INVX Morning Call 1/10/2567

INVX 1/10/2567: Google investment in Thailand Benefit GULF ADVANC TRUE / WHA / DELTA/ GULF / SECURE

: Sector Telecom Overweight

Data Centre play from Google investment in Thailand

Raised target price of ADVANC to Bt 300 from

Bt 250 /TRUE to Bt 13.00 from Bt 11.50

: Sector Property Interest rate cut ( 0.25% on Oct16 and Dec.18,2567 and more 2 cut each 0.25% in 1H25 ) Prefer SIRI and AP vs tone down SPALI lower backlog and revenue .

INVX Morning Call 30/9/2567

***Banking sector : 3 Q24 Earnings preview + KKP 3 Q24 Earnings +30% QoQ lower credit cost and larger equity investment gain vs - KBANK weak 3Q24 from less financial instrument gain and higher opex. Sector picks Prefer BBL KTB Outperform vs Neutral KBANK BAY KKP TCAP TISCO TTB

***Property sector : Interest rate cut benefit / Earnings and Presales positive in 4Q24 and 2025 with Top picks are AP tp Bt 12.90 and SIRI upgrade to Outperform tp Bt 2.19

***Stocks of the day Prefer CPALL and GULF

*** GS Asia Pacific Weekly Kickstart : Flows Buy China +17% and North Asia with sector Buy Consumer vs Sell Bank

*** Program Trading Buy BA AAV / STGT/ ERW/ BYD

*** Factors to watch

1 Oct. Vayupak Fund starts buying

1-7 Oct 2567 China long holiday Golden Week

3-11 Oct 2567 Vegetarian Festival

3Oct 2567 Gulf 1.00519 for INTUCH 1.07380 EGM meeting voting

4 Oct 2567 IPO OKJ Bt 6.70/ Food/ SET

INVX Morning Call 27/9/2567

Today Healthcare sector Group/ MS Team 16.00

Cautious SCGP weaker 3 Q24 Earnings with downside risk

Prefer AP Upgrade to Outperform, raised target price from Bt 10.60 to Bt 12.90 and SIRI to SPALI weak backlog and earnings downside risk

Fx THB appreciation : Avoid TU GFPT CBG KCE

Limited or no impact :Commerce Bank Telecom Conmat

Negative Agri Beverage Electronic Export TU GFPT KCE / Indirectly Tourism MINT Healthcare

Benefit CPF BTG

INVX Morning Call 26/9/2567

Fund Flows : Foreign net sell both Equity and TFEX

GS targets Fx THB/USD at 32 vs 3 m Bt 33 and 12 m Bt 34

Strategy Overweight Commerce CPALL BJC HMPRO from Gov. Stimulus package เงินหมื่นฟื้นเศรษฐกิจ คาดหวัง ปลายปีนี้ อาจมีคนละครึ่งหรือยิ่งใช้ยิ่งได้

Interest rate Cut : INVX คาดมีโอกาส ธปท อาจปรับลดดบ 16 ตค และ 18 ธค 2567 ครั้งละ 0.25% Positive Property Prefer AP SIRI SPALI

Sector Rotation : Prefer Power GULF GPSC ( benefit THB appreciation/ Interest rate cut and Renew#2 Bidding) to Energy Oil( China long holidays 1-7 Oct2567)

Key Factors

1-7 Oct 2567 China Golden Week

3-11 Oct 2567 Vegetarian Festival

3 Oct 2567 Gulf and INTUCH EGM meeting

4 Oct 2567 IPO OKJ Bt 6.70 listing in SET/Food

INVX 25/9/2567 : GS Fx THB/US$ 32 target short term vs 3 m Bt 33 and 12 m Bt 34

Program Trading Buy PTTGC , SCGP, BSRC, IRPC, PSL

China Stimulus Package play :

Flows Buy Energy Refinery Petrochem : INVX Prefer PTTEP PTT/ BCP TOP/ PTTGC IVL *** SCGP

Flows Buy Shipping PSL RCL and STA STGT TEGH TRUBB

Food sector Overweight with CPF Outperform ,sector picks tp Bt 29 and Outperform BTG. to Bt 28, GFPT tp Bt 16, TU tp Bt 18 ( 3 Q24 Earnings +y/+q and 4 Q24 better margin / Low season 3-11 Oct.24 Vegetarian Festival / benefit from interest rate cut/ no wage hike and limited Fx THB appreciation)

Healthcare Overweight with sector picks BDMS BH CHG

Mkt Talk : Cautious THG WARRIX NUSA ACAP

INVX Morning Call 24/9/2567

INVX Morning Call 23/9/2567

INVX Morning Call 20/9/2567

CPAXTT SP 20/9/2567 - 2 Oct 2567 ( Ek-Chai deal)

CPAXT resumes trading on 3 Oct 2567

FTSE Rebalancing effective today

Healthcare sector Overweight : 3Q Earnings high season and Medical Tourism play : BDMS Outperform tp 36,-2SD : Outperform BCH vs Neutral BH CHG RJH***

Stocks of the day Prefer HANA and AWC

INVX Morning Call 19/9/2567

INVX Morning Call 18/9/2567