INVX 2/4/2567: IPO APO (Asia Palm Oil) Bt 0.99 listing in MAI/ Agri.) / XD SCGP Bt 0.30***Negative short term for CPF Neutral tp Bt 22.50 vs Prefer GFPT TU / TRIS Credit rating downgrade CPF from A+ to A ***Research AOT Outperform tp Bt 80. (2Q24 Jan-Mar. Earnings Bt 5.8 bn +203% yoy/+25%qoq)***Program Trading Sell ITD MGI vs Buy SABUY ( MGI holds 1.7% with Board seat)***Flows China PMI rebound +Buy Petrochem IVL PTTGC vs Sell Refinery TOP BCP SPRC ***

INVX Alert 1/4/2567: Dr. Austin changed view for interest rate cut from

April 10 from Digital Wallet Factor in 4 Q24

Cautious BTS and STEC from Pink line accident issue

Research Prefer TU Outperform tp Bt 18, 16xPE, 1Q24 Earnings core profit Bt 922 mn+15%yoy/-25%qoq and better 2Q24 +qoq/yoy with no Red lobster Loss***High Conviction List

ERW CFO changed from คุณวรมน move to Hop Inn and replaced with คุณอภิญญา รองสายการเงินบช ***no impact / ERW Outperform tp Bt 6.00

Asia Pacific Weekly : Flows Buy India Election Play ( April-May) and Energy sector

HK closed today

China closed Thursday 4- Friday 5,2024

IPO

APO Bt 0.99/ MAI/Agri ( เอเชียน้ำมันปาล์ม) 2/4/2567

BPS MAI

QTCG Bt 1.20/MAI/Propcon 4/4/2567

Event

BTS Knowledge sharing session /Group 4/4/2567

Banking sector 5/4/2567 at 14.00 Group/MS Team

Transport sector 5/4/2567 at 14.00

Group/MS Team

INVX 29/3/2567: LHHOTEL Outperform tp Bt 15,attractive DY at 9.8% with more upside / Stocks of the day Prefer GULF and TOP for positive 1Q24 Earnings / +Gold GS 6/12 m at $ 2200/2300 vs Brent oil at $ 86/ USD play. Cautious Rubber near to end 1QEarnings seasonal high. ***Today Keep closed eye for ITD Debenture for postponement meeting / CPAXT meeting for Ek-Chai Synergy objection vote

INVX 28/3/2567: Prefer ERW and MTC / Tourism sector Prefer AOT outperform tp Bt 80, ERW Outperform tp 6.00,YTD-12% from Japan investment vs 1Q24 Earnings+yoy/+qoq and MINT Outperform tp Bt 44 vs Neutral AAV,AWC,CENTEL / Research DELTA Neutral tp Bt 70 vs Prefer KCE and HANA sector picks***Digital Wallet Play Prefer XPG and CPALL***Today Event TokenX Group meeting at 14.00-15.00 MS Team

INVX Prefer CPALL and GFPT : Event GFPT Group meeting today 27/3/2567 at 15.00-16.00 MS Team/ Interest rate cut theme ( INVX assumption 0.25 bps cut on April 10+++Positive Property Prefer AP Outperform tp Bt 15 sector picks and trading buy SPALI tp Bt 23.80 and Finance Prefer TIDLOR vs AEONTS Neutral cut target price to Bt 163 from Bt 164***Program Trading Buy XPG and AP***XPG Buy tp Bt 2.30-3.10, NP’24 new high Bt 178 mn and YTD DA volume growth at 3 x

INVX : Prefer BCP and AP / Property sector : Neutral /Prefer AP sector picks Outperform with 2567 Earnings high record with DY 6.9% and Trading buy SPALI vs Underperform LPN PSH QH from low margin risk vs Neutral LH SIRI***Funds Flow Buy Tech vs Sell Healthcare (Ramadan season and GS downgraded Healthcare to Neutral) ***Warning STA STGT for Rubber high season in 1Q24 / Commerce Prefer CPALL to CPAXT ( meeting on 29/3/2567)

INVX Morning Call 25/3/2567: Short Covering Play for 1Q’24 Book Closing : +Petrochem IVL PTTGC and Utility GULF and GPSC / Alert for Trading hours to br changed earlier in afternoon session( from 14.30 to 14.00)/ GS Regional Flows Buy Taiwan and Korea + Tech vs Sell China and Consumer / Negative sentiment on TRUE Outperform tp Bt 9.50( Court case on TRUE+DTAC Synergy)/ Research KTB outperform tp Bt 22(Earnings recovery with positive loan growth and fee incime + Virtual banking play) / Asset Allocation : Buy Oil+Energy and Gold vs Take profit Crypto / GS highlights 5 themes : Interest rate cut/ Geopolitic/ Election/ 1Q Earnings play/ Gov. policy and seasonal *** Upgrade Property(except China) to Overweight/ Downgrade Healthcare to Marketweight. ***CPAXT meeting for Objection Ek-Chai synergy deal on March 29

INVX 22/3/2567: Foreign net Buy both Equity and TFEX/ Flows Buy Energy Tech Financial and Telecom / Research Buy AMATA tp Bt 29.10, base on 15.1x PE,XD Bt 0.40, on 9/5/2567***1Q24 Earnings preview weak qoq/yoy from high base 1Q’23 AMata Chonburi Transfer vs better 2Q-4Q24 Earnings***Program trading Buy DELTA BAM JAS AAI / Banking sector : mute 2 month loan growth Prefer BBL KTB /MBK+from 49% holdings in Upcoming IPO Siam Piwat / Event BJC CEO 1-1 today 15.00/ Group 16.00 MS Team

INVX 21/3/2567: Prefer Energy BCP TOP and Utility GULF and GPSC ***Consumer Finance Prefer TIDLOR to THANI Neutral/ cut target price to Bt 2.20 from Bt 2.30 and Earnings24 cut by 9% ,weak loan and NiM***Flows Buy Sugar uptrend to mid year +KSL and BRR and Oil GRM play vs Sell SCC CPAXT***Today 21/3/2567 : 2Q24 Strategy Group/MS team at 14.00 / tomorrow 22/3/2567 BJC 1-1 BBLAM at 15.00 / Group 16.00 MS Team

INVX 20/3/2567: IPO BKGI @Bt 1.63 SET/Healthcare***INVX Event Tourism Day today (Group/ MS Team) 13.45 AAV/14.30 MINT/15.15 CENTEL/ 16.00 ERW***Research Electronic sector : 1H’24 weak profit but hope for 2 H24 recovery Prefer KCE ( not in ESG list),HANA to DELTA (Risk of SET50 deletion)***Petrochem Cautious ( Neutral IVL and PTTGC vs Prefer Refinery ***GS Asia Pacific Portfolio Downgrade Healthcare to Neutral vs Upgrade Property to Overweight ( rate cut) ***Foreign net sell 18,000 mn (19-20/3/2567) from AWC restructuring crossing *** INVX : GS 18-19 Mar. 2024 GOAL Kickstart

Overweight Equity Overweight S&P 500 ( 12 m 5,200) and TOPIX ( 12 m 2,900)/

Neutral Cash and Commodity ( 3/6/12 m Brent Oil 85/86/80 and Gold (2175/2200/2300)/

YTD Asset +Etheleum +Copper vs -Tech -US 10 yr Bond