INVX 15/3/2566 Strategy SET Index 1500-1550 for testing after Moody's cut rating Signature Bank. GS underweighted US Eq./ US Bank vs Prefer European Bank. Prefer AH ZEN vs Underweight Food Fin. Land Transport Consumer Fin.

Today IPO PRTR ( HR ) Bt 7.20, listing in SET/Prof.( JMART holding 15%)

AH (Outperform, TP Bt44/share): EV parts: AH reveals that sales from parts for EV models were ~Bt700mn in 2022 (3% of sales) and will double in 2023. 5x 2023PE.

Risk if Hyundai Korea enters for Thai market not via AH( currently helds 20% in Hyundai Motor TH)***impact equity income ( Earnings’23) by 6%

Market talked on Thai Hourse Dissolution on Monday 21 Mar. 2566*** Petrochem positive PET and weaker Naphtha -5% impact. Prefer IVL Outperform vs Neutral PTTGC GGC