Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Japan Post, JD.com, Toyota, NTT, Jardines, Indices/Exec. Orders, Tianneng

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Delta Electronics (Thailand) / Index Rebalance

Last evening post market close, the Stock Exchange of Thailand (SET) announced the results of the semi-annual review of the SET50 index with the changes taking effect after the close of trading on 30 December.<a href="https://www.smartkarma.com/entities/bangkok-commercial-asset-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:28442:1" rel="noopener">Bangkok Commercial Asset Management (BAM TB)</a>, <a href="https://www.smartkarma.com/entities/com7-pcl" target="_blank" data-smartkarma-citation="entities:27411:1" rel="noopener">Com7 PCL (COM7 TB)</a> and <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> have been included in the index, replacing <a href="https://www.smartkarma.com/entities/banpu-power-pcl" target="_blank" data-smartkarma-citation="entities:23631:1" rel="noopener">Banpu Power PCL (BPP TB)</a>, <a href="https://www.smartkarma.com/entities/irpc-pcl" target="_blank" data-smartkarma-citation="entities:19051:1" rel="noopener">IRPC PCL (IRPC TB)</a> and <a href="https://www.smartkarma.com/entities/wha-corp-pcl" target="_blank" data-smartkarma-citation="entities:104:1" rel="noopener">WHA Corp Pcl (WHA TB)</a>. This was our base case scenario, though DELTA had the lowest probability of index inclusion.Terrible timing! <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> has gained 543.72% since it was deleted from the SET50 index at the June review, while <a href="https://www.smartkarma.com/entities/banpu-power-pcl" target="_blank" data-smartkarma-citation="entities:23631:1" rel="noopener">Banpu Power PCL (BPP TB)</a> has gained just 2.99% since it was included in the index at the June review. Not implementing this change in June would have led to the SET50 index return being over 3.5% higher than its actual return.One-way turnover for the rebalance is 4.92%. The impact of the changes does not appear like a lot, but the active funds trading ahead of implementation date could cause the stocks to move around a lot compared to their peers.This Insight is labelled Bullish as we expect DELTA to outperform its peers post the inclusion in the SET50 index. The stock could move lower post implementation date due to its higher valuations.

Last evening post market close, the Stock Exchange of Thailand (SET) announced the results of the semi-annual review of the SET50 index with the changes taking effect after the close of trading on 30 December.Bangkok Commercial Asset Management (BAM TB), Com7 PCL (COM7 TB) and Delta Electronics Thai (DELTA TB) have been included in the index, replacing Banpu Power PCL (BPP TB), IRPC PCL (IRPC TB) and WHA Corp Pcl (WHA TB). This was our base case scenario, though DELTA had the lowest probability of index inclusion.Terrible timing! Delta Electronics Thai (DELTA TB) has gained 543.72% since it was deleted from the SET50 index at the June review, while Banpu Power PCL (BPP TB) has gained just 2.99% since it was included in the index at the June review. Not implementing this change in June would have led to the SET50 index return being over 3.5% higher than its actual return.One-way turnover for the rebalance is 4.92%. The impact of the changes does not appear like a lot, but the active funds trading ahead of implementation date could cause the stocks to move around a lot compared to their peers.This Insight is labelled Bullish as we expect DELTA to outperform its peers post the inclusion in the SET50 index. The stock could move lower post implementation date due to its higher valuations.

Last Week in Event SPACE: Tokyo Dome, LG Corp, Kerry Express, Sogou, Adways

<a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a> listed today on the Stock Exchange of Thailand (SET). No big bang opening day for the stock as it opened at the highs and quickly sold off to trade a tick or two above its IPO price of THB 35/share for most of the day.<a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a> traded 329.77m shares on the day at a VWAP of THB 35.9505. Bulk of the volume traded in the opening auction at THB 37.At the close of trading, SCGP traded at THB 35/share, probably supported by the greenshoe. That gave <a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a> a full market cap of THB 148.874bn placing it at rank 20 among the SET50 constituents and ensuring its market cap was more than 1% of the market cap of the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-index" target="_blank" data-smartkarma-citation="entities:22915:1" rel="noopener">Thailand SET Index (SET INDEX)</a> - 1.16% from our calculations. With a free float of 29.51%, the stock met all conditions for Fast Entry into the index.SET has just <a href="https://www.set.or.th/th/market/files/constituents/SET50_100_H2_2020_revised.pdf" target="_blank" rel="noopener">announced</a> the changes to the SET50 Index where <a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a> has been added and <a href="https://www.smartkarma.com/entities/thanachart-capital-pcl" target="_blank" data-smartkarma-citation="entities:297:1" rel="noopener">Thanachart Capital (TCAP TB)</a> has been deleted. The changes will need to be made at the close of trading on 27 October.The inclusion also affects the stocks to be included and excluded at the regular index review in December.

