SCBS 14/6/2565 : Today STP IPO @ Bt 18,MAI/Printing packaging / TLI blackout/Event MAKRO CEO meeting 13.00/Buy CBG IVL

: SCBS Invitation for MAKRO CEO Group meeting on Tuesday 14 June 2565 at 13.00-14.00 MS Team***Click here to join the meeting

: GS now expects US Fed +75 bps hikes in June,July; +50bp hike in Sep/+25bp in Nov and Dec; Unchanged terminal rate at 3.25-3.50%; 10Y-UST yields +40bps in a week

: For ECB, GS now expects +50 bps hikes in Sep and Oct (vs prev +25bp hikes).

: GS alerts for 3 mth Neutral Equity/12 mth Overweight Equity

: VCOM – Toned down guidance Neutral TP lowered to Bt6.4 (from Bt7.5). Management is now targeting revenue of Bt2bn (+8.9% YoY vs earlier +10-20%) due to corporates tighten spending and supply chain disruption. We expect 2Q22 to drop YoY but be flat QoQ. We revise down 2022F core earning by -7% to Bt123mn (+9% YoY),

: Research Prefer bottom Earnings to be turnaround in 2H’65 Buy CBG( Alluminum-2.7% low in 6 mths) IVL better 2Q’65 Earnings+y+q and better PET/Eg’65 +49%yoy

: Prefer Bank BBL KBANK and Insurance Prefer BLA/ IVL CBG