INVX 21/4/2566 : Positive CPALL MAKRO from interest saving/ Outperform BBL MINT SECURE vs Neutral BAY BTS (STARK impact Bt 0.02) / Event Energy sector group 114.00 /SCBX meeting 16.00

: Outperform on MAKRO (end-23 DCF PT of Bt46) and CPALL (end-23 DCF PT of Bt78 issuing of debentures to save interest cost Bt 660mn/year for MAKRO and Bt 400mn/year for CPALL

: BAY Neutral and cut target price to Bt 32 from Bt 38 vs Prefer BBL KTB

: MINT 1Q'23 Earnings preview core Loss Bt 588 mn, improving from core loss Bt 3.6 bn in 1Q'22 from stronger Hotel and food operation. MINT outperform tp Bt 42 SOTP. Prefer ERW AOT

: ZEN Outperform tp Bt 20, preview 1Q'23 Earnings Bt 33 mn. vs Bt 4 mn in 1Q'22 stronger revenue/-39% qoq / Earnings growth'23 +30%

: SECURE Buy tp Bt 20 base on 35x PE and Bt 23 base on 40x PE/1Q'66 Earnings preview Bt 16 mn.-29.4% QoQ/ +474% YoY

: BTS - ผลกระทบการลงทุนใน STARK กรณีเลวร้ายคิดเป็น 0.02 บาทต่อหุ้น