SCBS 31/3/2565: BOT cut 2565 Thai GDP to 3.2% from 3.4% , Policy Rate on Hold /4.9% Headline Inflation in 2022 with risk higher than 5% in 2Q-3Q’2565/ Oil assumption $ 100 from $ 68.3/5.6mn tourist arrivals

: Sector rotation from Energy to Power from Foreign Fund Flows to ESG/ Renew. and Solar / Energy Pool Play +Power /-Oil Refinery

: Strategy Prefer CPALL BJC AH LH / Short covering Bank Power

: GS expected the BoT to begin tightening policy by hiking policy rates in Q4 2022 (+25bp).

: Market talks on M&A : KBANK & JMT/ GULF +ADVANC +Binance/JMART+SINGER and Share Buyback vs Flows Buy Bank Power vs Sell Energy Refinery Healthcare