Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.</li>
<li>Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.</li>
<li>Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.</li>
</ul>


Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.
Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.
Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.


Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

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 take a look at our capping flow expectations for the September 2026 index rebal event.</li>
<li>Separately, for the December 2026 index review, we expect 4 ADDs/DELs based on current data.</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 2026 index rebal event.
Separately, for the December 2026 index review, we expect 4 ADDs/DELs based on current data.


Quiddity Leaderboard SET50 Dec26: 4 ADDs/DELs Expected; ADDs Outperforming DELs Strongly

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

Shenton Research

Shenton 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 Aug 28th. We estimate that they had an aggregated short interest worth USD3.2bn.</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 Central Pattana, Bumrungrad Hospital, Bangkok Bank, Sri Trang Agro-Industry, Global Power Synergy, Central Pattana, Global Power Synergy, Bangkok Bank, Bumrungrad Hospital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 28th. We estimate that they had an aggregated short interest worth USD3.2bn.
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 Central Pattana, Bumrungrad Hospital, Bangkok Bank, Sri Trang Agro-Industry, Global Power Synergy, Central Pattana, Global Power Synergy, Bangkok Bank, Bumrungrad Hospital.


Thailand Short Interest Weekly (Aug 28th): Central Pattana, Bumrungrad Hospital, Bangkok Bank

<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 September 2026 index rebal event and our expected ADDs/DELs list for the December 2026 index review.</li>
<li>The number of expected changes for the December 2026 review has fallen from three to one.</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 September 2026 index rebal event and our expected ADDs/DELs list for the December 2026 index review.
The number of expected changes for the December 2026 review has fallen from three to one.


Quiddity Leaderboard SET50 Dec26: Some Changes to Expectations

<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 September 2026 index rebal event.</li>
<li>Separately, we have also shown our expectations for index changes in the next index review in December 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 September 2026 index rebal event.
Separately, we have also shown our expectations for index changes in the next index review in December 2026.


Quiddity Leaderboard SET50 Dec26: Capping Flows in Sep; 2-3 Index Changes Likely in Dec

Thailand

B.Grimm Power Public Company Limited develops, finances, constructs, and operates green-field power plants in Thailand and internationally. The company generates and distributes electricity to government sectors and industrial users, utilizing a diverse energy mix including gas-fired, solar, hydro, and wind power. It also provides investment holding, maintenance, and operating services for power plants. Headquartered in Bangkok, Thailand, the company was established in 1993 as the energy arm of the B.Grimm Group, which was founded in 1878.

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B.Grimm Power (BGRIM TB)

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

Quiddity Leaderboard SET50 Dec26: 4 ADDs/DELs Expected; ADDs Outperforming DELs Strongly

Three potential ADDs have newly moved into the top 50 after strongly outperforming other names increasing our expected ADDs/DELs count from 1 to 4...

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Aug 28th): Central Pattana, Bumrungrad Hospital, Bangkok Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in Central Pattana (CPN TB), Bumrungrad Hospital (BH...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Dec26: Some Changes to Expectations

We currently see Central Plaza Hotel (CENTEL TB) as an ADD and Land & Houses (LH TB) as a DEL for the December 2026 index review. Our expectations...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Dec26: Capping Flows in Sep; 2-3 Index Changes Likely in Dec

Delta Electronics (DELTA TB) is likely to see an index inflow in September 2026. Then there could be two or three index changes in December 2026.

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

​18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

Quiddity Leaderboard SET50 Dec26: 4 ADDs/DELs Expected; ADDs Outperforming DELs Strongly

Three potential ADDs have newly moved into the top 50 after strongly outperforming other names increasing our expected ADDs/DELs count from 1 to 4...

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Aug 28th): Central Pattana, Bumrungrad Hospital, Bangkok Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in Central Pattana (CPN TB), Bumrungrad Hospital (BH...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Dec26: Some Changes to Expectations

We currently see Central Plaza Hotel (CENTEL TB) as an ADD and Land & Houses (LH TB) as a DEL for the December 2026 index review. Our expectations...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Dec26: Capping Flows in Sep; 2-3 Index Changes Likely in Dec

Delta Electronics (DELTA TB) is likely to see an index inflow in September 2026. Then there could be two or three index changes in December 2026.

Janaghan Jeyakumar, CFA

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...