Asia Plus Securities (ASPS) analysts have released their forecast for the rebalancing of the SET50 and SET100 indices for the second half of 2025, based on an analysis of 11 out of the 12 months’ historical data.
The research comes amid heightened volatility in Thailand’s equity market: the SET Index has plunged by 17% over the past five months, while SET100 constituents have slumped by an average of 21%, with individual stock performances ranging from a sharp decline of 56% to an increase of 22%.
This significant market movement has prompted ASPS to anticipate clear changes in the upcoming index reconstitution. According to ASPS Research, the following projections have been made for the revised index list effective in 2H25:
Four new companies are expected to be added to the SET50 Index:
- Thanachart Capital Public Company Limited (SET: TCAP)
- Bangchak Corporation Public Company Limited (SET: BCP)
- Kiatnakin Phatra Bank Public Company Limited (SET: KKP)
- Ngern Tid Lor Public Company Limited (SET: NTL)
Simultaneously, four companies are projected to be removed from the SET50:
- B.Grimm Power Public Company Limited (SET: BGRIM)
- Siam Global House Public Company Limited (SET: GLOBAL)
- Banpu Public Company Limited (SET: BANPU)
- i-Tail Corporation Public Company Limited (SET: ITC)
For the SET100, further adjustments are foreseen: Stocks likely to be included are:
- MBK Public Company Limited (SET: MBK)
- Thai Foods Group Public Company Limited (SET: TFG)
- Jasmine Technology Solution Public Company Limited (SET: JTS)
- Aurora Design Public Company Limited (SET: AURA)
Conversely, stocks projected to be excluded from the SET100 include:
- Thai Coconut Public Company Limited (SET: COCOCO)
- Rojana Industrial Park Public Company Limited (SET: ROJNA)
- Sappe Public Company Limited (SET: SAPPE)
- Srijanaporn Marketing Public Company Limited (SET: SNNP)
ASPS recommends a tactical approach ahead of the official announcement expected in mid-June. The firm suggests that investors focus on stocks likely to be included in the SET50—particularly those with high ESG Ratings or CG (Corporate Governance) Scores, such as TCAP, BCP, and KKP.
