INVX 10/1/2567 : GS Asian Bank and Energy &Petrochem 2024 Outlook/Theme Bond yield upside and ETF Crytocurrency/ USD appreciation and Taiwan Election on 13 Jan.2024 and Indonesia in Feb.2024. SET Index target locked at 1400-1450

Stocks of the day Prefer ADVANC and BDMS/ Research Outperform SCGP and Cautious Petrochem

Invitation to SCBX 4Q23 Analyst Meeting on Friday 19 Jan. 2567 at 16.00-17.30 MS Team

SCBX 4Q23 Financial Statements will also be announced on Friday, 19 January 2024.

GS Energy and Chemical 2024 Outlook : Prefer Refinery to Petrochem Cautious Sell PTTGC vs Buy TOP and SCC. Regional Call Buy Petrochina ChinaOIL

Maintain Sell PTTGC tp Bt 25, f Average PE/PP spread +15% WoW to a 3m high of $353 on lower naphtha price. Integrated PET spread up +11% WoW to $107.

GS Asean Bank 2024 Outlook : Downgrade BBL from Neutral to Sell tp Bt 164 ( more rate sensitive to rate cut ) vs Maintain Sell KBANK SCBX on weak asset quality vs Buy TTB, more fix rate book. Prefer Indonesia Bank(strong BV), Philippines (strong loan growth,BSP to cut rate by 75 bps by 4Q’24), Singapore and Thailand banks