Thai equities are set for a wave of passive fund flows in the coming weeks as global index provider FTSE Russell is rebalancing its Global Index Series with an effective date in September, according to estimates compiled from an undisclosed source and reviewed by Kaohoon International.
Among Thai-listed stocks, Thai Airways International (THAI) stands out as the biggest beneficiary, with an estimated US$70 million in potential passive inflows tied to its addition to the All Cap index. TMBThanachart Bank (TTB) follows with an estimated US$43 million of inflows, driven by an increase in its free-float adjusted share rather than a fresh index addition.
Two other Thai names are also positioned for inflows. Frasers Property Thailand Industrial REIT (FTREIT) is estimated to receive an inflow of US$23 million on an All Cap addition. Additionally, Charoen Pokphand Foods (CPF) is expected to see an inflow of US$22 million, tied to a higher free-float adjustment.
On the other side of the ledger, Minor International (MINT) is estimated to face the largest potential outflow among Thai stocks in the rebalancing, at roughly US$31 million, linked to a reduction in its free-float adjusted share. Bangkok Dusit Medical Services (BDMS) follows with an estimated US$14 million outflow, also tied to a lower free-float adjustment.
Several other Thai stocks face estimated outflows tied to outright index deletions — typically viewed by market participants as a more structural, negative signal than a simple adjustment to float weighting:
| Symbol | Company | Est. Outflow (US$mn) |
Type of Change |
| BEM | Bangkok Expressway and Metro | -9 | Lower Adj. Share |
| TU | Thai Union Group | -8 | Deletion (All World) |
| LH | Land & Houses | -7 | Deletion (All World) |
| BLAND | Bangkok Land | -7 | Deletion (All Cap) |
| COM7 | Com7 | -5 | Lower Adj. Share |
| TPIPP | TPI Polene Power | -5 | Deletion (All Cap) |
| BTS | BTS Group | -4 | Deletion (All World) |
| SPCG | SPCG | -4 | Deletion (All Cap) |
Kaohoon International could not independently verify the figures cited in this report, which were sourced from an undisclosed source. Readers should treat these estimates as indicative rather than definitive.
