Episoder
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INVX Morning Call 11/7/2567
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INVX 10/7/2567: ASSET Stocks, Oil, Crypto,GRM (negative BCP TOP SPRC ),BDI Shipping Rubber (EUDR-STA STGT)down vs Gold +$4.40 to 2,367.90 ***Tourism Neutral low seasonal : ERW negative newsflow on renewed higher land rental rate on Grand Hyatt Erawan Bkk ( 73.67%) impact 15%-20% on revenue.***Programe Trading Sell EA CCET AEONTS *** Research Trading Buy AOT and GPSC postive on Earnings and FT rate hike ( Sep.-Dec2567)***SCGP 2Q24 Earnings down 10.9% qoq/ +4.4% yoy seasonality from higher raw material cost and lower pulp & paper plant with -2 SD, Outperform tp Bt 40***
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Manglende episoder?
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INVX 9/7/2567: IPO CHAO Bt 11.80 listing in SET/ Food/ Digital Wallet Play Positive Commerce Prefer CPALL High Conviction list, Outperform tp Bt 77,-2SD best 2Q24 Earnings growth +Sales+ margin with CPAXT Outperform tp Bt 39 / Stocks of the Day Prefer CPALL HANA / Program Trading Buy VGI BYD CPAXT SAWAD*** Flows Sell BDI -PSL RCL vs Buy Food CPF, Tech CCET, Commerce CPALL CPAXT *** Property Neutral with AP Outperform tp Bt 15.
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INVX Overweight Food Prefer CPF BTG :+CPF High Conviction list , raised target price from Bt 26 to Bt 28 higher China/ Vietnam / Thailand Poultry with 2Q24 core Earnings Bt 4.3 bn and 2024 core Earnings Bt 11,000 mn, higher GM***Overweight Energy PTTEP High Conciction list Outperform tp Bt 204, solid 2Q24 Earnings Bt 21,000 mn with forex gain base on Brent Oil +14% to $86***AEONTS cut target to Bt 158 from Bt 170,cut 2024 Earnings by 2% vs Prefer TIDLOR MTC ***GS Prefer INDIA Korea Taiwan and Tech Pharma Biotech for strong growth / Thailand prefer BDmS healthcare innovation *** IPO CHAO Bt 11.80 listing in SET / Food on July 9,2567
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INVX 5/7/2567: Prefer CPALL -2SD and best SSSg and Gulf 2Q24 Earnings high record.-1.5 SD/ Overweight Food Prefer CPF BTG TU to GFPT *** TU share buyback selling period ( July 8-12,2024) ***TU 2Q24 Earnings Preview Core Profit Bt 1.3 bn +2% yoy better Sales and margin,+45%qoq / 3Q24 Core Earnings +qoq/+yoy with no loss RL***TU Outperform tp Bt 18***Today INVX Event 10.45 PTTGC Group / MS team***GS Asia Portfolio Strategy Positive Sector Tech Phama Biotechnology and Prefer INDIA North Asia ***Program trading Buy CRC positive surprise on SSSg Fashion in June 2567
