INVX 12/3/2567: Strategy 2’Q24 Stocks pick : Buy AOT GULF and bottom out play GFPT SCGP KCE

SET Index target

1Q’24 1400-1450

2Q’24. 1500

3Q’24. 1550***base case

4Q’24. 1600 seasonal play

Assumption

Interest rate cut 25 bps

Benefit + Utility Transport. Consumer Finance

Negative - Insurance Auto

SET Index scenario factors

+ interest rate cut 25 bps + 20 points

+ budget reimbursement + 15 points

+ gov. Reshuffle/ MOF. +10 points

+ banning shortsell. +38 points