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>The prolonged interest rate upcycle and USD appreciation pose downside risks to global oil demand and crude oil prices.</li><li>Moreover, the initiation of new refining capacity is pressuring energy stock prices, especially those in the refinery sector.</li><li>Refinery stock prices have already reflected weaker refining margins and operating performance trends anticipated for 2Q24E. </li></ul>

The prolonged interest rate upcycle and USD appreciation pose downside risks to global oil demand and crude oil prices.Moreover, the initiation of new refining capacity is pressuring energy stock prices, especially those in the refinery sector.Refinery stock prices have already reflected weaker refining margins and operating performance trends anticipated for 2Q24E. 

Energy (Upstream-Downstream) - Weak 2Q24E Earnings for Refineries

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<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 during the index rebal event in June 2024.</li>
<li>Although 80% of the 3-month reference period is now complete, it is still possible for the rankings to change.</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 during the index rebal event in June 2024.
Although 80% of the 3-month reference period is now complete, it is still possible for the rankings to change.


Quiddity Leaderboard SET50 Jun 24: BANPU Vs SAWAD Has to Be Monitored Closely

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 121% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 121% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 45

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

<ul>
<li>With one day left in the review period, we see 4 potential 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 June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> could be added to the index following the market consultation that lowered the inclusion thresholds for Average Daily Trading Values and Turnover ratios.</li>
<li>An equally weighted basket of potential adds has outperformed the potential deletes but there has been a deterioration in performance over the last month.</li>
</ul>


With one day left in the review period, we see 4 potential changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the June rebalance.

Berli Jucker (BJC TB) could be added to the index following the market consultation that lowered the inclusion thresholds for Average Daily Trading Values and Turnover ratios.
An equally weighted basket of potential adds has outperformed the potential deletes but there has been a deterioration in performance over the last month.


SET50 Index Rebalance Preview: 4 Changes as Review Period Ends Today

Thailand

Bangchak Corporation Public Company Limited operates as an energy company. The Company offers petroleum exploration and production, biomass, crude oil, and solar energy. Bangchak markets its products in Thailand.

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Bangchak Corporation (BCP TB)

Energy (Upstream-Downstream) - Weak 2Q24E Earnings for Refineries

Refinery stock prices have already reflected weaker refining margins and operating performance trends anticipated for 2Q24E.

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 24: BANPU Vs SAWAD Has to Be Monitored Closely

After considering the recent methodology changes (relaxing the liquidity criteria), we believe BJC will be added in June 2024 and that could cause...

Janaghan Jeyakumar, CFA

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 45

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight new join...

A. Stotz Investment Research

SET50 Index Rebalance Preview: 4 Changes as Review Period Ends Today

With a day left in the review period, we forecast 4 changes for the SET50 in June. The largest impact will be on ITAIL and BJC. The adds have...

Brian Freitas

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