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INVX 4/7/2567: Overweight Energy Prefer GRM play BCP TOP PTTEP and Gulf -1.5 sd ( 2Q24 Earnings positive/Gov. PDP 2024 review ) / Flows Buy Tech DELTA HANA ( KCE Outperform and laggard but no ESG list and SET50 deletion) / Bank 2Q24 Earnings play Prefer BBL KTB ( Flows Buy KBANK SCB) *** Foreign net buy both Equity and TFEX ***GS Overweight 3 month Oil Gold Cash *** Overweight Food Preference CPF BTG but TU negative impact short term on 8-12 July 2024 Share repurchase 200 mil. shs selling period but positive from. ITC 2Q24 Earnings recovery
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INVX 3/7/2567: Overweight Food Prefer CPF āļĢāļēāļāļēāļŦāļļāđāļ+3.96% āļāļģāļāļīāļ§āđāļŪāļĢāļāļ 17 āđāļāļ·āļāļ/ Cover short / āđāļāļĢāļĄāļēāļŠ2 āļāļģāđāļĢāđāļāļāđāļāđāļ/ BTG vs Short term cautious TU āļŠāļēāļĄāļēāļĢāļāļāļēāļĒāļŦāļļāđāļāļāļ·āđāļāļāļ·āļ 200 āļĨāļŦ 4.2% āļĢāļ°āļŦāļ§āđāļēāļ 8-12 āļāļ 2567 ***Neutral Bank 2Q24 Earnings slip both qoq ( TISCO) /yoy ( KBANK)***downside risk on sector loan growth at 3%*** TTB strongest 2Q24 Earnings growth yoy at 15% from Tax benefit / Commerce 2Q24 negaive SSSG Neutral top picks CPALL CPAXT GLOBAL / Flows Buy BDI +5.27% logistic +PSL TTA WICE SINO vs Sell SGC JMT JMART EA NEX TU
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INVX 2/7/2567 : BDMS Site Visit negative tone on issuance claim system at Samithivej Sriracha concern *** Low season on Tourism / Program trading Buy EA BYD NRF / GS Asia Pacific. Buy Energy and Telecom *** INVX Prefer TOP and ADVANC TRUE ( Earnings upside) vs Cautious Auto
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INVX 1/7/2567: Today Effective date for new SET50/100 and Uptick Rule/ Share buyback COM7 starts / EA Khun Sompote physical meeting today 13.30 ( EA office) / Research TRUE Outperform tp Bt 10, 2Q24 core Earnings preview Bt 835 mn +4% QoQ/ sharp turnaround yoy from 2Q23 loss 2.3 bn*** upside from core Earnings24 at Bt 3,064 mn*** Overweight Telecom Prefer ADVANC and TRUE / Overweight Food Prefer CPF BTG / Program Trading active more Sell EA BYD JPARK vs Buy COM7 WiCE / Flows Buy ROCTEC + sector change from Media to ICT
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INVX 28/6/2567: Funds Flow Buy Healthcare vs Sell Energy and Bank/ Program Trading Sell EA NEX BYD vs Buy SYNNEX VGI / Energy sector : Short term negative : low GRM to mark soft 2QEarnings with stock loss ( BCP Outperform tp Bt 51 ,Shutdown/ Turnaround factor but DY 6.7% *** 3 Q GRM +Q/-Y ( Outperform BCP TOP PTT OR PTTEP/ Neutral IRPC SPRC ) *** GS Buy PTT PTTEP TOP / Sell IRPC PTTGC*** Today INVX Invitation Electronic sector / Group MS Team at 14.00*** Today SET50/100 adjusting Portfolio SET50 + BJC ITC BCP TIDLOR / - SAWAD BANPU KCE COM7 / Com7 share repurchase 40 mil. share during July1-Dec.2567
