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 have presented our latest capping flow expectations for the September 2025 index rebal event.</li>
<li>Separately, we expect at least one index change during the next index review in December 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 have presented our latest capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least one index change during the next index review in December 2025.


Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely 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 Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.


Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

iShares MSCI Thailand / Debt Capital Markets

<ul>
<li>We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP</li>
<li>The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months</li>
<li>We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.</li>
</ul>


We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.


Bond Market Monitor: Thai Corporations UnSmiled

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.</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 Intouch, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.
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 Intouch, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.


Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 25th. 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 Intouch, CP ALL, Kasikornbank, Airports of Thailand, Srisawad, Airports Of Thailand, Kasikornbank, CP ALL.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 25th. 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 Intouch, CP ALL, Kasikornbank, Airports of Thailand, Srisawad, Airports Of Thailand, Kasikornbank, CP ALL.


Thailand Short Interest Weekly (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Delta Electronics Thailand (DELTA TB)

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

We expect one ADD and one DEL during the December 2025 index review based on the latest data. However, there could be more changes depending on...

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

Bond Market Monitor: Thai Corporations UnSmiled

12-month probability of default for Thai corporations is on the rise, with political and economic challenges ahead due to military conflict and...

Bondcritic

Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

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

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), CP ALL (CPALL TB),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

We expect one ADD and one DEL during the December 2025 index review based on the latest data. However, there could be more changes depending on...

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

Bond Market Monitor: Thai Corporations UnSmiled

​12-month probability of default for Thai corporations is on the rise, with political and economic challenges ahead due to military conflict and...

Bondcritic

Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

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

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jul 25th): Intouch, CP ALL, Kasikornbank, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), CP ALL (CPALL TB),...

Ke Yan, CFA, FRM

12-month probability of default for Thai corporations is on the rise, with political and economic challenges ahead due to military conflict and...