INVX 19/3/2567: Prefer BEM outperform tp Bt 9.00(if include Orange line +Bt 1.50) upside from Toll fare hike in June/ Double deck in 2H24 vs Neutral BTS Bt 9.60(if excluding Green line, target price Bt 6.00)*** Program trading Buy ROJNA TRUBB SAMART PLUS / Flow Buy Energy Oil and China Play vs Warning Gold ***

INVX 18/3/2567: Stocks of the day Prefer BCP and CPALL / Research BCH outperform tp Bt 25 ( Ramadan season negative BH) and CPALL outperform tp Bt 75 ( 60% holdings in CPAXT ( not in SET50/100 and risk of Mar.29 Ek-Chai synergy objection vote)***Program trading Buy CPNReit vs Sell Crypto related stocks JTS ***IPO BKGI Bt 1.63 listing in SET/Healthcare on Wed.20 March 2567/ Biotechnology/ FSS FA***INVX Event : Tourism Day 20/3/2567 : AAV 13.45/MINT 14.30/CPN15.15/ERW 16.00 ( Group/ MS Team)

INVX 15/3/2567: Today FTSE adjusted port by day end/Foreign Flows Buy Equity and TFEX / China related stocks benefit Energy PTT PTTEP TOP BCP IVL PTTGC ((GS คาด Brent Oil to hit peak in June $85-87 vs 3/12 m at $80)/ BDI Play PSL TRA/ Rubber STA ***Program trading Buy STA AAV VGI ( 22 มีค สรุปการขาย KEX ทั้งหมดจะตัดปัญหาการตั้งด้อยค่าเงินลงทุน) ***Thai Cabinet meeting for 2024 Budget spending during March20-22+++Infrastructure and consumption/ Banking sector Interest rate cut 25 bps on April 10 and in June to hurt NIM ***Neutral Bank with BBL KTB sector picks vs GS Buy only TTB***Today XD SIRI Bt 0.10

INVX 14/3/2567: Foreign net buy both Equity and TFEX / Energy Petrochemical IVL PTTGC and GRM TOP BCP short covering with better spread / Research Prefer SCGP and GFPT / Food sector : Top picks GFPT Outperform tp Bt 14.50 vs Outperform TU BTG vs Neutral CPF / OSP cut target price to Bt 28 from 31 with lower Earnings growth ***Event today GULF CEO meeting today at 14.00-15.00 at Gulf Office

INVX 13/3/2567 : Stocks of the day Prefer XPG Buy tp Bt 2.30, base on 2xPBV, Net profit Bt 168 mn,high record with ICO Portal 3 deals Bt 3000 mn/SCGP cut tp to Bt 40 from Bt 51,-2SD M&P and Indonesia recovery play

:Flows Buy TRUE THCOM STGT XPG

:Commerce Prefer CPALL CRC Global to CPAXT

: 2Q’24 Strategy : Top picks Buy AOT GULF and GFPT SCGP KCE/ SET Index target at 1400-1450 ( 1Q’24)/ 1500(2Q’24)/1550(3Q’24) /1550-1600(4Q’24)

: Interest rate cut by 25 bps Benefit Utilities, Transport and Consumer Finance vs Negative Insurance and Auto

: XD today TLI Bt 0.34

INVX 12/3/2567: Strategy 2’Q24 Stocks pick : Buy AOT GULF and bottom out play GFPT SCGP KCE

SET Index target

1Q’24 1400-1450

2Q’24. 1500

3Q’24. 1550***base case

4Q’24. 1600 seasonal play

Assumption

Interest rate cut 25 bps

Benefit + Utility Transport. Consumer Finance

Negative - Insurance Auto

SET Index scenario factors

+ interest rate cut 25 bps + 20 points

+ budget reimbursement + 15 points

+ gov. Reshuffle/ MOF. +10 points

+ banning shortsell. +38 points

INVX 11/3/2567 : Foreign Flows Buy Taiwan+7%wow, Tech and Telcos outperformed/ US Election with Trump Tariff risk -negative Autos Energy / Event CPALL Group today 15.30

: Stocks of the day Prefer SCGP and TIDLOR

: Research CHG Neutral/cut target price to Bt 3.50 from Bt 3.80 vs Prefer BDMS and BCH. Ramadan season to impact middle east patients -BH

: Program trading Buy STEC and JMT JMART

: Flows buy BGRIM (+3.64%) GPSC (+4.27%) GULF (+4.07%) กกพ. เปิดเฮียริ่งค่าไฟรอบใหม่ ต่ำสุดอยู่ที่ระดับ 4.18 บาท/หน่วย สูงสุด 5.4357 บาท/หน่วย

INVX 8/3/2567: Warning for Gold near to hit GS 12 month Gold target at $2165 vs current $2150( Hedge Fund and China bought) ***Flows Buy Telecom ADVANC INTUCH THCOM + Gulf vs Sell Bank and Tech DELTA ****Research Downgrade ZEN to Neutral,Cut target price to Bt 10.20 from Bt 15,weak Ebitda margin from high cost(82% rev. from restaurant : AKA 35% of revenue)/ BCP High Conviction list, Outperform tp Bt 51 but 2Q24 turnaround 27 days/Stocks of the Day Prefer BCH Earning’24 +18% to Bt 1.8 bn and GPSC bottom out and Earningsgrowth 49% yoy

Healthcare Prefer BDMS and BCH***หุ้นเด่นของเราคือ BCH (ราคาเป้าหมาย 24 บาท/หุ้น) BDMS (ราคาเป้าหมาย 36 บาท/หุ้น)***INVX 7/3/2567: Prefer BCP and CPALL/ Foreign Flow Buy both Equity and TFeX /Sector net buy Tech and Energy GRM vs Sell Bank on interest rate cut( INVX exp. 25 bps cut next April 10,2567 meeting/ Program trading Buy BAM( JV AMC with GSB and restating with IPO) vs Sell EGCO BJC OSP CBG

Healthcare: กระทรวงแรงงานเตรียมเสนอร่างกฎหมายเพิ่มเพดานเก็บเงินเข้ากองทุนประกันสังคม => น่าจะส่งผลดีต่อการจัดการเรื่องการเบิกจ่ายของโรงพยาบาลเอกชน*** โดยโรงพยาบาลที่เน้นการให้บริการประกันสังคมคือ RJH (40% ของรายได้) BCH (33%) CHG (32%) และ BDMS (2%)

INVX 6/3/2567: Flows Buy Crypto and Gold ( GS Gold 3/6/12 m at 2065/2125/2175) GS Buy BDMS, raise target price to Bt 38.70, bullish view on revenue and margin/ Prefer BDMS and HTC high conviction list Buy tp Bt 23.50/Research HANA cut target price to Bt 42 from Bt 66/Outperform BEM tp Bt 9(not include Orange line +Bt 1.50)/HMPRO tp Bt 13.50 better Sales and margin/ TIDLOR tp Bt 27,Earning recovery/ Theme Interest rate cut ( INVX expected first cut on April10 meeting vs GS 75 bps cut in June/Aug/Oct) vs Flows buy PIN ( program trading) and BAM (JV AMC with GSB mid April) vs Sell Bank ( negative impact on int.cut)