INVX 9/6/2566 : Positive Foreign Flow (short covering) to push SET Index at 1600 in June23 focus on Energy 2Q'23 to book inventory gain/ AH panic sell is overdone, Outperform tp Bt 44

Short Covering Energy Materials for June book closing

Cautious Global for falling Steel price but to recovery next year

GS sees more upside in oil stocks from here. Buy PTT TP Bt 40 and PTTEP TP Bt 185.

GS now raises Fed’s terminal rate to 5.25-5.50%, with a June pause and an additional +25bp hike most likely in July23

GS estimates ASEAN (resilient PMIs), Korea (better exports) and Consumer Discretionary sector may see better earnings revisions from here.

GS flags a tactical call of Energy, prefer Oil ( higher conviction of $80 Brent) and Refiners (GRM selloff is overdone) but cautious Chemicals (especially olefin with waves of large capacities coming).