Foreign net Buy both Bond and Equity +Energy Oil play PTT PTTEP TOP BCO Tech + KCE HANA DELTA +Financial BBL KTB KBANK / MTC TIDLOR and Healthcare high Earnings season Prefer BDMS BH***Cautious Seasonal low and Earnings downgrade on Commerce (-sssg and mkt talk on Earnings downgrade on CPAXT) / F&B ( Veggie Festival)/ Rainy season negative for Conmat ( SCC 3Q’23 Earnings preview Bt 2.8 bn vs 2Q’23 Bt 5.2 bn from weak Petrochem and packaging contribution)***Stocks of the day Prefer KCE GULF ***AAV Neutral tp Bt 3 หุ้นกู้แปลงสภาพ 1.2 พันลบ ถือโดย BBL แปลงเป็นหุ้น 685.7 ล้านหุ้น ราคา 1.75 บาท ครบกำหนดไถ่ถอน 14 ธค 2566/ไตรมาส3 Earnings outlook -q/+yoy*****************************************หุ้นกู้อัพเดท: TRUE ออกหุ้นกู้ จอง 2-6พย 2566 / BTSG *** today Beverage +Property+Telecom sector at 16.00 Group/ MS Team

INVX 11/10/2566: No AI meeting today🙏/ SCGP cut target price to Bt.51 and E’23 by 20% from major turnaround/ Prefer KTB GULF / Flows Buy GRM Play BCP TOP / Short recovering Consumer Finance Prefer MTC TIDLOR and Tech Prefer KCE HANA vs Flows Sell Food Beverage Commerce Conmat Property CPF loss 3 Q’23 Earnings Bt -2.3 bn/CBG/ SCC/SCGP

SCGP cut target price to Bt 51/Cut 2023 E’ by 20% from major turnaround in 4Q’23 and book turnaround expense Bt 100 mn in 3 Q’23

SCGP – 3Q23 Preview : Expect 3Q23F net profit of Bt1.3bn (-29.5% YoY -12.8% QoQ) on revenue -4.5% QoQ but gross margin +137bp YoY +10bp QoQ to 18.3% (from lower raw material cost and coal cost).

1) a -5% QoQ fall in Testliner price index (the key indicator for packaging paper export price to China from ASEAN)

2) continued weak packaging demand in Indonesia (14% of SCGP’s revenue)

3) 2-week major maintenance shutdown of its pulp plan (cut volume by 20-30% plus related maintenance cost of ~Bt100mn).

Thus we cut 2023/24 by -20%/-5% with lower revenue forecast by -16% for 2023.

INVX 10/10/2566: Mkt expected upside Oil Gold Prefer PTTEP vs negative sentiment on Petrochem -IVL and MINT มีการลงทุนในอิสราเอล/ Airline/ Tech ( supply chain of Semi)

GS upgraded TOP to Buy tp Bt 58 from Sell from upside on GRM vs Sell PTTGC

INVX Prefer PTTEP BCP BDMS

Mkt talk : กังวลบริษัทที่จะได้รับผลกระทบลบากเหตุการณ์ในอิสราเอล IVL MINT

10/10/2566 IPO SRS Bt 16.00 / MAI/ Tech

บริษัทสิริซอฟต์ ให้ทำธุรกิจให้คำปรึกษาและพัฒนาเทคโนโลยีส่ารสนเทศ

เปรียบเทียบกับหุ้นกลุ่ม IIG BE8 BBIK SECURE

11/10/2566 : เรียนเชิญงาน Future of AI for ASSET Managers 14.00 Group / MS Team

12/10/2566: US CPI / FOMC คาด คงดอกเบี้ย

Event : F&B +Telecom+ Property at 16.00/ Group/ MS Team

15-23/10/2566: Vegetarian Festival - Seasonal low of Poultry and Meat-CPF 3Q’23 Earnings preview -2.5 bn ( core-Bt 3.5 bn vs Bt 1 bn gain from asset sales) vs 3Q’22 + 4.2 bn vs 2Q’23 Bt -800)

🎯 Update News: หลายสายการบินในหลายประเทศยกเลิกเที่ยวบินและล่าช้า เนื่องจากกังวลประเด็นอิสราเอลและไต้ฝุ่นโคอินุ

GS expects global oil market to remain in a deficit of -0.8mn bpd in 2024 (vs -0.3 deficit in 2023) with rising demand growth (China and India) offset rising supplies growth (US and OPEC ex Saudi).

