Trinity Securities has released its first draft of expected additions and removals to the SET50 and SET100 indices for the first half of 2026, based on market data up to October 15, 2025. The actual list will be finalized after November 28, 2025, once the Stock Exchange of Thailand (SET) completes its formal review. The brokerage’s initial analysis offers important insights for investors preparing for potentially market-moving reshuffles.
SET50 Index: Newcomers and Exits
According to Trinity’s projections, Srisawad Corporation Public Company Limited (SET: SAWAD) and i-Tail Corporation Public Company Limited (SET: ITC) are likely candidates for inclusion in the SET50 index in this upcoming round. On the other hand, Bangchak Corporation Public Company Limited (SET: BCP) and VGI Public Company Limited (SET: VGI) are forecast to be removed from the index.
SET100 Index: New Entrants and Removals
For the broader SET100 index, Trinity suggests that PTG Energy Public Company Limited (SET: PTG) and STECON Group Public Company Limited (SET: STECON) are expected to join the index. Meanwhile, the removals could include WHA Utilities & Power Public Company Limited (SET: WHAUP) and Jasmine International Public Company Limited (SET: JAS).
Strategic Recommendations
Trinity Securities recommends speculative buying of SAWAD and ITC, given the positive sentiment and potential institutional inflows following their expected inclusion in the SET50 index. Notably, SAWAD’s outlook is further supported by the anticipated domestic rate cut cycle, which is likely to act as an additional tailwind for the share price.
For SET100, the firm suggests PTG as a tactical buy, citing not only its projected index inclusion but also positive momentum from government measures encouraging domestic tourism for the remainder of 2025.
Conversely, investors are advised to avoid BCP and VGI in the near term, as their anticipated exit from the SET50 may trigger selling pressure from domestic institutional investors over the next couple of months.
Thai Airways (THAI): Not Yet Eligible
Regarding Thai Airways International Public Company Limited (SET: THAI), Trinity estimates that the stock will not yet meet the minimum six-month trading history required for SET50/SET100 index inclusion in this round. The earliest this could change is in February 2026, when 25% of shares currently under a silent period become tradable, potentially lifting the free float above the 20% benchmark. The prospect of a “Fast Track” inclusion remains uncertain; absent such an exception, the earliest likely date for THAI’s addition to the indices would be in the second half of 2026.
