INVX 6/2/2567 : Chinese New Year +US First Fed Cut+ Earnings beat theme +++Positive Healthcare / Electronic sector short term weak4Q23 -17% QoQ seasonality but positive medium to long term : Prefer KCE HANA vs Neutral DELTA*** KCE net profit is estimated at Bt592mn (+18 YoY +14% QoQ), HANA at Bt600mn (-44% YoY -18% QoQ), and DELTA at Bt4.33bn (+3% YoY -20% QoQ).***

HANA has more than 40% exposure to European markets, KCE and DELTA have about 20% exposures.***

# PTT Outperform tp Bt 45 SOTP / DY 6% : Expect a net profit of Bt29.6bn (+58.6% YoY -5.4% QoQ) with lower profit at P&R (lower GRM and stock loss from lower oil price) and lower profit from gas (sales volume dropped QoQ).