# Thus GS expects Brent to trade a higher range in 2024 at $80-105 vs $70-$95 in 2023. Energy sector still gain an upper hand next year.:

Funds Flow : Sell Consumer Finance TIDLOR ( potential deletion from new SET50 list to be calculated till Nov.30/ announcement 18/12/2566/ effective on Jan2,2567), Rising NPLs and weak 3Q’23 Consumer Finance sector ( mkt talk on- SINGER JMT JMART )

Flows Buy Energy Oil and GOLD vs Sell Risky assets Equity and Crypto

INVX 9/10/2566 : Research Prefer BDMS PTTEP vs Neutral AEONTS tp Bt 177, results in line with soft lan growth, weak NIM vs Prefer MTC

Israel unrest situation to impact Oil +

Regional Flows Buy Tech Financial Telecom vs Sell Energy Materials

วันนี้ จีนกลับมาเปิดทำการปกติ หลังวันหยุด Golden Week

10/10/2566 IPO SRS Bt 16.00 / MAI/ Tech

บริษัทสิริซอฟต์ ให้ทำธุรกิจให้คำปรึกษาและพัฒนาเทคโนโลยีส่ารสนเทศ

เปรียบเทียบกับหุ้นกลุ่ม IIG BE8 BBIK SECURE

11/10/2566 : เรียนเชิญงาน Future of AI for ASSET Managers 14.00 Group / MS Team

12/10/2566: US CPI / FOMC คาด คงดอกเบี้ย

Event : F&B +Telecom+ Property at 16.00/ Group/ MS Team

Today 6/10/2566: BANPU-W4 conversion Bt 7.50/ 1,564.7 mil. shs. listing***Research : Downgrade ADVANC from Outperform to Neutral tp Bt 245, current trade +2 SD and higher cost from NT Investment /Warning for Property sector : weak 3 Q’66 Earnings and Lower Presales and higher rejection rate both condos and low-rise***PTTEP Neutral tp Bt 185, 3Q’66 Earnings preview Bt 19,000 mn. -21%yoy/-9.5% qoq( results on Oct. 27,2566)***Event today 1-1 Food&Property MS Team at 15.30 / AI for ASSET Mgt Group/ MS Team on 11/10/2566 at 14.00-15.30

INVX Event today 5/10/2566: ERW CFO Group meeting at 15.00 MS Team***Stocks of the day Prefer Gulf and SCGP. Research : BCH Outperform tp Bt 23 base on DCF / year end 2024) *** Mkt Talk on IPO FORTH to list FEMS and SCGD( COTTO) this year

Strategy Cautious Tourism Petro Commerce Food Property vs Prefer Bank higher interest rate and dividend season Prefer BBL KTB TTB +Insurance BLA +Healthcare BDMS BCH *** 3 Q’66 Earnings cut by 5% for TU Neutral tp Bt 15 more loss from Red Lobster / CPF BTG Earnings weak > 5% *** Today OPEC meeting and INVX Corporate Day 13.00 XPG/14.00 BCH/15.00 BCP Group/ MS Team

INVX Alert Today JPARK IPO Bt 3.80 / MAI / Beverage sector weak 3Q’66 Earnings for SNNP and OSP vs high Sugar cost impact( from now to June’67) on CBG HTC: Neutral CBG tp Bt 86 vs Outperform HTC tp Bt 23.50/ OSP tp Bt 35/ SNNP tp Bt 25.25***GS 3 month Overweight US S&P500 and Japan TOPIX : Flows to Buy USD vs Sell Oil and Gold ***Factors to watch : 4 /10/2566 OPEC meeting / INVX Events 4 /10/2565 Thai Corp. Day XPG, BCH, BCP / 5/10/2566 ERW CFO Group meeting MS Team

INVX Stocks of the day Prefer KLINIQ Buy tp Bt 49,DCF , high record 3Q’66 Earnings Bt 74 mn.+66.7%yoy/and Earnings ‘2566-2567 +32% yoy***key risk : Management lock-up period to be ended on 6 Nov.2566***Research Prefer KTB MTC and BLA vs Commerce sector : 3Q’66 Earnings / SSSg seasonal weak : Prefer CPALL CPAXT CRC vs Neutral GLOBAL 3Q’66 Earnings to be bottom

INVX Alert 29/9/2566: Theme : Higher interest rate and dividend season Prefer BBL and KTB / Rainy season impact negative Earnings for Commerce ( weak yoy from คนละครึ่ง 2565 ) / Building Mat. Prefer SCC to SCCC DCC / Contractor/ Property Prefer AP SPALI SIRI LH ( waiting for LTV measures))***Stocks of the Day Prefer BBL HANA *** วันนี้ 29/9/2566 DELTA big lot @ Bt 94.75

DELTA มี Overnight Block deal 28/9/2566

disc. 9% ที่ราคา 94.75 บาท/หุ้น คนขายเป็น DELTA BV Taiwan.

Brokers : JP Morgan/ INVX