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INVX 27/6/2567: Overweight Telecom ADVANC and TRUE with upside Earnings play from Data Centre and Cloud Policy/ Overweight Healthcare BDMS BH BCH CHG high season of Covid+ Influenza and Benefit from Monkutwattana Hospital : SSC cancellation / Overweight Energy Power Gulf and GRM TOP, short covering / Stocks of the Day Prefer ADVANC and AOT to spin-off AOTGA( 49% holding by AOT and 51% SAL (SKY +III) to be listed in SET in year 2568***Land Transportation Prefer BEM to BTS ***
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INVX 26/6/2567: ERW 355,369,696 shs. (ERW-W3 ) starts trading today / Cautious Auto Petrochem / Prefer Food CPF BTG TU GFPT / SNNP cut target price to Bt 20.50 from Bt 23.40, weak GPM, high SG&A, lower Vietnam contribution and no ESG list vs Prefer OSP and CBG/ SET Index target 1380-1400 Positive Thai ESG and Uptick Rules impact / Program trading Buy BBGI (KSL holding#2 at 30%) with 2H24 Earnings all time high vs Flows Buy Energy Bank vs Take profit Tech
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INVX 25/6/2567: AOT cut target price to Bt 78 from Bt 80 and Earnings down by 1% this year and next year by -4%/ Stock of the day Prefer MINT and BCP
ðķThai ESG impact āļāļēāļāļāļ§āļ 3 % + BEM BBL MINT TOP SCGP
ðķāđāļāļāđāļ§āļāļāļĩāđāļĄāļĩāļāļāļāļāļļāļ LTF SET Index āđāļŦāđāļāļĨāļāļāļāđāļāļāļāļĒāļđāđāđāļāļĢāļ°āļāļąāļāļāļĢāļ°āļĄāļēāļ 5-6% āļĄāļāļāđāļāđāļāļāļąāļāļāļąāļĒāđāļāļīāļāļāļ§āļāļāđāļāļāļĨāļēāļāļŦāļļāđāļāđāļāļĒ āļāđāļēāļāļāļīāļāļāļāļ§āļīāđāļāļĢāļēāļ°āļŦāđ “āļāļēāļĢāļāļĨāļąāļāļĄāļēāļāļāļ LTF āļāļąāļāļāļĨāļāļĢāļ°āļāļāļāļĨāļēāļāļŦāļļāđāļāđāļāļĒ” āļ§āļąāļāļāļĩāđ 23 āļ.āļ. āļāļĩāđāļāđāļēāļāļĄāļē āđāļĢāļēāđāļāļ°āļāļģāļŦāļļāđāļ 17 āļāļąāļ§āļāļĩāđāļĄāļĩāļāļ·āđāļāļāļēāļāļāļĩ valuations āđāļĄāđāđāļāļ āļĄāļĩ ESG āļĢāļ°āļāļąāļ A-AAA āļāļēāļĄāļĢāļēāļĒāļāļēāļāļāļĩāđāđāļāļāļĄāļē āđāļāļĒāļŦāļēāļāđāļĨāļ·āļāļāļŦāļļāđāļāļāļĩāđāļĄāļĩāļāļĢāļīāļĄāļēāļ short sell outstanding āļŠāļđāļāļāļ§āđāļē 1% āļāļēāļĄāļĄāļļāļĄāļĄāļāļāļāļĨāļāļ§āļāļāļēāļāļāļēāļĢ cover short āļāļ°āļĄāļĩ 5 āļŦāļļāđāļāđāļāđāđāļāđ BEM BBL MINT TOP SCGP
ðķāđāļāļāđāļ§āļāļāļĩāđāļĄāļĩāļāļāļāļāļļāļ LTF SET Index āđāļŦāđāļāļĨāļāļāļāđāļāļāļāļĒāļđāđāđāļāļĢāļ°āļāļąāļāļāļĢāļ°āļĄāļēāļ 5-6% āļāđāļāļāļĩ (āļŦāļĢāļ·āļ 70-90 āļāļļāļ) ***SET Index target 2024 at 1450-1500 -
