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 ADDs/DELs for the SET50 index rebalance in June 2023.</li>
<li>Based on the latest available data, I expect 2 ADDs/DELs but there are couple of names close to the border and final rankings could change with changes in share prices.</li>
<li>The three-month reference period used for the June 2023 rebalance will end on 31st May 2022.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.
Based on the latest available data, I expect 2 ADDs/DELs but there are couple of names close to the border and final rankings could change with changes in share prices.
The three-month reference period used for the June 2023 rebalance will end on 31st May 2022.


Quiddity Leaderboard for SET50 Jun 23 Review: TLI ADD & JMART DEL Likely; BJC Is a Question Mark

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.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 96% versus the SET 100 Index’s return of 29%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, it has gained 96% versus the SET 100 Index’s return of 29%


The Stocks to Own in Thailand – Vol. 40

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>
<a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> is likely to join 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> in early March following the DTAC/TRUE merger.</li>
<li>Then there should be one change in June with <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> replacing <a href="https://www.smartkarma.com/entities/jaymart-pcl" target="_blank" data-smartkarma-citation="entities:12053:1" rel="noopener">Jaymart PCL (JMART TB)</a> in the index.</li>
<li>There is one stock close to failing the liquidity test and that could lead to another change with a few stocks vying for index inclusion.</li>
</ul>



Srisawad Power 1979 (SAWAD TB) is likely to join the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) in early March following the DTAC/TRUE merger.
Then there should be one change in June with Thai Life Insurance (TLI TB) replacing Jaymart PCL (JMART TB) in the index.
There is one stock close to failing the liquidity test and that could lead to another change with a few stocks vying for index inclusion.


SET50 Index Rebalance Preview: Changes from Now to June

Delta Electronics Thailand  / Event-Driven

<ul>
<li>The reference period 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> December 2022 Rebalance is about to come to an end.</li>
<li>With the market consultation changes confirmed as expected and the DTAC-TRUE merger likely to get delayed to 1Q CY2023, I expect 4 ADDs/DELs in December 2022. </li>
<li>
<a href="https://www.smartkarma.com/entities/ratch-group-pcl" target="_blank" data-smartkarma-citation="entities:15338:1" rel="noopener">Ratch Group PCL (RATCH TB)</a> is a potential surprise ADD and <a href="https://www.smartkarma.com/entities/irpc-pcl" target="_blank" data-smartkarma-citation="entities:19051:1" rel="noopener">IRPC PCL (IRPC TB)</a> is a potential surprise DEL out of the index changes predicted in this insight.</li>
</ul>


The reference period for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) December 2022 Rebalance is about to come to an end.
With the market consultation changes confirmed as expected and the DTAC-TRUE merger likely to get delayed to 1Q CY2023, I expect 4 ADDs/DELs in December 2022. 

Ratch Group PCL (RATCH TB) is a potential surprise ADD and IRPC PCL (IRPC TB) is a potential surprise DEL out of the index changes predicted in this insight.


Thailand SET50 Quiddity Dec 22 Final Expectations: DTAC-TRUE Delay Could Cause RATCH-IRPC Surprise

Thailand

WHA Corp PCL is a built-to-suit distribution center and factory developer in Thailand.

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WHA Corp Pcl (WHA TB)

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 for SET50 Jun 23 Review: TLI ADD & JMART DEL Likely; BJC Is a Question Mark

Currently, Thai Life Insurance and Berli Jucker are ADDs and Jaymart PCL and Ngern Tid Lor are DELs in June 2023. Potential ADD WHA Corp and...

Janaghan Jeyakumar, CFA

The Stocks to Own in Thailand – Vol. 40

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

A. Stotz Investment Research

SET50 Index Rebalance Preview: Changes from Now to June

SAWAD could be added to the index in March. Then TLI should replace JMART in June. INTUCH is a close delete on liquidity and there are multiple...

Brian Freitas

Thailand SET50 Quiddity Dec 22 Final Expectations: DTAC-TRUE Delay Could Cause RATCH-IRPC Surprise

I expect 4 ADDs/DELs in the Dec 22 Rebalance. The Expected ADDs (DELTA, BJC, RATCH, and COM7) could outperform the Expected DELs (KCE, BLA, SAWAD,...

Janaghan Jeyakumar, CFA

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