INVX 4/1/2566 : SET Index 2566 target 1750 Prefer Bank Commerce Tourism vs Cautious Food and Petrochem Finance. Market Talk on DELTA to split par and push SET Index to 1750-1800. Positive BCP for ESSO deal to add in MSCI

: Stocks of the Day Prefer BDMS BJC

: Research AOT outperform tp Bt 82. AOT - Back in the black in 1QFY23F : We expect 1QFY23 (Oct–Dec 2022) core profit of Bt300mn after 10 quarters of losses. Core earnings will continue to grow YoY and QoQ in 2QFY23 (Jan–Mar 2023), backed by more international passengers, and further in 3QFY23 (Apr-June 2023) after concessionaire assistance ends on Mar 31. We forecast a turnaround to core earnings of Bt15bn in FY2023, jumping to Bt27bn in FY2024 based on international passenger assumption of 54mn/76mn in FY2023/24 (vs 13.9mn in FY2022). AOT’s share price is 1% above pre-COVID-19 level, lagging other tourism plays (on avg trading 37% above pre-COVID level). Outperform TP Bt 82

: Petrochem update : In 4Q22, petrochemical product spreads fell QoQ, especially integrated PET/PTA (-56%) and benzene (-42%) due to slower seasonal demand, while PX spread remained solid (-7% QoQ).Last week, average PE/PP spread +5% WoW to a 10-week high of $394, PX spread fell -7% WoW to $391, Integrated PET/PTA spread improved +12% WoW to $132. We remain cautious on near-term outlook, though China reopening could be a catalyst among tempting valuations. Top pick remains IVL TP Bt 66 and Trading Buy PTTGC Neutral tp Bt 56