INVX 24/6/2567: Banking Sector weak loan growth’24 with downside risk from 3% and Earnings growth at 5%. Prefer BBL tp Bt 180 and KTB tp Bt 22 / Today Meeting WHA and AOT ( āļāđāļāļĄāļđāļĨāļāļēāļ AOT āđāļĨāļ°āļāļīāļāļēāļĢāļāļēāļāļĨāļāļĢāļ°āļāļāđāļāļāđāļāđāļĄāļāļĩ āđāļĢāļēāļāļēāļāļ§āđāļēāļĢāļēāļĒāđāļāđāđāļāļīāļāļāļēāļāļīāļāļĒāđāļāļ°āļĨāļāļĨāļāļĢāļēāļ§ 1.1 āļāļąāļāļĨāđāļēāļāļāļēāļ/āļāļĩ āļŦāļĢāļ·āļāļĨāļāļĨāļ 1% āļāļēāļāļāļĢāļ°āļĄāļēāļāļāļēāļĢāļĢāļēāļĒāđāļāđāļĢāļ§āļĄāļāļāļāđāļĢāļē āļāļķāđāļāļāļ°āļŠāđāļāļāļĨāđāļŦāđāļāļģāđāļĢāļāļ°āļĨāļāļĨāļāļĢāļēāļ§ 3% āļāļēāļāļāļĢāļ°āļĄāļēāļāļāļēāļĢāļāļāļāđāļĢāļē āđāļĨāļ°āļĄāļĩāļāļĨāļāļĢāļ°āļāļāļāđāļāļĢāļēāļāļēāđāļāđāļēāļŦāļĄāļēāļĒāļĢāļēāļ§ 2 āļāļēāļ/āļŦāļļāđāļ)***Low Season for Tourism / Commerce/ Conmat/Property/ GS Asia Pacific Weekly Flows Buy Tech and Bank vs Sell Commerce *** Trading Buy TOP and BDMS *** Program Sell Buy Power EGCO GPSC / MAJOR /Export play AAI ASIAN/ GS Bearish THB/USD and Cut WHA target price to Bt 6.00
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INVX 21/6/2567: Program Trading Sell WHA CRC NEX NRF / Upgrade AEONTS to Outperform same target price Bt 170 ( YTD down by 20%/ NIM bottom in 2Q24 and loan growth’24 at 5% vs ‘23 at -3%/ NPls sale 2 times this year vs 1 time in 2023 vs Prefer TIDLOR MTC***FTSE adjusted Portfolio today *** SET Index trading range 1280-1300/ Flows Sell Big Cap. Bank and Energy vs Buy selective and small cap. Play
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INVX 20/6/2567: Electronic sector 2QEarnings recovery Outperform HANA tp Bt 56, KCE tp Bt 55( SET 50 deletion,effective July1,2567)/ DELTA Neutral tp Bt 83*** Stocks of the Day Prefer BEM and TU *** Funds Flow Buy Electronic / Power / Shiping vs Sell margin/ force sell stocks NRF YGG/ NEX EA BYD/ SABUY MGI/ Program Trading Buy DELTA RCL vs Sell EA BYD SNNP
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INVX 19/6/2567: AMATA Buy tp Bt 29.10 base on 15.2x PE with 2Q24 Earnings +yoy/+qoq ( key clients : Chinese and Taiwan/ Sector Electronics)/ Stocks of the Day Prefer TOP and MTC***Flows Buy Tech ,Beverage and SET50/100 play vs Sell Power Petrochem and NRF(short sell)*** Low season/ Neutral rating for Commerce / Tourism/ Property/ Conmat.***Today Cabinet Thai Budget spending#1 agenda/ INVX 3Q24 Strategy / Group/ MS Team at 14.00
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Mkt Talk 18/6/2567
) Thailand politics āļāļąāļāļāļēāļĄāļāļ 1280
āļ§āļąāļāļāļĩāđāļĻāļēāļĨāļĢāļąāļāļāļĢāļĢāļĄāļāļđāļāļāļ°āļĄāļĩāļāļēāļĢāđāļāļīāļāļāļīāļāļēāļĢāļāļē 4 āļāļāļĩāļŠāļģāļāļąāļāļāļēāļāļāļēāļĢāđāļĄāļ·āļāļ āļāļ·āļ
