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 May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.


Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.


Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

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 the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.</li>
<li>Currently, we expect four ADDs and four DELs. There are roughly two more months left in the reference period.</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 June 2025.
Currently, we expect four ADDs and four DELs. There are roughly two more months left in the reference period.


Quiddity Leaderboard SET50 Jun25: Four Changes Likely; Capping to Be Introduced

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.</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 Advanced Info Service, Carabao.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.
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 Advanced Info Service, Carabao.


Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vgi-pcl" target="_blank" data-smartkarma-citation="entities:12409:1" rel="noopener">VGI PCL (VGI TB)</a> could be added to 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">SET50 INDEX</a> later this month following the <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> / <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> merger.</li>
<li>Then there could be 3 or 4 more changes to the index at the June rebalance. The review period has just commenced so price moves will move the list around.</li>
<li>Passive trackers will need to buy around 1.85% of float in <a href="https://www.smartkarma.com/entities/vgi-pcl" target="_blank" data-smartkarma-citation="entities:12409:1" rel="noopener">VGI PCL (VGI TB)</a> while buying in the other stocks will be between 1-1.2% of float.</li>
</ul>



VGI PCL (VGI TB) could be added to the SET50 INDEX later this month following the Gulf Energy Development (GULF TB) / Intouch Holdings (INTUCH TB) merger.
Then there could be 3 or 4 more changes to the index at the June rebalance. The review period has just commenced so price moves will move the list around.
Passive trackers will need to buy around 1.85% of float in VGI PCL (VGI TB) while buying in the other stocks will be between 1-1.2% of float.


SET50 Index Rebalance Preview: VGI Could Be an Ad Hoc Add; Then 3/4 More in June

Thailand

Gulf Development Public Company Limited is a holding company that invests in a diversified portfolio including conventional and renewable power generation, natural gas supply and distribution, infrastructure development, and digital businesses. It develops and manages gas-fired, solar, wind, hydroelectric, biomass, and waste-to-energy projects. The company is headquartered in Bangkok, Thailand, and was founded in 2007.

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

Gulf Development (GULF TB)

Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Scc, Krung Thai Bank, Gulf...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Jun25: Four Changes Likely; Capping to Be Introduced

There could be 4x ADV to buy in Thanachart (TCAP TB) and we see this as a high-conviction ADD. Some of the other ADDs/DELs are closer to the border...

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Carabao.

Ke Yan, CFA, FRM

SET50 Index Rebalance Preview: VGI Could Be an Ad Hoc Add; Then 3/4 More in June

VGI could be added to the index later this month following the GULF/INTUCH merger. Then there could be 3/4 more changes in June. The forecast adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)