Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Delta Electronics Thailand  / 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>Here we look at the potential ADDs/DELs and capping flows for SET 50 for the June 2025 index rebalance. Currently, we expect three ADDs and three DELs for June 2025.</li>
<li>Last time we didn't like the look of the trades, so recommended avoiding. ExpectedADDs underperformed ExpectedDELETEs by 13% since then. Expected Flows remain small.</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).
Here we look at the potential ADDs/DELs and capping flows for SET 50 for the June 2025 index rebalance. Currently, we expect three ADDs and three DELs for June 2025.
Last time we didn't like the look of the trades, so recommended avoiding. ExpectedADDs underperformed ExpectedDELETEs by 13% since then. Expected Flows remain small.


Quiddity Leaderboard SET50 Jun25: Capping Expected for DELTA; Three Index Changes Likely

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 rallied for the fourth consecutive day, supported by optimism over US-China trade negotiations, enthusiasm surrounding the Thai ESGX fund, and notably, the MPC’s decision to cut the policy rate by 0.25%.</li><li>This rate cut accelerated the index’s gains, particularly in the afternoon session.</li><li>Key stocks such as DELTA, ADVANC, SCC, GULF, and major banking shares recorded strong gains, while fund inflows helped sustain solid upward momentum.</li></ul>

The SET rallied for the fourth consecutive day, supported by optimism over US-China trade negotiations, enthusiasm surrounding the Thai ESGX fund, and notably, the MPC’s decision to cut the policy rate by 0.25%.This rate cut accelerated the index’s gains, particularly in the afternoon session.Key stocks such as DELTA, ADVANC, SCC, GULF, and major banking shares recorded strong gains, while fund inflows helped sustain solid upward momentum.

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.</li><li>This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). 

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

<ul><li>The SET initially traded within a narrow range as investors awaited the outcome of the MPC meeting and remained hopeful about progress in US-China trade negotiations.</li><li>However, in the afternoon session, the index advanced sharply, supported by strong buying in DELTA, ADVANC, BH, energy, and banking stocks, reinforcing a continued upward trend.</li><li>Foreign investors also returned as net buyers.</li></ul>

The SET initially traded within a narrow range as investors awaited the outcome of the MPC meeting and remained hopeful about progress in US-China trade negotiations.However, in the afternoon session, the index advanced sharply, supported by strong buying in DELTA, ADVANC, BH, energy, and banking stocks, reinforcing a continued upward trend.Foreign investors also returned as net buyers.

<ul><li>The SET surged to test the resistance at 1,164 points before retreating to fluctuate within a narrow range, due to light trading volume and limited movements among large-cap stocks.</li><li>The index was boosted by gains in DELTA, ADVANC, energy, and banking shares.</li><li>Meanwhile, the market was awaiting new catalysts, particularly the upcoming the MPC meeting results, and Asian bourses moved mixed.</li></ul>

The SET surged to test the resistance at 1,164 points before retreating to fluctuate within a narrow range, due to light trading volume and limited movements among large-cap stocks.The index was boosted by gains in DELTA, ADVANC, energy, and banking shares.Meanwhile, the market was awaiting new catalysts, particularly the upcoming the MPC meeting results, and Asian bourses moved mixed.

Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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Advanced Info Service (ADVANC-R TB)

Quiddity Leaderboard SET50 Jun25: Capping Expected for DELTA; Three Index Changes Likely

We estimate the one-way flow for SET50 during the June 2025 rebalance to be ~US$67mn which translates to a turnover of 2.9%.

Janaghan Jeyakumar, CFA

Technical Analysis - MAY 2, 2025

Key stocks such as DELTA, ADVANC, SCC, GULF, and major banking shares recorded strong gains, while fund inflows helped sustain solid upward momentum.

Krungthai XSpring

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

We maintain our recommendation to take profit on rallies for short-term investors, while long-term investors are advised to selectively buy on dips.

Krungthai XSpring

Technical Analysis - APRIL 30, 2025

The SET initially traded within a narrow range as investors awaited the outcome of the MPC meeting and remained hopeful about progress in US-China...

Krungthai XSpring

Technical Analysis - APRIL 29, 2025

The SET surged to test the resistance at 1,164 points before retreating to fluctuate within a narrow range, due to light trading volume and limited...

Krungthai XSpring

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