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.

Macroeconomics

<ul>
<li>Nothing has changed since our last BMM and the SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February.</li>
<li>Here we suggest on what the SET should do to move forward, now that the SET is seeking a new President. </li>
<li>Here are the five to-do list for SET. Read or Not...</li>
</ul>


Nothing has changed since our last BMM and the SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February.
Here we suggest on what the SET should do to move forward, now that the SET is seeking a new President. 
Here are the five to-do list for SET. Read or Not...


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>In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in June 2023.</li>
<li>I currently see 2 ADDs and 2 DELs but the next-in-line names are lurking close to the border.</li>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> is one of these potential ADDs and there might be an interesting pair trade against <a href="https://www.smartkarma.com/entities/bangkok-life-assurance-pcl" target="_blank" data-smartkarma-citation="entities:16237:1" rel="noopener">Bangkok Life Assurance (BLA TB)</a> for the next few weeks. </li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in June 2023.
I currently see 2 ADDs and 2 DELs but the next-in-line names are lurking close to the border.

Thai Life Insurance (TLI TB) is one of these potential ADDs and there might be an interesting pair trade against Bangkok Life Assurance (BLA TB) for the next few weeks. 


Quiddity Leaderboard for SET50 Jun 23: TLI Vs BLA Pair Trade Seems Interesting

<ul>
<li>In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.</li>
<li>With roughly 4 more months left for the base date, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> seems to be an ADD but it is close to the border.</li>
<li>Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.</li>
</ul>


In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.
With roughly 4 more months left for the base date, Sembcorp Marine (SMM SP) seems to be an ADD but it is close to the border.
Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.


Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

<ul>
<li>The completion of the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> - <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger could cause an intra-review change next week.</li>
<li>There could be two more index changes in the regular review in June 2023.</li>
<li>In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. </li>
</ul>


The completion of the Total Access Communication (DTAC TB) - True Corp Pcl (TRUE TB) merger could cause an intra-review change next week.
There could be two more index changes in the regular review in June 2023.
In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. 


Quiddity Leaderboard for SET Jun 23: DTAC-TRUE Intra-Review Changes

Stock Exchange of Thailand SET 50 Index / Event-Driven

<ul>
<li>
<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> is a composite index which represents the price movement for all common stocks trading on the SET.</li>
<li>SET50 and SET100 indices are calculated, respectively, from the stock prices of the top 50 and 100 listed companies on SET in terms of market capitalization and liquidity.</li>
<li>In this insight, we take a look at the selection criteria and the historical price performance of past Rebalance Events.</li>
</ul>



Thailand SET Index (SET INDEX) is a composite index which represents the price movement for all common stocks trading on the SET.
SET50 and SET100 indices are calculated, respectively, from the stock prices of the top 50 and 100 listed companies on SET in terms of market capitalization and liquidity.
In this insight, we take a look at the selection criteria and the historical price performance of past Rebalance Events.


Thailand SET50 and SET100: Quiddity Index Rebalance Primer

Thailand

The Bangkok SET Index is a capitalization-weighted index of stocks traded on the Stock Exchange of Thailand. The index was developed with a base value of 100 as of April 30, 1975. 

Thailand SET Index (SET INDEX)

Thailand: Ready (Re)SET Go!

Thailand's SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February. Here we suggest on what the...

Bondcritic

Quiddity Leaderboard for SET50 Jun 23: TLI Vs BLA Pair Trade Seems Interesting

For TLI, there could be 68.7mn shares to buy which is around 5.7 days of volume and a flow size of US$25mn. The price ratio of TLI vs peer BLA is...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

As things stand, there could be one day of volume to buy in Sembcorp Marine and two days of volume to sell in KDCREIT but if share prices fluctuate...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for SET Jun 23: DTAC-TRUE Intra-Review Changes

There could be 8.2mn shares to buy in Srisawad which translates to an estimated impact of 0.8 days of volume and a flow size of US$13mn.

Janaghan Jeyakumar, CFA

Thailand SET50 and SET100: Quiddity Index Rebalance Primer

From the end of the Reference Period to the Inclusion/Exclusion event, the ADDs have outperformed the index and the DELs have underperformed the...

Janaghan Jeyakumar, CFA