INVX 28/3/2566 : Overweight Commerce Prefer CPALL MAKRO BJC ( BIGC IPO in 3Q'23 by INVX)/ Auto Motor Show +EV Prefer AH/ Prefer Gulf and ZEN AU : Strategy for SET Index target to trade at 1600-1660 in 1H’23 and 1700* in 2H’23.

: Flows to Buy Commerce ( Pre-Election rally benefit/MSCI early May’23 and refinancing process mid April Play for MAKRO/ BIGC IPO) Tourism and Auto Prefer AH tp Bt 44

:Short term Brent Oil rebounded ( target 2023 avg. $ 89)vs Gold down : Prefer BCP and IVL PTTGC vs Gold 3/6/12 m GS exp. at 1850/2050/2050

THB/US$ 3,6,12 month at 33.50/32.50/32.00

US Fed to 25 bps hike in May&June'23 with no cut this year.

Euro : Revising up EUR/US$ 3-6 m at 1.05 from 1.02 and maintain 12 m at 1.10

Yen : JPY look for opportunities to add Longs 3,6,12 m at 132/125/125 short term depreciation below our 3 m target