Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is a widely followed benchmark index in Europe. This index is rebalanced on a quarterly basis.</li>
<li>The potential ADDs and DELs of SE600 September 2026 rebal are starting to take shape, with the ranking cutoff (31st August 2026 close) now about six weeks away.</li>
<li>We now expect three intra-review index changes before the regular rebal and seven regular changes during the September 2026 rebal.</li>
</ul>


The SE600 index is a widely followed benchmark index in Europe. This index is rebalanced on a quarterly basis.
The potential ADDs and DELs of SE600 September 2026 rebal are starting to take shape, with the ranking cutoff (31st August 2026 close) now about six weeks away.
We now expect three intra-review index changes before the regular rebal and seven regular changes during the September 2026 rebal.


Quiddity Leaderboard SE600 Sep26: Base Date Six Weeks Out; Seven ADDs and DELs 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.

Equity Bottom-Up

PTT Exploration & Production / Equity Bottom-Up

<ul><li>US equities advanced (S&P 500 +0.72%, Nasdaq +1.12%), supported by continued buying in AI-related technology stocks.</li><li>Thailand's 10-year government bond yield fell to a three-month low of 1.96% as inflation concerns eased.</li><li>We expect PTTEP (Outperform, TP: Bt154) to report its strongest quarterly earnings of the year in 2Q26E, with net profit of Bt26.5bn (+96% YoY), driven by higher selling prices.</li></ul>

US equities advanced (S&P 500 +0.72%, Nasdaq +1.12%), supported by continued buying in AI-related technology stocks.Thailand's 10-year government bond yield fell to a three-month low of 1.96% as inflation concerns eased.We expect PTTEP (Outperform, TP: Bt154) to report its strongest quarterly earnings of the year in 2Q26E, with net profit of Bt26.5bn (+96% YoY), driven by higher selling prices.

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the September 2026 rebal.</li>
<li>Our latest estimates suggest there could be one F100 and two F250 M&amp;A-related changes in the run-up to the September 2026 rebal.</li>
<li>Separately, we see three regular changes in the F250, plus one possible market transfer.</li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the September 2026 rebal.
Our latest estimates suggest there could be one F100 and two F250 M&amp;A-related changes in the run-up to the September 2026 rebal.
Separately, we see three regular changes in the F250, plus one possible market transfer.


Quiddity Leaderboard F100/F250 Sep26: Three M&A Deals; Few F250 Changes + a Possible Transfer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market. In this report we recap important technical levels for the major indexes and highlight actionable set-ups within the utilities, travel and leisure and consumer staples industries.

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market. In this report we recap important technical levels for the major indexes and highlight actionable set-ups within the utilities, travel and leisure and consumer staples industries.

Global Equity Strategy: Squarely in the Neutral Camp

United Kingdom

easyJet is a British multinational low-cost airline and package holiday group that operates domestic and international scheduled services across numerous routes in over 34 countries. The company primarily focuses on providing air travel services with an emphasis on low fares, operational efficiency, and a point-to-point model. Headquartered at London Luton Airport in the UK, easyJet was founded in 1995.

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easyJet (EZJ LN)

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Quiddity Leaderboard F100/F250 Sep26: Three M&A Deals; Few F250 Changes + a Possible Transfer

Three M&A deals could trigger an intra-review F100 ADD and two F250 ADDs. We also see three high-impact F250 ADDs, plus a possible Volex transfer...

Afridi Reyal

Developed Markets Opportunities

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership...

Vermilion Research

Global Equity Strategy: Squarely in the Neutral Camp

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels,...

Vermilion Research

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