Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Thai Airways International / 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.</li>
<li>In this insight, we look at the potential ADDs/DELs and capping flows for SET 50 for the June 2026 index rebal event. </li>
<li>Roughly a month ago, we were expecting only two ADDs/DELs. Now we see four ADDs/DELs.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand.
In this insight, we look at the potential ADDs/DELs and capping flows for SET 50 for the June 2026 index rebal event. 
Roughly a month ago, we were expecting only two ADDs/DELs. Now we see four ADDs/DELs.


Quiddity Leaderboard SET50 Jun26: Four ADDs/DELs Likely; Many Potential DELs Close to the Border

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 Mar 27th. We estimate that they had an aggregated short interest worth USD3.5bn.</li>
<li>We tabulate league tables 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 Intouch, Bangkok Dusit, Central Pattana, Gulf Energy Development, PTG Energy, Bangkok Dusit, Gulf Energy Development, Central Pattana.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 27th. We estimate that they had an aggregated short interest worth USD3.5bn.
We tabulate league tables 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 Intouch, Bangkok Dusit, Central Pattana, Gulf Energy Development, PTG Energy, Bangkok Dusit, Gulf Energy Development, Central Pattana.


Thailand Short Interest Weekly (Mar 27th): Intouch, Bangkok Dusit, Central Pattana

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

<ul><li>Retail and wholesale businesses in 1H26 are expected to remain cautious, likely bottoming in 1Q before beginning to recover in 2Q, amid ongoing uncertainty.</li><li>A gradual recovery is anticipated in 2H26, supported by improving domestic political stability and economic stimulus measures.</li><li>KTX projects sector earnings to grow 9% in 2026E (with stronger growth in 2H), and at a CAGR of 8.3% over the next two years.</li></ul>

Retail and wholesale businesses in 1H26 are expected to remain cautious, likely bottoming in 1Q before beginning to recover in 2Q, amid ongoing uncertainty.A gradual recovery is anticipated in 2H26, supported by improving domestic political stability and economic stimulus measures.KTX projects sector earnings to grow 9% in 2026E (with stronger growth in 2H), and at a CAGR of 8.3% over the next two years.

Commerce: Year of the “True Players”: CPALL and MOSHI, with 2-Year Earnings CAGR of 10–16%

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 20th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables 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 True, Intouch, Thaifoods, CH. Karnchang, Srisawad, True, Thaifoods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 20th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables 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 True, Intouch, Thaifoods, CH. Karnchang, Srisawad, True, Thaifoods.


Thailand Short Interest Weekly (Mar 20th): True, Intouch, Thaifoods, CH. Karnchang, Srisawad, True

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 13th. We estimate that they had an aggregated short interest worth USD3.3bn.</li>
<li>We tabulate league tables 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 Intouch, PTT, Minor International, PTT E&amp;P, CP AXTRA NVDR, PTT E&amp;P, Ptt, Minor International, Cp Axtra Nvdr.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 13th. We estimate that they had an aggregated short interest worth USD3.3bn.
We tabulate league tables 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 Intouch, PTT, Minor International, PTT E&amp;P, CP AXTRA NVDR, PTT E&amp;P, Ptt, Minor International, Cp Axtra Nvdr.


Thailand Short Interest Weekly (Mar 13th): Intouch, PTT, Minor International, PTT E&P, CP AXTRA NVDR

Thailand

Siam Global House Public Company Limited is a Thailand-based retailer specializing in construction materials, home decorative products, tools, and equipment for construction, home improvement, and gardening. It operates large warehouse stores under the "Global House" trade name, offering a wide array of products including electrical appliances, furniture, and plumbing equipment. The company was founded in 1995 and is headquartered in Mueang Roi Et, Thailand.

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Siam Global House (GLOBAL TB)

Quiddity Leaderboard SET50 Jun26: Four ADDs/DELs Likely; Many Potential DELs Close to the Border

There are several potential deletions close to the border that could drop out of the top 50 if they underperform other names by small margins.

Janaghan Jeyakumar, CFA

Thailand Short Interest Weekly (Mar 27th): Intouch, Bangkok Dusit, Central Pattana

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Dusit (BDMS TB),...

Ke Yan, CFA, FRM

Commerce: Year of the “True Players”: CPALL and MOSHI, with 2-Year Earnings CAGR of 10–16%

Retail and wholesale businesses in 1H26 are expected to remain cautious, likely bottoming in 1Q before beginning to recover in 2Q, amid ongoing...

Krungthai XSpring

Thailand Short Interest Weekly (Mar 20th): True, Intouch, Thaifoods, CH. Karnchang, Srisawad, True

We analyzed SET short interest report for the past week and highlighted short interest changes in True, Intouch, Thaifoods, CH. Karnchang,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Mar 13th): Intouch, PTT, Minor International, PTT E&P, CP AXTRA NVDR

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT (PTT TB), Minor...

Ke Yan, CFA, FRM

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