INVX Morning Call 22/11/2024

Program Trading Sell DELTA HANA EPG EA TKN

Research :

AOT raised target price to Bt 72 from Bt 70, sector picks

INVX Morning Call 21/11/2024

Alert DELTA : SET posted Trading Alert and Cash Balance starts today 21 Nov.-11 Dec 2024

Program Trading : Sell EPG

(ตลาดกังวลเรื่องตั้งสำรองหนี้สงสัยจะสูญอีก 100 ล้านบาท)

Program Trading Buy SVI CCET MAGURA OKJ

FIDF Fee cut : Impact positive to BBL ( mkt expected +KBANK short covering) vs Negative TTB TISCOAM KKP

Research : Stocks of the Day Prefer CPAXT and AMATA

INVX 21/10/2024: Foreign Flows Buy Bank Tech Telecom vs Sell Consumer Auto

*** Program Trading Sell ADVANC VGI SINGER SGC***Research 3Q24 Earnings season for Bank Prefer BBL KTB KKP

**^Key Catalyst BOT MPC 18 Dec 2024 to cut rate by 0.25% to push SET Index by 19 points

*** Warning for OSP 3Q24 Earnings to book impairment loss Bt -1 bn from Myanmar divestment, core profit Bt 616 mn and 4Q24 stronger sales ,-1 SD Outperform tp Bt 29

*** Last Sunday 20 Oct 24 Indonesia Election

***Next Sunday 24 Oct 24 Japan Election

INVX Morning Call 20/11/2024

INVX Strategy 1Q25 Top picks Buy ADVANC AOT BCH CPALL HMPRO

SET Index target24 at 1500 and ‘25 at 1550

base on interest rate cut by 0.25% on Dec.18,24 and two 0.25% cut in 1H25***every 0.25% interest rate cut impact positive on corporate earnings and SET Index by +19 points

Program Trading Buy BCP EA SAPPE SPA BYD

GS Buy BDMS / Cut target price to Bt 36.60 from Bt 38.50,lower revenue growth guidance to 7%-8% from 10%-12% but still growth in 4Q24

Research

Stocks of the Day Prefer

+DELTA 4Q24 Earnings best qoq/yoy and AI play

+CPALL 4Q24 Earnings positive qoq/yoy, upside from interest rate cut and better SSSg

Research target change

BTS Neutral / raised target price to Bt 5.30 from Bt 5.10

HANA Downgrade to Neutral / Cut target price to Bt 30 from Outperform/ target price Bt 56

INVX Morning Call 19/11/2024: Today Gov. meeting for Econ. Stimulus package and INVX NKT PDIE Group meeting today at 15.00 MS Team

SET Index target : GS 12 m at 1500 Underweight/ INVX targets 1450-1480 with year end 2024 at 1500

Theme USD Stronger for Longer :

INVX FxTHB/USD

3 /6/12 m

35/35.50/36

GS

3/6/12 m

1. ​50/36/36.50

Foreign net buy with better 3Q24 Thai GDP +++ Flows Buy Bank ,Property AP SIRI , Tourism , Commerce

Program Trading Buy CCET ERW SPRC

CCET positive 9 M24 Earnings with trading on SET 100 and MSCI small cap addition

Selling THG TU and Chinese related PRM RCL STA AMATA

INVX 18/11/2024

INVX Alert 18/11/2024 : GS Downgraded Thailand to Underweight / Cut 12 m SET Index target to 1500 from 1600

GS 2025 Macro Outlook : US Tariff impact negative on China / Europe and related Asia : Thailand HK Korea

GS cut GDP / EPS / less Interest rate cut vs higher Inflation in 2025

INVX 15/11/2024

Investment Theme : Fx THB weak ( 35/35.50/36 in 3/6/12 m 2025) / Interest rate cut ( 18 Dec 24 by 0.25% and 1H2025 by 0.25%+0.25%) / SET50/100 Play + CCET PR9

SET Index target end 2024 at 1500 and 2025 at 1550

NKT รพ นครธน IPO to be listed in SET/Healthcare

Program Trading Buy CENTEL(3Q24 Earnings better than mkt exp by 20% ) / CRC (3Q24 Earnings better / Gov.Stimulus package benefit)/OSP/EPG vs Sell TL

Research : GULF 3Q24 Earnings high record with 4 Q24 Earnings highest record with upside risk from Outperform tp Bt 70

Analyst meeting summary

Positive : BTG CRC

Neutral. : BJC GPSC SPRC OR TOP

Stocks of the Day Prefer CPF and CPAXT

INVX 14/11/2024: Positive Earnings for CRC CPALL CPAXT / Prefer CPF to TU ***Today NKI IPO รพ นครธน Research Publishment *** Blackout on Nov17,2024 ***

Foreign Flows Buy Bank BBL KBANK KTB SCB and Tech DELTA CCET KCE and Consumer ( Stimulus package meeting on Nov.19,2024)+ COM7 ( SET 50 play)

Program Trading Buy MTC TIDlOR/ COM7/PLANB/ PTG

Research : Raise target price of

+BLA Outperform, target price Bt 27 from Bt 21

=TLI Neutral,target price Bt 11 from Bt 8.40

+CPALL Outperform, tp Bt 81 from Bt 80

+CRC OP,tp Bt 39 from Bt 38

+TIDLOR OP tp Bt 21 from Bt 18

vs

Cut target price of

-SAWAD Underperform, cut tp to Bt 32 from Bt 41

-SPRC Neutral, tp Bt 7.90 from Bt 8.50

Analyst meeting :

Positive tone for AAV MTC TIDLOR

Negative SNNP BH

INVX Morning Call 13/11/2024

Research

Stocks of the Day Prefer CPF best Earnings growth in Food sector ( better switch from TU )and AU better Earnings growth in 4Q24-Earnings’25

Program Trading : Sell VGI STGT KCE COM7 and SNNP

Target Price & Recommendations - Nov 13, 2024 :

Raised target price of CBG and Zen vs

Cut target price of AH, KCE, MTC, TIDLOR

Today BJC Analyst Meeting 3Q24” on Wednesday 13th November 2024 (13:00 – 15:00) Zoom and Physical

INVX 12/11/2024

Fund Flow Buy small cap PR9 COCOCO vs Sell big cap Energy Oil down, Bank, Tourism

Research

Downgrade TU from Outperform to Neutral / cut target price to Bt 16 from Bt 18, US Tariff negative impact/ Sales target revised down vs Prefer CPF Outperform,sector pick

RJH Neutral/raised target price from Bt 28 to Bt 29

KTB Neutral/ raised target price from Bt 22 to Bt 23

Program Trading Buy JAS ( ได้ลิขสิทธิ์การถ่ายทอด Premier League) vs limit impact on TRUE

vs Sell STGT CBG JMT CCET