential DELs which are close to triggering index changes in December 2025. Relative price...

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

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

Ke Yan, CFA, FRM

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

KCE could replace TIDLOR in the SET50 in Dec. ITC is a close add and could replace SAWAD. The impact on the stocks is big given the index is...

Brian Freitas

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