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 Jun 19th. We estimate that they had an aggregated short interest worth USD3.2bn.</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 Gulf Energy Development, BCPG, PTT GlobalChem, SCB X, True, Scb X, Gulf Energy Development, Ptt Globalchem, True.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 19th. We estimate that they had an aggregated short interest worth USD3.2bn.
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 Gulf Energy Development, BCPG, PTT GlobalChem, SCB X, True, Scb X, Gulf Energy Development, Ptt Globalchem, True.


Thailand Short Interest Weekly (Jun 19th): Gulf Energy Development, BCPG, PTT GlobalChem, SCB X

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ADDs/DELs for the SET50 index was confirmed after market close yesterday.</li>
<li>All of our expected ADDs/DELs were correct. There was one extra ADD/DEL which was a surprise to us.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes.</li>
</ul>


The ADDs/DELs for the SET50 index was confirmed after market close yesterday.
All of our expected ADDs/DELs were correct. There was one extra ADD/DEL which was a surprise to us.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes.


Quiddity Leaderboard SET50 Jun26: All Expected ADDs/DELs Correct; One Extra Surprise ADD/DEL

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

Thai Airways International / Index Rebalance

<ul>
<li>In line with forecasts, there will be 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 close on 30 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>'s stock price has doubled this year, and the stock will be capped back to 10% of the index weight in June. </li>
<li>Passive trackers will need to buy between 1.1-3.7% of float in the adds with the largest impacts in <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">Mr. DIY Holding (Thailand)</a> and <a href="https://www.smartkarma.com/entities/thai-airways-international" target="_blank" data-smartkarma-citation="entities:18317:1" rel="noopener">Thai Airways International (THAI TB)</a>. </li>
</ul>


In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.

Delta Electronics Thailand (DELTA TB)'s stock price has doubled this year, and the stock will be capped back to 10% of the index weight in June. 
Passive trackers will need to buy between 1.1-3.7% of float in the adds with the largest impacts in Mr. DIY Holding (Thailand) and Thai Airways International (THAI TB). 


SET50 Index Rebalance: 4 Changes in June; DELTA Capping Too

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Markets are showing signs of weakening at logical resistance as we anticipated in last week’s <em>Int’l Compass </em>- we recommend being selective in new purchases. At the same time we are seeing a number of indicators that are giving signals conducive to higher equity prices, meaning global equities may be gearing up for an eventual breakout topside resistance. In this report we highlight some attractive and actionable themes (Miners, consumer staples, and several attractive individual set ups in Thailand) along with indicators that support our overall constructive outlook.</p>

Markets are showing signs of weakening at logical resistance as we anticipated in last week’s Int’l Compass - we recommend being selective in new purchases. At the same time we are seeing a number of indicators that are giving signals conducive to higher equity prices, meaning global equities may be gearing up for an eventual breakout topside resistance. In this report we highlight some attractive and actionable themes (Miners, consumer staples, and several attractive individual set ups in Thailand) along with indicators that support our overall constructive outlook.

U.S.Dollar Weakness A Tailwind For International Markets

<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>There have been some changes to our expected ADDs/DELs list since our last insight.</li>
<li>The reference period for the June 2026 index rebal event is about to end soon. The expected ADDs/DELs presented in this insight are our final expectations.</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).
There have been some changes to our expected ADDs/DELs list since our last insight.
The reference period for the June 2026 index rebal event is about to end soon. The expected ADDs/DELs presented in this insight are our final expectations.


Quiddity Leaderboard SET50 Jun26: Final Expectations; 3 ADDs/DELs and Delta Capping

Thailand

Thaifoods Group is a vertically integrated food producer specializing in the production of chicken and swine, operating in Thailand and Vietnam. The company's core activities include chicken breeding, meat production, processed chicken products, pig breeding, and live pig sales. It also operates feed mills and a retail business. Thaifoods Group was founded in 1987 and is headquartered in Bangkok, Thailand.

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Thaifoods Group (TFG TB)

Thailand Short Interest Weekly (Jun 19th): Gulf Energy Development, BCPG, PTT GlobalChem, SCB X

We analyzed SET short interest report for the past week and highlighted short interest changes in Gulf Energy Development (GULF TB), BCPG (BCPG...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Jun26: All Expected ADDs/DELs Correct; One Extra Surprise ADD/DEL

Most of the confirmed index changes have 1x-5x ADV to trade. MR. D.Y. Holding (MRDIYT TB) is the highest impact name with 10x ADV to trade.

Janaghan Jeyakumar, CFA

SET50 Index Rebalance: 4 Changes in June; DELTA Capping Too

There are 4 changes for the SET50 in June. DELTA will be capped at 10% of the index. Passives need to buy between 1.1-3.7% of float in the adds...

Brian Freitas

U.S.Dollar Weakness A Tailwind For International Markets

Markets are showing signs of weakening at logical resistance as we anticipated in last week’s Int’l Compass - we recommend being selective in new...

Vermilion Research

Quiddity Leaderboard SET50 Jun26: Final Expectations; 3 ADDs/DELs and Delta Capping

Among the expected ADDs, Thai Foods Group Public Company Limited (TFG TB) continues to see strong share price momentum. It is now up more than 2x...

Janaghan Jeyakumar, CFA

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