INVX Morning Call 28/9/2566

Today 27/9/2566 : BOT MPC meeting( exp. inch. 2.25)/ Research Prefer BCH and BCP. Gulf vs Cautious BGRIM GPSC and Petrochem / Consumer Finance ***Meeting feedback : TRUE Neutral Bt 7.50, higher synergy valuation but turn profit in Year2025/ CRC limited Tops Club project, Outperform tp Bt 48/ Hotel การเก็บค่าบำบัดน้ำเสีย impact 0.2% of Earnings Prefer ERW vs Prefer ADVANC INVX Events : Thurs. 28/9/2566 : Baht Digital to Thai Economy at 15.00 Group/MS Team and Friday 29/9/2566: Blockchain for Digital Wallet at 13.00 / Bank +Finance Sector at 16.00 ( Group/MS Team)

INVX 26/9/2566: Market talk on Property stimulus package on LTV relaxation : Positive to AP SPALI SIRI LH

Stocks of the Day Prefer AOT ( Tourism play tp Bt 84,DCF ) and BBL ( Best Earnings and NIM and interest rate Play )

Sector weighting Prefer Medical Tourism and Commerce sector vs Cautious Petrochem Consumer Finance

Power sector Prefer GULF( positive Earnings and added value from ADVANC and THCOM to BGRIM and GPSC

Today 26/9/2566 : IPO SAV Bt 19/ SET / Transportation sector

26/9/2566. Thai Cabinet meeting ( mkt expected for Digital wallet detail agenda)

Tomorrow 27/9/2566: BOT MPC meeting ( mkt expected to unchange int. rate at 2.25%)

Friday 29/9/2566: INVX Event : Blockchain for Digital Wallet at 13.00-14.00 / Group meeting/ MS Team

INVX Prefer AOT and HANA BDMS.. Funds Flow regionally Buy Financials Telecom Energy vs Sell TECH***Today Free Visa นักท่องเที่ยว

INVX Prefer CPALL and BEM, positive 3Q’23 Earnings / Banking sector สค loan growth +0.6% mom vs กค -0.8% mom***Best loan growth Prefer BBL KTB vs weak loan growth KBANK and BAY ***Key Events : Monday 25 Sep.2566 : Free Visa for Chinese and Kazakhstan ***Tuesday 26 Sep. IPO SAV Bt 19 / SET and Thai Cabinet meeting for Digital Wallet agenda***Wed. Thai MPC interest rate on hold ***Friday 29 Sep. Blockchain Knowledge Sharing on Group / MS Team

INVX 21/9/2566 : GS Oil Brent2023 at $ 85 and 2024 at 98****Prefer CRC KTB / Foreign Flows Sell Energy Consumer Fin./Today MBK W1-4 trading***

INVX 20/9/2566 : IPO SINO Logistic Bt 1.40 listing in SET today

***MBK-5,733,898 shs. From W1-4 conversionto trade on 21/9/2566

Prefer TOP BBL vs Cautious Petrochem

: Today effective date for FT cut and Diesel subsidiary extension

: Mkt talk on higher wage rate at Bt 400 (+13% from current rate to impact corporate cost by 15%) Negative to Contractor and Property sector ( Prefer AP SIRI vs Underperform QH LPN PSH)

: INVX Event : 4Q’23 Strategy Group/ MS Team meeting on Friday 22/9/2566 at 15.00-16.00

: INVX Corporate Day on Wed. 4 Oct.2566 : BCH (Healthcare), BCP( Energy Refinery play), XPG ( Digital Asset play)

INVX 19/9/2566 : Negative Power BGRIM GPSC(FT cut)vs Prefer GULF/ -Consumer Finance นายกรัฐมนตรีมีนโยบายพักหนี้พักหนี้ผ่อนรถ-บัตรเครดิต/ Neutral Property Prefer AP SIRI

: Bi-Weekly Strategy Buy BCP AOT CPALL KTB BCH/ INVX Stocks of the day Prefer OSP and BCH for better Earnings in 3Q'23 and high seasonal in 4Q'23

: GS downgraded Tesla’s Earnings and target price down as AI Demand risk to slowdown in Year 2567

: GS: Japan Portfolio Strategy : Bull Investment Strategy : Raise TOPIX end'23/12 mth target to 2,500/2,650

INVX 18/9/2566 : Overweight Energy Prefer BCP PTTEP ( Outperform BCP PTTEP PTT OR vs Neutral IRPC SPRC TOP PTTGC vs Underperform ESSO)

: Research Prefer ADVANC BEM, positive 3Q'66 Earnings +q+y

: /it

: GS expected .Thai interest rate to hike another 0.25% in Sept.2023 vs China to cut more 0.25% RRR vs No more US Fed/ ECB

: GS 16/9/2023: MXAPJ rose 1%, led by Singapore, Taiwan (+3%), Korea and Australia (+2%), while Philippines (-2%), Hong Kong and China-A (-1%) underperformed.

: Sector : Info tech, Materials and Banks outperformed Property, Insurance, Utilities and Capital Goods.

: Asian FX were mixed with CNY strengthening (+1%) against USD on policy reactions.

: EM Asian markets saw strong foreign outflows, with only Taiwan receiving inflows.

: US core inflation picked up mom but headline CPI fell to 4.3% yoy. We continue to view another hike at the November FOMC meeting as unnecessary.

: For Europe, we expect no further hikes after the 25bp hike by ECB last week.

: In China, both CPI and PPI rose sequentially in August, with better than expected credit and activity data. PBOC announced a 25bp RRR cut to support liquidity demand, and we expect further policy easing in China.

INVX Morning Call 15/9/2566: FTSE Play + TRUE AURA / INVX Event today Electronics+Tourism sector : Group meeting 15/9/2566 at 15.00 MS Team****Research AEONTS Neutral/ U shape recovery / Cut target price from Bt 180 to Bt 177 vs Prefer MTC ***Overweight Commerce Prefer CRC CPAXT BJC