SCBS 28/9/2564: Buy Refinery Bank Food Trading AWC AOT ERW MINT CRC Food sector Prefer TU Buy tp Bt 25 ***Factors to watch+ TFM IPO in 4 Q’21 vs -Vegetarian festival 6-14 October 2564

***CPP HK posted SP pending for M& A deal announcement ***

***TU : Best 3 Q’21 Earnings+q/y and most Fx THB weak benefit***every 1 THB/US$ weak will add +8% to TU’s Earnings

***TU Fx exposure

60% US$

25% EUR

5% € GBP

***GFPT 3Q’21 weak and negative higher feedcost : Corn +10% yoy/ +8% qoq and Soybean +34% yoy to increase production cost by 10% but growth recovery next year Outperform tp Bt 15 ***short term negative impact from Veggie Festival

GS Oil: Bullish ;Year-end 2021 Brent forecast of $90/bbl vs. $80/bbl previously***2022 $ 81 and 2023 $ 85***Flooding Play +Commerce Conmat./Theme M&A+Spin Off Overweight Banks/Oil play Buy Refinery

GS Oil: Bullish ;Year-end 2021 Brent forecast of $90/bbl vs. $80/bbl previously***2022 $ 81 and 2023 $ 85***Flooding Play +Commerce Conmat./Theme M&A+Spin Off Overweight Banks/Oil play Buy Refinery

Overweight Bank +Aug.better loan growth and Earnings upside for KTB KBANK SCB and BAY KKP. SCB +JV 50:50% with ADVANC and spin off Hire purchase to list in SET as Holdings company***ADVANC Outperform tp Bt 220 ***4 Q’21 Strategy Prefer Electronic Utilities Energy Commerce Land Transport

SET Index target’21 at 1600

vs ต้นปี 2565 ที่ 1650 และสิ้นปี 2565 ที่ 1700

ธีม trading idea :

1) หุ้นส่งออกได้ประโยชน์บาทอ่อน KCE HANA TU NYT

2) commodity plays NER TWPC

Action : Buy TU KCE and accumulate SCGP on weakness

Research TU Outperform tp Bt 25 + positive RBF deal and SCGP short term negative for weak 3 Q’21 but long term Outperform tp Bt 72

+++KCE 3-6 month Buy tp Bt 88 on 35x PE and Bt 100 on 40xPE on strong growth from export and weak THB/US$ and new products RADAR/ Lidar for Battery / EV play

Today Japan and China stock markets close / Key watch for FED/ BOJ meeting on 21-22 Sep. and BOE 23 Sep. to unchange interest rate. Foreign inflows to India vs outflow from China. Prefer BEM TU

: GS China/Korea / India /Weekly Kickstart : China -3%-5% led by Real Estate /Korea +0.5% Shipbuilding sector led./India NIFTY +1% Banks outperformed with Reforms for Bank Telecom and Auto with more IPOs

Reopening and laggard benefit Residential sector : Prefer SIRI LH SPALI and Trading Buy ANAN ORI NOBLE and IE Play +AMATA WHA/ III accumulate level at Bt 11.50 for target price Bt 13.50/Rotate GPSC to PTT/ GFPT outperform tp Bt 15 weak 3Q’21,better 4Q’21***24 กย ลงทะเบียนเราเที่ยวด้วยกัน เฟส3/ทัวร์เที่ยวไทย

EIC cut Thailand GDP'21 to +0.7% from +0.9% and '22 to +3.4% /Unchange Interest rate at 0.50%/ Foreign tourism'21 at 170,000 and '22 at 6.3 mil.tourists.***Today BBIK IPO Bt 18.listing in MAI /SECURE Buy tp Bt 35

SCBS 15/9/2564 : Today XD HMPRO Bt 0.12 and BTS-W6 starts trading / Food and Bev. Prefer OSP / Land Transport Prefer BEM /Oil Refinery Play Prefer BCP.

Foreign Flows Buy Energy Oil Commodities and China India/MINT outperformed tp Bt 33/Laggard play Buy ERW AOT OSP BEM Refinery BCP vs Neutral AEONTS tp Bt 225***HMPRO XD Wed.15 Bt 0.12

: GS maintained positive view on Commoidities Brent Oil 3Q'21 at $ 74.84/ 4Q'21 at 80.

: FTSE Index adjusting period on Sep. 17 to be effective on Sep. 20,2564 : +BBL KBANK LH CPN / Small cap. Play +STARK JMART /-FTREIT

: FTSE Micro cap. Add SAK XPG PRM OISHI BYD CHAYO SABUY INOX 7UP DUSIT MICRO KISS ETC JKN BRR AS SKN SITHAI IRC FSS AGE NWR CWT MDX CSS SVOA PROSPECT