INVX Morning Call 4/9/2567: Strategy Prefer Defensive and Value vs Hedge Fund and Mutual Fund trim Tech

Flows Buy Financial ,telecom, Commerce , Refinery and Healthcare ( Prefer BDMS-2 SD, BH,BCH 3Q high season and waiting for Kuwait patients comeback)

SET Index target 1350-1380 vs GS 1390 ( Go for Gold and Short Oil )

Stocks of the Day Prefer BDMS and DIF

Research Electronic sector

Outperform for KCE and HANA, Neutral DELTA on high valuation and the impact of GMT.

We forecast 3Q24 growths of DELTA +18% YoY +5.5% QoQ, KCE +18.4% YoY +5.0% QoQ, and HANA -24% YoY +7.0% QoQ (a drop YoY was due to weaker IC business).

For Global Minimum Tax (GMT), this would erode DELTA’s bottom line by -12% per year if implemented (likely in 2025).

Neither KCE nor HANA will be affected, as KCE’s major shareholder is a Thai national and HANA’s revenue is below the minimum criteria.