INVX 21/7/2566 : Prefer AP BBL CPAXT / upside BAY vs downside SPALI PTTGC Cautious***Flows Buy India Bank Healthcare vs Sell Korea Tech

AP OP ( High Conviction List) tp Bt 15 vs SPALI Neutral /cut tp to Bt 27

BAY reported 2Q23 net profit of Bt8.43bn (-3% QoQ, +8% YoY), 18% above our forecast but in line with consensus. The beat was due to larger-than-expected NII (both on loan growth and NIM). Highlights:

SPALI Key take away from Analyst Meeting*** Neutral to slightly negative*** TP is under review

ญี่ปุ่นหั่นคาดการณ์ศก.ปี 66 โต 1.3% ชี้เงินเฟ้ออาจสูงกว่าเป้าหมาย BOJ.

***IPO KCG Bt 8.50/ SET (Food Imperial Cookies and Allowries Butter/ Sunquick) to be listed on Thursday 3 August 2566 ( compare to SNNP TKN PM )

***GS expected Short USD to Buy OiL Gold Bond Equities and Asian Fx