INVX 8/2/2567 : Positive 4 Q23 Earnings play + CRC BJC ONEE vs negative KEX ***Overweight Tourism Prefer AOT ERW MINT and AAV vs Neutral CENTEL AWC ***INVX expected Thailand’s 4Q23 GDP at 1.8% YoY and 2023 st 2.0% (from +2.5%). Thai interest cut by 25bp in April and June to 2.0%.

GS lowers Thailand’s 4Q23 GDP growth to +2.3% YoY (from +4.0% YoY), now forecast 2023 growth of +2.1%.

Cut 2024 GDP growth to +2.6% (from +4.0%, previously) to fade digital cash handouts out of baseline.

GS expects the BOT to cut rates 3 times this year starting from June, Aug and Oct.

Interest rate cut theme positive to Powers, Consumer Finance, Property, but negative to Banks.