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 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

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

<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

<ul>
<li>Couple of weeks from the start of the review period for the December rebalance of <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>, we see four potential index changes.</li>
<li>There are a few stocks that are close to the inclusion zone and there could be a reordering among the non-constituents as stock prices move around.</li>
<li>The potential adds have outperformed the potential deletes since the start of the year with most of the outperformance coming over the last 6 weeks.</li>
</ul>


Couple of weeks from the start of the review period for the December rebalance of SET 50 Index, we see four potential index changes.
There are a few stocks that are close to the inclusion zone and there could be a reordering among the non-constituents as stock prices move around.
The potential adds have outperformed the potential deletes since the start of the year with most of the outperformance coming over the last 6 weeks.


SET50 Index Rebalance Preview: Four Changes & A Few Close Names

<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 the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.</li>
<li>At present, we see 3 ADDs and 3 DELs but since the reference period is yet to start, the rankings can fluctuate significantly before the base date.</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 the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.
At present, we see 3 ADDs and 3 DELs but since the reference period is yet to start, the rankings can fluctuate significantly before the base date.


Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; INTUCH-GULF Merger Should Be Monitored

Thailand

Betagro is a leading integrated agro-industrial and food company in Thailand. Its core businesses include animal feed production, livestock farming, animal health products, and the production and distribution of meat, eggs, fish, and processed foods, including pet food. The company is headquartered in Bangkok, Thailand, and was founded in 1967.

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Betagro (BTG TB)

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

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

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

SET50 Index Rebalance Preview: Four Changes & A Few Close Names

There are 4 potential changes for the SET50 in Dec. There are some other stocks that could make the cut. The adds have outperformed the deletes....

Brian Freitas

Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; INTUCH-GULF Merger Should Be Monitored

Although there are only three changes expected right now, there are multiple names just outside the border requiring small relative price changes...

Janaghan Jeyakumar, CFA

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