INVX Morning Call 28/10/2024

MASTER moved to SET today

TRUE High Conviction list, raised target price to Bt 15 from Bt 13, better Ebitda and ARPU growth. More Upside on Data Centre play. Overweight Telecom TRUE and ADVANC

BBL sector pick target price Bt 180, higher NIM and Dividend payout from Current 34% to 40%. Only BBL cut deposit and lending rate

AP Outperform tp Bt 12.90, Earnings preview 3Q24 NP Bt 1.42 bn -16%yoy/+12%qoq. Lower GM but higher JV contribution. Better 4Q24 and higher backlog in 2025

STANLY Underperform tp Bt 192, beat 2Q25 Earnings from extra items (high dividend income and equity income) . Valuation is unattractive