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 take a look at the potential ADDs/DELs for SET 50 in the run up to the index rebal event in June 2025.</li>
<li>The GULF-INTUCH M&amp;A event could trigger an intra-review change within the next few weeks. Then there could be more regular index changes in June 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 take a look at the potential ADDs/DELs for SET 50 in the run up to the index rebal event in June 2025.
The GULF-INTUCH M&amp;A event could trigger an intra-review change within the next few weeks. Then there could be more regular index changes in June 2025.


Quiddity Leaderboard SET50 Jun25: One Intra-Review Replacement Soon! Three Regular Changes Later

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.</li>
<li>In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.</li>
<li>Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.</li>
</ul>


In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.
In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.
Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.


Asian Equities: Asia's Robust Dividend Yielders

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.

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

<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 see three expected changes. However, 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 June 2025.
Currently, we see three expected changes. However, since the reference period is yet to start, the rankings can fluctuate significantly before the base date.


Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

<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 see one expected change, but since the market cap 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 June 2025.
Currently, we see one expected change, but since the market cap reference period is yet to start, the rankings can fluctuate significantly before the base date.


Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

Thailand

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

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

Intouch Holdings (INTUCH TB)

Quiddity Leaderboard SET50 Jun25: One Intra-Review Replacement Soon! Three Regular Changes Later

VGI PCL (VGI TB) and Bangchak Corporation (BCP TB) are the two names leading the race to become the intra-review SET50 ADD for the GULF-INTUCH...

Janaghan Jeyakumar, CFA

Asian Equities: Asia's Robust Dividend Yielders

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

There are 3 expected ADDs/DELs and all names have more than 1x ADV excess volume expected from the index Inclusion/Exclusion. Separately, the Gulf...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

Delta Electronics Thailand (DELTA TB) has already appeared in the Market Surveillance Measure (MSM) list during the current reference period and it...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard SET50 Jun25: One Intra-Review Replacement Soon! Three Regular Changes Later

VGI PCL (VGI TB) and Bangchak Corporation (BCP TB) are the two names leading the race to become the intra-review SET50 ADD for the GULF-INTUCH...

Janaghan Jeyakumar, CFA

Asian Equities: Asia's Robust Dividend Yielders

​In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

There are 3 expected ADDs/DELs and all names have more than 1x ADV excess volume expected from the index Inclusion/Exclusion. Separately, the Gulf...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

Delta Electronics Thailand (DELTA TB) has already appeared in the Market Surveillance Measure (MSM) list during the current reference period and it...

Janaghan Jeyakumar, CFA

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...