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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173 points.</li><li>In the medium term, the index remains in a zig-zag down trend, searching for the bottom within the 1,100-1,506-point range.</li><li>In the short term, the index is still in a downtrend, making new lows with intermittent technical rebounds. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173 points.In the medium term, the index remains in a zig-zag down trend, searching for the bottom within the 1,100-1,506-point range.In the short term, the index is still in a downtrend, making new lows with intermittent technical rebounds. 

KTX Zoom - US University of Michigan Consumer Sentiment Index

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.</li><li>In the medium term, the index remains in a downtrend, forming a zig-zag down pattern as it searches for the bottom within the 1,100-1,506-point range.</li><li>In the short term, the market has continued to set new lows for the second consecutive day, reaching 1,160 points — its lowest level in four years and 11 months, compared to 1,130.54 points recorded on April 3, 2020.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.In the medium term, the index remains in a downtrend, forming a zig-zag down pattern as it searches for the bottom within the 1,100-1,506-point range.In the short term, the market has continued to set new lows for the second consecutive day, reaching 1,160 points — its lowest level in four years and 11 months, compared to 1,130.54 points recorded on April 3, 2020.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,200 (10-day EMA) points and the support at 1,180/1,173 points.</li><li>In the medium term, the index remains in a zig-zag downtrend, searching for the bottom within the 1,130-1,506 point range.</li><li>In the short term, a technical rebound signal has emerged after hitting a new low at 1,160.99 points yesterday (vs. the previous low of 1,173.13 points on March 4), marking the lowest level in four years and 11 months since April 3, 2020, at 1,130.54 points. </li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,200 (10-day EMA) points and the support at 1,180/1,173 points.In the medium term, the index remains in a zig-zag downtrend, searching for the bottom within the 1,130-1,506 point range.In the short term, a technical rebound signal has emerged after hitting a new low at 1,160.99 points yesterday (vs. the previous low of 1,173.13 points on March 4), marking the lowest level in four years and 11 months since April 3, 2020, at 1,130.54 points. 

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>
<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

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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 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

Thailand

Osotspa Public Company Limited produces and distributes non-alcoholic beverages. The Company offers energy drinks and candies. Osotspa also provides personal and health care products, including shampoos, deodorant, soaps, herbal medicines, and creams. Osotspa serves customers in Thailand.

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Osotspa Public Company Limited (OSP TB)

KTX Zoom - US University of Michigan Consumer Sentiment Index

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173...

Krungthai XSpring

KTX Zoom: US PPI - MARCH 13, 2025

Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.

Krungthai XSpring

KTX Zoom - US Inflation: March 12, 2025

Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,200 (10-day EMA) points and the support at 1,180/1,173...

Krungthai XSpring

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

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

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