INVX 15/6/2566 : Sell into strength KEX loss earnings'66/AOT Outperform tp Bt 82/Prefer KCE SCGP/ONEE trading at -1 SD vs IPO Bt 8.5, positive TV Adex but risk on SET 100 deletion (waiting for announcement mid June’66/ FTSE impact closing price on Fri.16,66/SET Index target in 2Q’66 at 1600 and 3Q’66 at 1650

INVX : FOMC signals 2 more hikes; BOT analyst meeting was also “hawkish”; Don’t fight the Fed (maybe also BOT);

EIC downgrades global growth, but maintain Thailand growth; EIC still forecast BOT’s terminal rates at 2.5%;

AOT - Outperform TP Bt 82

First meet with new president : AOT’s new president, Mr. Kirati Kitmanawat yesterday met with analysts to outline expansion plans. AOT expects its long-term expansion to double passenger capacity for all 6 airports to 238mn/year in 2036 from 116mn/year in 2023.

AOT reveals that it is working to increase PSC to offset the higher operating cost. The timeline is uncertain since an increase in PSC requires approval from CAAT and the cabinet.

Our sensitivity analysis suggests a Bt100 increase in PSC from each international departing passenger at Suvarnabhumi Airport will add +7% to FY2024 earnings and Bt100 collected from each transit passenger will add 0.2%.

We maintain FY2023 forecast of an earnings turnaround at Bt15bn. Outperform TP Bt 82

INVX 14/6/2566 : Today 5 Stocks( MINT BIOTEC TWPC NEX WAVE WINNER) change sector, effective on June 14, 2566

: Energy Prefer BCP Outperform tp Bt 44, -1sd/0.7x P/BV

: Stocks of the day Prefer CRC IVL

: Strategy Alert for SET Index 2023 target at 1,650 (2H’23) Prefer Energy (3Q Hurricane season, uptrend GRM%Oil), Fx THB/US$ 35/ Warning for El Nino impact negative to Food and Agribusiness

: Factors to watch : SET 50/100 new list announcement mid June’23 and FTSE Index review announcement (June 19/impact closing price on June 16,23)

: Fund Flow Buy Tech and Energy and 2Q’66 Earnings play

🔸 MINT จาก FOOD เป็น TOURISM

🔸 BIOTEC จาก TRANS เป็น ENERG

🔸 TWPC จาก AGRI เป็น FOOD

🔸 NEX จาก ETRON เป็น AUTO

🔸 WAVE จาก MEDIA เป็น PROF

🔸 WINNER จาก SERVICE-M เป็น AGRO-M

: Strategy 3Q'23 cut Thailand GDP'23 to 2.7% from 3% , SET Index 2023 target at 1650 and 2024 at 1750/ Top picks Prefer BBL BDMS BEM HMPRO OSP

: Bi-weekly Strategy Prefer BBL BDMS AOT BCP ONEE /Stocks of the day Prefer OR and KCE

: Funds Flow Buy USD vs Sell Gold and Oi. / Trading pattern Buy small cap. AWC ERW PR9 AH CBG ONEE( -2SD but SET100 potential deletion announcement on mid June’23) MALEE vs Sell Politics risk GULF INTUCH ADVANC JAS

: Research : Neutral BAM tp Bt 14, cheap valuation but no catalyst vs Prefer BBL KTB

: Key factors to watch : ( Thai Politics /FOMC meeting 13-14 June on hold/ SET 50/100 new list announcement mid June’23 / BOJ ECB to hike rate /FTSE Index review impact June 16 closing price/Sector change MINT NEX on June 14,65

INVX 12/6/2566 : Key factors to watch : ( Thai Politics /FOMC meeting 13-14 June on hold/ SET 50/100 new list announcement mid June/ BOJ ECB to hike rate /FTSE Index review impact June 16 closing price/Sector change MINT NEX on June 14,65***

Funds Flow : Asia Pacific weekly Buy Energy vs Sell Tech

GS US Economics June FOME Preview 2023 at 5.40( one more hike in July 2023) vs cut in Year'24 -'25: 5 Stocks( MINT BIOTEC TWPC NEX WAVE WINNER) to be changed sector, effective on June 14, 2566

GS lowers Brent forecast to end 2023 at $86 (from $95) and to average at $82 in 2023 (from $88) as supply beats in sanctioned economies, Russia and Iran.

