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

DZT Research

DZT 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 Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.


Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

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

Index Rebalance

<ul>
<li>With 3 trading days left in the review period, we forecast 4 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> at the December rebalance.</li>
<li>Passive trackers will need to buy between 1.2-3.6 days of ADV on the inclusions and sell between 0.3-3.1 days of ADV on the deletions.</li>
<li>The forecast adds have continued to outperform the forecast deletes and there could be more movement in stocks with relatively high ADV to trade.</li>
</ul>


With 3 trading days left in the review period, we forecast 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the December rebalance.
Passive trackers will need to buy between 1.2-3.6 days of ADV on the inclusions and sell between 0.3-3.1 days of ADV on the deletions.
The forecast adds have continued to outperform the forecast deletes and there could be more movement in stocks with relatively high ADV to trade.


SET50 Index Rebalance Preview: 4 Changes Coming Up in December

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.

Credit

<ul>
<li>EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.</li>
<li>Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.</li>
<li>EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. </li>
</ul>


EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.
Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.
EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. 


<ul>
<li>Recent events are credit and spread positive in the near-term for EA.</li>
<li>Q2 results are no surprise while we remain concerned on a declining recurring revenues.</li>
<li>We maintain our stance on no recommendation on EA's THB bonds for the lack of liquidity and reliable quotes.</li>
</ul>


Recent events are credit and spread positive in the near-term for EA.
Q2 results are no surprise while we remain concerned on a declining recurring revenues.
We maintain our stance on no recommendation on EA's THB bonds for the lack of liquidity and reliable quotes.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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>Previously, we had three expected ADDs/DELs but now we have four. However, there is one more month left in the 3-month reference period and expectations can still change.</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.
Previously, we had three expected ADDs/DELs but now we have four. However, there is one more month left in the 3-month reference period and expectations can still change.


Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

Thailand

Energy Absolute is a leading Thai company engaged in the manufacture and distribution of crude palm oil, biodiesel, and glycerol products. The company also operates renewable power plants (solar and wind), manufactures and distributes lithium-ion batteries and electric vehicles (e.g., buses, cars, ferries), and provides electric vehicle charging station services. It was founded in 2006 and is headquartered in Bangkok, Thailand.

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Energy Absolute (EA TB)

Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Energy Absolute, Delta...

Ke Yan, CFA, FRM

SET50 Index Rebalance Preview: 4 Changes Coming Up in December

There should be 4 changes to the SET50 in Dec. Passive trackers will need to trade between 0.3-3.6x ADV on the changes. The adds have outperformed...

Brian Freitas

Energy Absolute: Energy Limited

EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Bondcritic

Energy Absolute: No Tricks and No Treats

Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Bondcritic

Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

The Gulf-Intuch Deal could close in 1H CY25 creating a vacancy in SET 50. The highest-ranked name from the reserve list will be promoted to SET 50...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Energy Absolute, Delta...

Ke Yan, CFA, FRM

SET50 Index Rebalance Preview: 4 Changes Coming Up in December

There should be 4 changes to the SET50 in Dec. Passive trackers will need to trade between 0.3-3.6x ADV on the changes. The adds have outperformed...

Brian Freitas

Energy Absolute: Energy Limited

​EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Bondcritic

Energy Absolute: No Tricks and No Treats

​Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Bondcritic

Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

The Gulf-Intuch Deal could close in 1H CY25 creating a vacancy in SET 50. The highest-ranked name from the reserve list will be promoted to SET 50...

Janaghan Jeyakumar, CFA

EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...