SCG Packaging (SCGP TB) listed today on the Stock Exchange of Thailand (SET). No big bang opening day for the stock as it opened at the highs and quickly sold off to trade a tick or two above its IPO price of THB 35/share for most of the day.SCG Packaging (SCGP TB) traded 329.77m shares on the day at a VWAP of THB 35.9505. Bulk of the volume traded in the opening auction at THB 37.At the close of trading, SCGP traded at THB 35/share, probably supported by the greenshoe. That gave SCG Packaging (SCGP TB) a full market cap of THB 148.874bn placing it at rank 20 among the SET50 constituents and ensuring its market cap was more than 1% of the market cap of the Thailand SET Index (SET INDEX) - 1.16% from our calculations. With a free float of 29.51%, the stock met all conditions for Fast Entry into the index.SET has just announced the changes to the SET50 Index where SCG Packaging (SCGP TB) has been added and Thanachart Capital (TCAP TB) has been deleted. The changes will need to be made at the close of trading on 27 October.The inclusion also affects the stocks to be included and excluded at the regular index review in December.

<a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a>, Thailand's largest packaging company, is looking to raise between THB 37.77-39.46bn (US$1.21-1.26bn) via a listing on the Stock Exchange of Thailand (SET) by selling 1.127bn shares (plus a greenshoe of 169m shares) at a price range of THB 33.5-35/share.Shares will be offered to investors between 28 September and 14 October with final pricing to be announced on 8 October and shares should begin trading in the second half of October.Using current market prices, the stock should be included in the SET50 index at the close on its third day of trading, but the final decision is dependent on <a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a>'s closing price on its first trading day and also on the performance of the current constituents of the SET50 index and the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-index" target="_blank" data-smartkarma-citation="entities:22915:1" rel="noopener">Thailand SET Index (SET INDEX)</a>.In this Insight, we take a look at the some of the IPO details and the possibility of the stock being included in the SET50 index.

SCG Packaging (SCGP TB), Thailand's largest packaging company, is looking to raise between THB 37.77-39.46bn (US$1.21-1.26bn) via a listing on the Stock Exchange of Thailand (SET) by selling 1.127bn shares (plus a greenshoe of 169m shares) at a price range of THB 33.5-35/share.Shares will be offered to investors between 28 September and 14 October with final pricing to be announced on 8 October and shares should begin trading in the second half of October.Using current market prices, the stock should be included in the SET50 index at the close on its third day of trading, but the final decision is dependent on SCG Packaging (SCGP TB)'s closing price on its first trading day and also on the performance of the current constituents of the SET50 index and the Thailand SET Index (SET INDEX).In this Insight, we take a look at the some of the IPO details and the possibility of the stock being included in the SET50 index.

SCG Packaging and SET50 Fast Entry Inclusion: In The Box

Thailand

WHA Corporation is a leading Thai company engaged in logistics, industrial development, utilities and power, digital services, and mobility businesses. It develops and manages industrial estates, ready-built factories and warehouses, and provides comprehensive solutions including water and wastewater management, and power generation. The company was founded in 2003 and is headquartered in Samut Prakan, Thailand.

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WHA Corporation (WHA TB)

Last Week in Event SPACE: Japan Post, JD.com, Toyota, NTT, Jardines, Indices/Exec. Orders, Tianneng

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

SET50 Index Rebalance: DELTA to Buy

BAM, COM7 and DELTA have been added to the SET50 index replacing BPP, IRPC and WHA with the changes effective after the close on 30 Dec. With 11...

Brian Freitas

Last Week in Event SPACE: Tokyo Dome, LG Corp, Kerry Express, Sogou, Adways

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

SCG Packaging Listing & SET50 Inclusion

SCG Packaging listed on the SET today and finished flat on the day. That was enough to warrant inclusion in the SET50 index. TCAP will be deleted...

Brian Freitas

SCG Packaging and SET50 Fast Entry Inclusion: In The Box

SCG Packaging (SCGP TB)

Brian Freitas

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