1.āļ.āļĢ.āļ. āđāļĨāļ·āļāļ āļŠāļ§. āļāļąāļ āļĢāļāļ.āļŦāļĢāļ·āļāđāļĄāđ āļāļēāļ āļĻāļēāļĨāļŠāļĢāļļāļāļ§āļąāļāļāļĩāđ
2. āļāļāļĩāļĒāļļāļāļāļĢāļĢāļāļāđāļēāļ§āđāļāļĨ āļāļēāļāļĻāļēāļĨāđāļŦāđāļāļĩāđāđāļāļ āļĒāļąāļāđāļĄāđāļŠāļĢāļļāļāļ§āļąāļāļāļĩāđ āļāļĨāļēāļāļāļąāļāļ§āļĨ āļ§āļąāļāđāļŦāļāļĒāļļāļāļāđāļēāļ§āđāļāļĨāđāļĨāļ°āļāļąāļāļŠāļīāļāļāļīāļāļēāļāļāļēāļĢāđāļĄāļ·āļāļāļāļĢāļĢāļĄāļāļēāļĢāļāļĢāļĢāļ 11 āļāļ āļāļ°āļĄāļĩāđāļāļāļēāļŠ āļĒāļļāļāļŠāļ āļē
3.āļāļāļĩāļāļļāļāļŠāļĄāļāļąāļāļīāļāļēāļĒāļ āđāļĻāļĢāļĐāļāļē āļāļ§āļĩāļŠāļīāļ āļāļēāļāļĒāļąāļāđāļĄāđāļŠāļĢāļļāļāļ§āļąāļāļāļĩāđ āļāļēāļāļāļīāļāļēāļĢāļāļēāļāļĨāļēāļĒāļŠāļ-āļāļĒ 2567
4.āļāļāļĩāļĄāļēāļāļĢāļē 112 āļāļāļāļāļļāļāļāļąāļāļĐāļīāļ āļāļēāļāđāļāđāļāļĢāļ°āļāļąāļāļāļąāļ§ 9.00 āļ§āļąāļāļāļĩāđāļāļļāļāļāļąāļāļĐāļīāļāļāļ°āđāļāļĻāļēāļĨ āļĒāļąāļāđāļĄāđāļŠāļĢāļļāļāļ§āļąāļāļāļĩāđ āļāļĨāļēāļĒāļāļāļ§āļąāļāđāļāļīāļāļāļļāļāļāļąāļāļĐāļīāļāđāļĨāļ°āļāļēāļāļāļ°āļĄāļĩāļāļēāļĢāļāļ āļąāļĒāđāļāļĐ āļ§āļąāļāļāļĩāđ 28 āļāļ āļāļĢāļāļĢāļāļāļ§āļąāļāļāļĢāļ°āļĢāļēāļāļŠāļĄāļ āļ āļĢāļąāļāļāļēāļĨāļāļĩāđ 10 āđāļĨāļ°āļāļāļĩāļāļ°āļāļĢāļāļāļģāļŦāļāļ āļŠāļ 2567
***āļāļĢāļļāđāļāļāļĩāđ āļāļļāļ 19 āļĄāļīāļāļļāļāļēāļĒāļ āļ§āļēāļĢāļ°āļāļīāļāļēāļĢāļāļē āļāļāļāļĢāļ°āļĄāļēāļāļ§āļēāļĢāļ° 1
***āļĻāļļāļāļĢāđ 21 āļĄāļīāļāļļāļāļēāļĒāļ FTSE āļāļĢāļąāļāļāļāļĢāđāļ āļĄāļĩāļāļĨ āļāļąāļāļāļĢāđ 24 āļĄāļīāļāļļāļāļēāļĒāļ
*** 1 āļāļ 2567 SET50/100 āļĄāļĩāļāļĨāļāļąāļāļāļąāļāđāļāđ
*** 1 āļāļ 2567 āļāļĨāļāļĄāļĩāļāļĨāļāļąāļāļāļąāļāđāļāđ Uptick rules
Research : FTREIT initiate coverage Outperform tp Bt 11.00, high portion of freehold assets / 9.3% DY
Funds Flow Buy Tech and Refinery vs Sell BANK Power Commerce Tourism Property -
INVX 14/6/2567: Prefer BDMS Outperform tp Bt 36,better 2Q24Earnings positive yoy/ 2567 Earnings +13% yoy to Bt 1.6 bn and IPO NKT Nakornton filing and BCP GRM recovery play with 3.5xPE and DY 7% and benefit from BSRC ***Today Football Euro Festival benefit Food and Beverage and MINT seasonal Europe high*** Funds Flow Buy Tech DELTA HANA KCE vs Sell Consumer AUTO*** SET50/100 new list announcement on June 17,2567
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INVX 12/6/2567: INVX 12/6/2567 : Strategy 3’Q24 Top picks Prefer ADVANC KCE OSP PTTGC TU base on Earnings recovery
SET Index target 2567 : 1300 Buy Opportunity vs Target 1450-1500 by year end 2567 ***Research GLOBAL Outperform tp Bt 15.50 base on DCF, better Steel price back to normal level and SSSg recovery with higher margin from House brand / Stocks of the day. Prefer HANA and Gulf better 2Q24 Earnings play *** Today FOMC and BOT meeting, expected unchanged policy / Court meeting for Orange line Prefer BEM to BTS - Vis mere