***GS raises S&P 500 year-end target to 4500 (from 4000), 5% upside, as a “catch-up” from a broader valuation re-rating beyond mega cap Tech.

2024 Brent forecast to end at $100 (from $93) and to average $99 in 2024 (from $91), due to OPEC+ cuts.

INVX Research : Buy NYT – Stock Note Buy TP Bt4.60-4.90.: NYT expects 2023 revenue growth of +8-9% after easing chip shortage, utilization rate of almost 100%, and rental rate increase (+10% in every 3 years).

INVX 9/6/2566 : Positive Foreign Flow (short covering) to push SET Index at 1600 in June23 focus on Energy 2Q'23 to book inventory gain/ AH panic sell is overdone, Outperform tp Bt 44

Short Covering Energy Materials for June book closing

Cautious Global for falling Steel price but to recovery next year

GS sees more upside in oil stocks from here. Buy PTT TP Bt 40 and PTTEP TP Bt 185.

GS now raises Fed’s terminal rate to 5.25-5.50%, with a June pause and an additional +25bp hike most likely in July23

GS estimates ASEAN (resilient PMIs), Korea (better exports) and Consumer Discretionary sector may see better earnings revisions from here.

GS flags a tactical call of Energy, prefer Oil ( higher conviction of $80 Brent) and Refiners (GRM selloff is overdone) but cautious Chemicals (especially olefin with waves of large capacities coming).

INVX 8/6/2566 : Auto Isuzu rotation to Indonesia risk to AH 25% and SAT 10% of Rev.***Short term negative newsflow

: Food Cautious with GFPT sector pick Neutral tp Bt 13 vs CPF Neutral tp Bt 25 vs BTG Neutral tp Bt 28( FTSE small cap.addition effective on June 19) vs TU Neutral tp Bt 16.50

: Short Covering Energy Materials for June book closing

: Cautious Global for falling Steel price but to recovery next year

: GS sees more upside in oil stocks from here. Buy PTT TP Bt 40 and PTTEP TP Bt 185.

INVX Neutral AEONTS raise target price to Bt 211 from Bt 204 / GS Upgraded SCC to Buy raise target price to Bt 390 from Bt 270 ***June Short Covering for book closing with Flows Buy Energy Tech Bank vs Sell Utilities

INVX 6/6/2566 : Today CRC Management Group meeting Zoom at 14.30/ Prefer BDMS tp Bt 34 vs EPG Neutral and Cut target price to Bt 8.20(from Bt 11.30)

: Funds Flow Buy Tech Bank( Interest rate hike Prefer BBL KTB) Energy( OPEC+ Saudi cut production, Prefer BCP IVL) vs Sell Utilities

GS MXAPJ rebounded 1%, led by North Asia (Korea +2%, Greater China +1%) while ASEAN (down 0-2%) lagged.

2Qtd leading markets (Korea, Taiwan, India) continued to receive strong foreign inflows (US$ 1bn+ each) Sector : Internet, telecom, materials and info tech outperformed energy, utilities and financials sectors.

INVX Invitation : CRC NDR (Group Meeting; Zoom Meeting) on Tuesday 6, June 2023 at 14.30 – 15.30 Zoom Meeting

KBANK to raise interest rate,effective today***Dr. Austin, INVX Economis, expected both Thai and US Interest rate to last hike in May 2566

FTSE Index review to impact closing price of June 16,2566

INVX 2/6/2566 : Rising interest rate theme Prefer BBL KTB vs GS Prefer TTB. ***EIC expected Thai rate to hike +0.25% in Aug.and Sept. to 2.5%/ ***Flows to Buy IE Prefer AMATA WHA and Food vs Sell Shpping

Today Selling pressure on STARK starts trading /Warning SPALI with avoid recommendation from EIA risk and weak Earning yoy/ SET 50 deletion JMT JMART ( not INTUCH)*** AMATA Buy tp Bt 26.50 /2Q’-3Q’66 Earnings slow down ***INVX to cut Thai GDP’66 to 2.7% from 3%***