INVX Morning Call 17/9/2567

INVX Morning Call 16/9/2567***

***Today China ( Full Moon Fedtival)and Japan Holliday

*** Funds Flow Focused on Small - Medium Cap stocks

***Interest rate cut theme and Fx THB appreciation ( GS expected to see THB/ USD short term at Bt 32US$ ) and Virtual Banking License Play

***Bank Prefer BBL KTB/ Property Prefer AP SIRI SPALI

***Stocks of the. day Prefer GULF UI pride from INTUCH Amalgamation , -1 sd and AMATA High Conviction List , high record backlog and Land Sales Target upside

*** Warning for Food sector - Seasonal low from Vegetarian Festival( 3-11 Oct) and negative Fx appreciation

***Funds Flow Buy India Singapore vs Sell China HK Thailand with Sector outperformed Telecom and Materials but Sell Energy Oil downside / Cautious Petrochem

INVX Morning Call 12/9/2567

INVX Morning Call 11/9/2567

SET Index target 2024 year end at 1500/ Year 2025 at 1550 from Foreign flows short covering, Government Stimulus Packages and Vayupak Fund liquidity driven

Strategy Overweight Utility ( #2 Renewable Energy bidding benefit GPSC most) and Bank ( Virtual Banking licenses bidding benefit BBL / SCB/ KTB)/ Telecom Data Center and Virtual banking licenses ADVANC TRUE INTUCH / Healthcare BDMS and BH raised target price to Bt 300 from Bt 270 with 3Q24 high Earnings season and medical Tourism play

INVX 10/9/2567 : GS GOAL Kickstart ***Cut Brent Oil 3/6/12 m to $ 77/77/75

***Cut Gold 3/6/12 m to

$ 2590/2670/2700 from 2600/2600/2700

INVX 10/9/2567 : Thai Interest rate cut 25 bps on Dec 18,2567 only ***

SET Index trading range 1400-1450 / Strategy Overweight Bank ( Virtual Banking license bidding :

Prefer BBL KTB ) / Telecom ADVANC INTUCH ( Data Centre ) , Healthcare BDMS BH (medical tourism), REITs and IFF Prefer DIF, FTREIT and LHHOTEL***

Overweight Commerce Prefer CPALL CPAXT HMPRO vs Cautious Tech Food Auto

INVX Morning Call 9/9/2567: Overweight Financials Virtual Banking bidding KTB BBL

SCB and Mutual Fund and Hedge fund increase weighting / Commerce Gov. Stimulus CPALL CPAXT HMPRO / Telecom Data Centre ADVANC INTUCH / Healthcare BDMS BH medical Tourism and 3 Q E high season/ Energy #2 Renew bidding positive GULF GPSC BGRIM and Refinery recovery BCP TOP

GS upgraded Thailand to MW (from UW), raising 12m SET target to 1,550 (from 1,450) based on a higher target fPE of 16.0x and Vayupak liquidity support to add more 2 % free-float with potential 25 stocks ( ESG )

ESG Play 25 stocks

PTT, ADVANC, CPALL, KBANK, CPAXT, SCC, KTB, CPF, CRC, SCGP, WHA, BCP, BANPU, AMATA, GULF, BDMS, SCB, INTUCH, CPN, TTB, MINT, HMPRO, BEM, OSP.

INVX 6/9/2567: GS raised Thailand SET Index 12 m target to 1450 from 1390.

Strategy Overweight Telecom ADVANC TRUE / Healthcare BH BDMS 3Q high season

Commerce CPALL CPAXT BJC HMPRO/ Financial MTC KTC ***

Short Covering Buy Energy vs Trim Tech and Food ( Veggie Frstival low season on Oct3-11)***

Gov. spending play and Vayupak fund listing on Oct10 and Interest rate cut ( US Fed 18 Sep./ Thai MPC 16 Oct.)***

Next month Virtual Banking license play ( KTB+Gulf+ADVANC+OR/ BBL+ Shoppee+ / SCB+ Kakao bank)

INVX Morning Call 6/9/2567: Investment Theme for September ( seasonal low for Equity ) favors Domestic, Defensive Healthcare (3QEarnings seasonal high sector picks BDMS High Conviction list Outperform tp Bt 36 ( BH and BCH)

Prefer Telecom,Commerce,Financial vs Cautious Tech Auto Petro Oil and Export Food ( seasonal

Low Chinese Festival ( Oct3-11 and THB Appreciation)

GS Upgraded Consumer Commerce to OW

vs Downgraded Energy and Banks to UW

INVX Morning Call 4/9/2567: Strategy Prefer Defensive and Value vs Hedge Fund and Mutual Fund trim Tech

Flows Buy Financial ,telecom, Commerce , Refinery and Healthcare ( Prefer BDMS-2 SD, BH,BCH 3Q high season and waiting for Kuwait patients comeback)

SET Index target 1350-1380 vs GS 1390 ( Go for Gold and Short Oil )

Stocks of the Day Prefer BDMS and DIF

Research Electronic sector

Outperform for KCE and HANA, Neutral DELTA on high valuation and the impact of GMT.

We forecast 3Q24 growths of DELTA +18% YoY +5.5% QoQ, KCE +18.4% YoY +5.0% QoQ, and HANA -24% YoY +7.0% QoQ (a drop YoY was due to weaker IC business).

For Global Minimum Tax (GMT), this would erode DELTA’s bottom line by -12% per year if implemented (likely in 2025).

Neither KCE nor HANA will be affected, as KCE’s major shareholder is a Thai national and HANA’s revenue is below the minimum criteria.

INVX 3/9/2567: Research Initiate WHA Outperform tp Bt 6.60 base on 17x PE with NP growth 2024-2025 by 13%-16%

Stocks of the Day Prefer CPALL and CKP / Program trading Buy IVL vs Sell OSP ( 3Q24 loss Bt 600 mn booked from Myanma Glass plant )***

Cautious Oil downside risk and September seasonal pattern weak negative to Energy stocks esp. Petrochem *** and Cautious Export and Fx Baht appreciation impact Food

Mkt is waiting for Sep18 Fed cut timing and Thai Cabinet meeting for 2025 Budget spending during Sep3-5,2567 . SET Index to lock upside at 1380 vs GS 1390