INVX 31/5/2566 : Thai MPC to hike rate 0.25% to 2%/MSCI impact closing price of +MAKRO/JMT TU TIDLOR SISB SAPPE****GS Thai Corp.Day Buy CPALL BDMS WHA and Prefer TTB/Research Neutral BTS TQM

: Negative from Thai export and EPS’23 to be revised down to Bt 94 to drag THB/ USD to Bt 35.

INVX 30/5/2566 : Today Share listing THREL 9,998,247( stock dividend)/ Stocks of the Day Prefer AOT BCH/ Bi-Weekly Strategy Prefer BBL BCH BCP BJC ONEE/ Research AH outperform tp Bt 44

INVX 29/5/2566 : Today US Holiday( Memorial Day) +Positive US Debt Ceiling agreement/ETF Flows Prefer Bond Money market Small Cap. Tech/ Prefer HTC Buy tp Bt 47, DY 5% +1sd vs EPG downside risk

: GS Asia-Pacific Weekly Kickstart: MXAPJ declined 1%, dragged by China/Hong Kong and Philippines (down 2 to 4%), while Taiwan (+3%), India (+2%), Indonesia and Korea (+1%) outperformed

Info Tech significantly led, while Internet, Consumer Retails and Financial sectors lagged.

: EPG: 4QFY23 (Jan – Mar 2023): Another weak quarter. Larger loss at TJM.*** missed earnings leading earnings downgrade from the street will continue to press EPG’s share price in the near-term. We put the earnings forecast and TP under review. EPG’s analyst meeting will be on June 1, 2023.***

: HTC – Stock Note : We expect 2023 revenue to make a record high at Bt7.67bn (+9% YoY), in line with HTC’s target of +7-9%, with new capacity starting to operate in 2H23. We forecast 2023 gross margin at 41.5%.

Thus we estimate 2023 net profit is estimated at Bt629mn (+45% YoY) with 2Q23 growing YoY and flat QoQ. Buy TP Bt 47 ( 5% DY/15 x/PER +1SD).

: ETF Flows wow Buy Bond Money market Small Cap. and Tech vs Sell Japan equities and Energy

: Event 29 May 14.00 Politics, MS Team***Click here to join the meeting

INVX 26/5/2566 : China Covid risk (lockdown and tourism regulation ) to impact Petrochem and Global demand: Flows -SCC PTTGC IVL PTT and SCGP ( mkt concerned on high inventory and slower demand recovery):

: DOHOME 181,664,087 shs. stock dividend starts trading in SET

: XD IVL Bt 0.25 / Analyst meeting today 26 May 14.00 RATCH and HTC all day 26-27 May at Suratthani

: GS Neutral LH with lower target price to Bt 10.51 from Bt 10.75 from lower Earnings ,presales and margin assumption

GS LH revised 2023E/2024E/2025E EPS estimates by -6.3%/-6.4%/-6.7% on lower pre-sales and margin assumptions. Our target NAV discount of 20% remains unchanged.

: PTTOR initiate coverage with Outperform tp Bt 27, ytd share price dropped by 11% and EBITDA margin recovery from higher marketing margin and better cost management. NP'23 Bt 13.6 bn base on conservative gross profit of Bt 1/litre vs Bt 0.98 in 2022 and Bt 0.97 on 5 year average

INVX 25/5/2566 : Small cap.play Prefer ONEE, attractive valuation vs IPO Bt 8.50 / MSCI Play Prefer MAKRO (Global index addition) and TIDLOR (Small cap.addition)/ WHA SET 50 additon with GS Buy for growth

: Company Visit_2023 : Today 25/5/2566 ZEN 10.00 *** 26 May 14.00 RATCH / 26-27 May HTC Site Visit at Suratthani

: Share listing : : KKP-W5/W6 เริ่มซื้อขายวันที่ 25 พฤษภาคม 2566

: GS Thai Corporate Day 29-30 May : 29 May 2566 BCP DELTA HMPRO PTTGC PTTOR SCGP WHA / 30 May 2566 MAKRO BDMS

: หุ้น STARK เตรียมปลด SP วันที่ 1-30 มิ.ย. 2566

INVX 24/5/2566 : CBG Neutral/ Cut tp to Bt 72(from Bt 80) from weak margin ,high cost of sugar,aluminum,shipping,wage cost vs Prefer OSP tp Bt 32 and HTC Buy tp Bt 43 and MINT Outperform

: Chicken stocks positive from Brazil's Bird Flu Prefer CPF +THB/ US$ weak.

