Trinity expects DELTA to regain its 10% cap weighting in this month-end's SET50 rebalance

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Summary · why it matters

Trinity Securities assesses that Delta Electronics (Thailand) Public Company Limited, or DELTA, which currently carries a weight of about 7.6% in the SET50 index, has a chance to see its weight rise back to the 10% cap level in this month-end's index rebalance, expected on September 28. This is because the capped-weight process used by international indices generally starts counting anew on the day the index basket is adjusted, with the capped factor reset regardless of the stock's weighting over the past three months. The research team notes that based on DELTA's latest market cap, the stock would still account for nearly 20% of the SET50 index, so its weight would be capped and reset back to 10% once again. If this assessment proves correct, DELTA could once again become a target for index and passive funds to add exposure to in the short term. Whether volatility on the rebalance day is severe will depend on how far DELTA's actual weight in the index on September 28 diverges from the 10% cap. On the other hand, the research team warns investors to watch stocks that currently carry high weights in the index, such as PTT Public Company Limited, or PTT, and Advanced Info Service Public Company Limited, or ADVANC, since the latest pro forma calculations show that in the upcoming rebalance, both stocks could see their weights fall well below their current levels, even though the decline would not be considered very significant.

Impact on assets 3

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PTT Public Company Limited
PTT
▼ NegativeCapitalrelevance

PTT's SET50 index weight could fall well below its current level in the upcoming rebalance, prompting passive fund outflows.

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