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