: Flows Buy Bank ( MPC 31 May to hike 0.25% to 2%+Foreign buy GS JP UBS).

: GS Buy WHA tp Bt 4.90 with positive land sales and growth. Revenue and EBIT grew 31%/55% YoY on stronger land sales and better margins

: GS Neutral CPN tp Bt 69.80, long term focus on non retail, 14%-16% CAGR

: Politics newsflow : Ft rate might be cut more to Bt 4-Bt 4.20 in 4Q’66 as more LNG supply vs current Bt 4.70

Policy risk กัญชากลับมาเป็นยาเสพติด Negative sentiment for SNNP OSP KISS ***Covid-19 Risk alerts Healthcare : Upgrade BCH Neutral to Outperform tp Bt 22,-2SD Ytd -19% benefit from Middle East (Lybia and Saudi Arabia)and China patients (IVF +Anti-Aging)***Auto Neutral STANLY raised target price to Bt 216 from Bt 205 vs Prefer AH ***PDP8 plan focus on LNG to 15%, Wind to 18.5% vs Reduce Coal from 30% to 20% ****Positive Gulf Bgrim vs negative Banpu***Stocks of the day Prefer BBL MAKRO (MSCI addition on May31,2566)

INVX 22/5/2566 : วันนี้ 16.30 ที่ โรงแรม Conrad MOU 8 พรรค 313 เสียง ไม่มีวาระร่วม แก้ไข มาตรา 112

Flows Buy KOREA Taiwan ( +Tech) and India Japan/ Research Cut target price HANA PTTGC ONEE

: จันทร์ที่ 22 พค 2566 ประกาศเข้าสู่ฤดูฝน ครบรอบ การรัฐประหาร คสช

: US Debt Ceiling ผิดหวังและไม่มีความคืบหน้าตามตลาดคาด

: Funds Flow Asia Pacific Weekly Kickstart : Inflows buy KOREA ( Mkt talk on MSCI increase weighting) TAIWAN +4%+5% wow to mark up Tech and Semi outperformed

: Ytd India (14 straight days of buying) and Japan strong buying (USD 22 bn in 2Q’23)

Research :

Hana Neutral / cut target price to Bt 41 from Bt 57 with 2Q’23 weak Earnings and slower demand

PTTGC Neutral / cut target price to Bt 52 from Bt 57 with weak 2Q’23

ONEE cut target price to Bt 5.6 from Bt 7.10

SIRI Neutral tp Bt 1.93,1Q’23 Earnings beat from extra gain from sale of assets and 2H’23 improved core earnings

Flows Buy Tech USD US Equity vs Sell GOLD *** Hope on no US Recession as soft landing and US Debt Ceiling conclusion on Sunday 21 May 2566/ CHG Neutral tp Bt 4.00 vs Prefer BDMS ***2Q’23 Earnings seasonal high for MINT vs seasonal low for ERW CENTEL

INVX 18/5/2566 : Today 10.00 Coalition Party 8 Parties/ 313 votes meeting ( Move Forward Party to focus on MOF/Minitry of Defense/Ministry of Interior***Pheu Thai to control Energy and Transport

: Research Upgrade SAWAD to Neutral and raised target price to Bt 55 from Bt 53 / F&B Prefer HTC Buy and raised target price to Bt 47 from Bt 36, positive Earnings and DY’23 at 5%

: Tourism Alert : 2Q’23 Earnings seasonal low for ERW CENTEL/ BDI down in 4 days negative to PSL/ Negative 1Q’23 Earnings for ANAN SAWAD KEX AMATA***TOP Analyst meeting today at 10.00-12.00