INVX 15/6/2566 : Sell into strength KEX loss earnings'66/AOT Outperform tp Bt 82/Prefer KCE SCGP/ONEE trading at -1 SD vs IPO Bt 8.5, positive TV Adex but risk on SET 100 deletion (waiting for announcement mid June’66/ FTSE impact closing price on Fri.16,66/SET Index target in 2Q’66 at 1600 and 3Q’66 at 1650

INVX : FOMC signals 2 more hikes; BOT analyst meeting was also “hawkish”; Don’t fight the Fed (maybe also BOT);

EIC downgrades global growth, but maintain Thailand growth; EIC still forecast BOT’s terminal rates at 2.5%;

AOT - Outperform TP Bt 82

First meet with new president : AOT’s new president, Mr. Kirati Kitmanawat yesterday met with analysts to outline expansion plans. AOT expects its long-term expansion to double passenger capacity for all 6 airports to 238mn/year in 2036 from 116mn/year in 2023.

AOT reveals that it is working to increase PSC to offset the higher operating cost. The timeline is uncertain since an increase in PSC requires approval from CAAT and the cabinet.

Our sensitivity analysis suggests a Bt100 increase in PSC from each international departing passenger at Suvarnabhumi Airport will add +7% to FY2024 earnings and Bt100 collected from each transit passenger will add 0.2%.

We maintain FY2023 forecast of an earnings turnaround at Bt15bn. Outperform TP Bt 82