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 Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

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>There are risks from government electricity tariff policies in both Thailand and Vietnam, as well as the impact of trade wars and economic slowdowns, which have led power producers to lower the tone of their power demand forecasts, particularly in the case of industrial users (IUs).</li><li>In addition, persistently high interest rates and yields may affect the return on investment for new power projects. We view that the power sector continues to face headwinds, though the downside risk to share prices remains limited.</li><li>We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and business portfolio, steady profit growth, limited policy risk on electricity tariff, and high growth potential; and BCPG (Outperform; FV Bt7.90), with around 70% of its power portfolio in US-based CCGT plants, which generate strong profit contributions (as capacity revenue is on an uptrend) and have a healthy performance outlook, with 3Q as the peak season.</li></ul>

There are risks from government electricity tariff policies in both Thailand and Vietnam, as well as the impact of trade wars and economic slowdowns, which have led power producers to lower the tone of their power demand forecasts, particularly in the case of industrial users (IUs).In addition, persistently high interest rates and yields may affect the return on investment for new power projects. We view that the power sector continues to face headwinds, though the downside risk to share prices remains limited.We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and business portfolio, steady profit growth, limited policy risk on electricity tariff, and high growth potential; and BCPG (Outperform; FV Bt7.90), with around 70% of its power portfolio in US-based CCGT plants, which generate strong profit contributions (as capacity revenue is on an uptrend) and have a healthy performance outlook, with 3Q as the peak season.

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

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 present our final expectations for ADDs/DELs for the index rebal event in June 2025.</li>
<li>We expect three ADDs and three DELs for June 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 present our final expectations for ADDs/DELs for the index rebal event in June 2025.
We expect three ADDs and three DELs for June 2025.


Quiddity Leaderboard SET50 Jun25: Final Expectations; 3 Changes Expected + Delta Capping

<ul><li>The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.</li><li>While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.</li><li>We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.</li></ul>

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in Vietnam remains a policy risk.While not a new issue — power producers have previously petitioned the Vietnamese government to reconsider this matter — there is still no resolution, making it a factor pressuring the share prices of power stocks with RE projects in Vietnam earlier this week.We assess the downside risk exposure among power stocks under our coverage from highest to lowest as follows: BGRIM &gt;&gt; GULF &gt;&gt; BCPG. We maintain our top picks: GULF (Outperform; FV Bt68.75) — supported by a well-diversified revenue structure, stable profit growth, limited policy risk, and strong growth potential; and BCPG (Outperform; FV Bt7.90) — with about 70% of its power portfolio in US-based CCGT power plants, benefiting from strong profit contributions amid an upward trend in capacity revenue, and a favorable 3Q outlook as it enters its peak season.

Energy Sector (Power Plant) - May 28, 2025

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

Delta Electronics Thailand  / Index Rebalance

<ul>
<li>With 8 trading days left in the review period, we forecast 3 changes 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">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> in June.</li>
<li>Capping changes for <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> will result in big passive selling in the stock and funding inflows for the other index constituents.</li>
<li>The forecast adds have drifted lower over the last 6 months and outperformed 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> while the deletes have dropped a lot and underperformed the index.</li>
</ul>


With 8 trading days left in the review period, we forecast 3 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) in June.
Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
The forecast adds have drifted lower over the last 6 months and outperformed the SET 50 Index while the deletes have dropped a lot and underperformed the index.


SET50 Index Rebalance Preview: Capping DELTA & Constituent Changes

Thailand

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

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B Grimm Power (BGRIM TB)

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Advanced Info Service,...

Ke Yan, CFA, FRM

Industry Update: Energy Group (Power Plant) - JUNE 4, 2025

We maintain our Neutral sector weighting and retain our top picks: GULF (Outperform; FV Bt68.75) for its well-diversified revenue structure and...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun25: Final Expectations; 3 Changes Expected + Delta Capping

The three expected ADDs have outperformed the three expected DELs over the last 1-month, 3-month, and 1-year periods. This could continue over the...

Janaghan Jeyakumar, CFA

Energy Sector (Power Plant) - May 28, 2025

The risk that Vietnam Electricity (EVN) may cut the tariff on the FiT2 rate by approximately 25% from FiT1 for renewable energy (RE) projects in...

Krungthai XSpring

SET50 Index Rebalance Preview: Capping DELTA & Constituent Changes

There should be 3 constituent changes in June and large selling in DELTA due to capping. Passive trackers will need to buy 1.5-3.8x ADV in the adds...

Brian Freitas

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