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

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & 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

<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

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.</li>
<li>Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.</li>
<li>EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. </li>
</ul>


EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.
Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.
EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. 


Thailand

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

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B Grimm Power (BGRIM TB)

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

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

Energy Absolute: Energy Limited

EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Bondcritic

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Energy Absolute: Energy Limited

​EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Bondcritic

EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...