: IPO PLT Bt 1.55/ 280 mil.shs to be listed in MAI/ Service/Prefer SCC CPALL MAKRO AP vs Neutral BH Consumer Fin. vs Cautious DELTA / XD today KKP MAKRO MINT MTC QH

Commerce sector : Overweight, sector picks Prefer CPALL MAKRO ( Outperform CPALL MAKRO BJC CRC HMPRO vs Neuitral GLOBAL)

Consumer Finance : Neutral, Preview 1Q'23 Earnings pressure from higher provisions, worsening NPLs and NIM in 2Q'23 but hopefully recovery in 2H23. Only SAWAD to post +q/+y vs MTC flat q/-y vs THANI TIDLOR +q/-y

SCC (Outperform, TP Bt 385.00) *Posted a 1Q23 net profit beat INVX & consensus on the huge one-time gain related to fair value adjustment of SCGJWD transaction*--- Maintain Outperform with a target price of Bt385.00.

BH: 1Q23: Record high, better than market consensus by 8%*** Neutral on BH with end-2023 TP of Bt 200/ international patient services that jumped 78% YoY and up 1% QoQ, accounting for 67% of BH’s total revenue in 1Q23/ EBITDA margin was strong at 35.9% in 1Q23, better than 27.6% in 1Q22 and 34.8% in 4Q22

Property sector Neutral with lower Earnings yoy. Prefer AP sector picks tp Bt 14. 1Q'23 Earnings preview Bt 1.44 bn -16.5%y/+25% qoq. 2023 AP target price Bt 14 on 7.5x PE

Better switch from CBG to OSP, ลด cost ได้ตามเป้า GP ฟื้น /-CBG cost คุมไม่อยู่ แล้วไม่ยอมขึ้นราคา เสีย opportunity cost ไปมาก/ OSPกระทิงแดงขึ้นราคาแล้วยังขายดีด้วย SKU ที่เยอะกว่ามาก/ CBG คาราบาว ไม่ขึ้นแล้วขายไม่ได้ด้วย

XD today KKP Bt 1.50/MAKRO Bt 0.33/MINT Bt 0.25/MTC Bt 0.95/QH Bt 0.10

Fri.28 April ***STARK AGM meeting/ DELTA par split to Bt 0.10 with 100 shs board lot / XD CHG Bt 0.075/NRF Bt 0.03/PCSGH Bt 0.20****PTTEP analyst meeting 10.30