INVX Alert 17/10/2566 : Tourism sector : Negative impact on Israel risk ( -9%to -12% share price performance and take time 1 quarter back to normal level) prefer AOT ERW vs Warnings weak 3Q’66 Earnings of MINT( seasonal weak in Europe) and AAV ( more loss from higher Oil)*************************************INVX Alert : AAV ( 171,428,571 shs./ from BBL share coversion to be listing on Wed. 17/10/2566) ********************INVX Stocks pick prefer CPALL and Gulf ***************GS prefers Gold ($ 2,050) ,Oil ($ 100 Brent yr end’23 and $ 105 in yr’2024) and USD ( Overweight S&P500)/ HANA PP 65 mil. shs at disc.-5%to -8% from last closing price at Bt 62 ,positive to liquidity but Ebitda breakeven in year 2025. Trading Buy HANA tp Bt 66 vs KCE Buy,sector pick more positive Earnings momentum from 2H’66-2567+ Potential SET50 addition

In a modest downside scenario where Iranian 2024 output falls, our commodities team would raise their 2H-24 Brent price forecasts by $5 to $105/bbl.

To hedge, we like 3-month S&P 500 95% & WTI 105% hybrid structures with max payout of 16x