INVX Morning Call

INVX 20/8/2567 : Foreign net Buy both Equity ( if excluding SCCC big lot @Bt 160 from #1 Shareholder Sunrise and next Tender Offer) and TFEX ***

INVX assumption for Thai Interest rate cut on Oct16 and Dec.18,2567 by each 25 bps to 2% in 2024 to boost economy and relax strengthening Thai Baht+++

Positive to Bank Consumer Finance Consumption/

Investment Theme : 3Q24 and 2 H24 Earnings Outlook Electronic DELTA / Food BTG TU / Healthcare BDMS BD / Telecom TRUE ADVANC / Gulf/BEM***

Thai ESG Play Prefer ADVANC AOT BDMS BBL CPALL KTB GULF ***

INVX Morning Call 19/8/2567: Downgrade and Cut target price of MINT ERW AWC CENTEL / Program Trading Buy GLoBAL CRC MTC CPN JAS ***Research BTG Outperform tp Bt 28, positive Singapore #1 egg operator deal to add +6% Earnings in 2025, not yet factor in our forecast

Flows regional Buy Tech and Bank vs Sell Utilities and Materials

: Sector Winner weekly +Etron +2.09%, Food -1.17%, Bank -+0.45%, Energy +0.12% vs Tourism -7.98% and Commerce -4.11%

: Monday 19 August 2567 Thailand 2Q'24 GDP : mkt expectation at 2.4% yoy vs 1.5% yoy in 1Q'24

: Wed. 21 Aug. 2567 THAI MPC meeting on at 2.5%

: ETF Flows Buy Bond Financial Healthcare and Tech

INVX Morning Call 16/8/2567

INVX Morning Call 15/8/2567

INVX Strategy : SET Index target short term at 1250-1280 ,waiting for new PM ( Mkt Talk Chakawan Phuethai ) *** Negative impact Digital Wallet - Commerce CPALL CPAXT / 2 Q24 Earnings negative on KEX KCE SAWAD LH vs Positive CBG and CPF *** Sector weighting Overweight Telecom Food F&B Healthcare CPF high conviction list, Outperform with raise target price to Bt 29 and CBG Outperform with raise target price to Bt 91 *** Mkt Expectation new Government to issue คนละครึ่ง Positive TNP Food and Beverage / Cautious Commerce Consumer Finance Energy

INVX 14/8/2567 : Downgrade AP cut tp to Bt 10.60(from 13.60)/Cut tp AH BAM BGRIM BJC DIF

: Strategy Overweight Telecom ADVANC TRUE/ Healthcare BDMS BH /Energy Gulf BCP TOP vs Cautious Auto Finance

: INVX base case PM Setha’s Court case to be pass at today’s 3 pm meeting

: Entertainment Complex to be not supported by K. Anutin, Poom Jai Thai party : negative to Tourism and AWC ( MSCI deletion )

: Market EPS to be cut by 2Q’24 Earnings to drag SET Index target’24 to 1400 ( GS targets SET Index 12 m at 1390 )

INVX Morning Call 13/8/2567. Today XD PTTEP Bt 4.50/ DIF Bt 0.2222*** MOF Press Release for Vayupak Fund today at 14.00 / Fund Flows Buy Bond and Utilities Healthcare vs Sell Auto ( Tesla cancels Investment in Indonesia and Thailand) / Investment Theme : Earnings downgrade with mkt EPss’24 from Bt 91.40 to Bt 90 implied SET Index at 1400 by year end2024/ Research Cut target price BCP Outperform tp 44 / IVL Neutral tp Bt 19 from Bt 25/ THRE Outperform tp Bt 0.80 from Bt 1.05/TIDLOR Outperform tp Bt 17 from Bt 25/ Zen Neutral tp Bt 6.80 from Bt 7.50***Small Cap Play Prefer AU

INVX Morning Call 9/8/2567

INVX Morning Call 8/8/2567

INVX Morning Call 7/8/2567

INVX Morning Call 6/8/2567

INVX assumption US Recession prob. at 25%

US Fed cut by 25 bps in Nov./ Nov./Dec.2024*** Program Sell Tech/ Petrochem/ Consumer :PTTGC IVL/DELTA/ BJC COM7 *** INVX Strategy Overweight Defensive Telecom ADVANC TRUE