INVX Morning Call Jarivun Aiempichitkijkarn

INVX 20/5/2567 : Thailand GDP'2024 downside risk from 2.5%/Food sector Overweight Prefer CPF BTG TU/Research Neutral AAV raised target price to Bt 2.80(from Bt 2.60) but cut STANLY to Bt 206 from Bt 222

: Geopolitical Risk concern: GS expected Brent Oil to hit peak at $ 90/bbl +++PTTEP TOP BCP

: Analyst meeting feedback +++AMATA High Conviction list / Buy tp Bt 29.70/+ TOP high Oil and positive GRM+Geopolitical Benefit PTTEP BCP TOP vs Neutral SAWAD weak NIM( risk of SET 50 deletion vs Prefer TIDLOR)vs Slightly negative BJC ( 25% freefloat and potential add in SET50 on July 2567)

: GS expected 10 yr treasury yield at above 4% through year 2025***Upside Buy Tech

: Program trading Buy RCL TTA / SECURE SABUY/ SCGP

: Fund Flow : Foreign net buy both Equity and TFEX / Flows Buy DELTA HANA/ SCGP PTTGC/ TTA/ STGT AH vs Sell Tourism ERW CENTEL

: Analyst meeting today 10.00 MINT (MS Team), CHG (Zoom), SAPPE( Physical Ramkamhaeng)/ 13.30 HANA (Zoom) /14.00 SIRI (MS Team)/16.00 TCAP (Zoom)

INVX 17/5/2567: OSP High Conviction List, Outperform, raised target price to Bt 29(from Bt 28), better Sales growth and gross margin /CENTEL Neutral ,raise target price to Bt 46 from Bt 45, meeting negative tone from Centara Grand Pattaya renovation in 2Q-3Q’24( waterside shutdown since May-Nov.24/ room impact )+++BCH Outperform tp Bt 25, bottom out/-1SD, better 2Q to 2H24+++TIDLOR Outperform tp Bt 27, sector pick with dividend upside***Program trading Buy STEC TTA vs Sell ROJNA PIN vs Fund flow Buy DELTA CCET /WHA/GULF GPSC vs Sell CPALL CENTEL***Management Sell EA ***Today IPO LTS Bt 3,listing in MAI/ Consumerจำหน่ายโคมไฟ

INVX 16/5/2567: ERW Outperform,raise target price to Bt 6.20 from Bt 6.00/KEX Underperform, cut target price to Bt 3.90/LH Neutral,cut target price to Bt 8.20/ SAWAD Neutral, raise target price to Bt 43 and Downgrade THREL to Underperform, cut target price to Bt 1.60 from Bt 2.10***Flows Buy Tech DELTA CCET KCE+ Tourism better 1Q24 Earnings AOT MINT CENTEL/ Overweight Food Prefer CPF***Warning for Thai 1Q24 GDP weaker than expected and downside risk on 2024 Thai GDP from 2.5% vs GS 2.3%

INVX 15/5/2567 ***BJC Neutral/ Cut target price to Bt 27 from Bt 28/Cut Earnings’24 by 7% ( Tax rate 27% ), One-Off items Bt 560 mn from BIGC tax , 2 Qtd SSSg - / 2Q24 Earnings outlook =yoy/+qoq vs Prefer GLOBAL***Cautious Auto Downgrade AH to Neutral from Outperform, cut Earnings m’24 by 31% and tp to Bt 23 from Bt 38 ***PSH Underperform, cut tp to Bt 6.70 from Bt 9.50*** Program Trading Buy CPF TFG RCL*** INVX Overweight Food Commerce Prefer CPF Global ***Fund Flow Buy CPF CPALL CRC OSP/ Energy +PTT PTTEP IVL/ Tech DELTA HANA

INVX 14/6/2567: Upgrade CPF to Outperform/ High Conviction list / Raise target price to Bt 26 from CPF Bt 2+ CPALL Bt 24 from previous Bt 22.50) +++ Overweight Food Prefer CPF BTG to TU to GFPT *** Energy - Forex loss hit Earnings of PTTGC Neutral / cut target price to Bt 48 from Bt 50 and BGRIM Neutral/ cut target price to Bt 33 from Bt 40*** Flows from Program trading Buy CBG AAI AAV vs Sell EA ONEE ***Foreign net buy CPALL WHA (GS buy WHA CPALL) MALEE SAPPE IVL ( rotate from PTTGC)*** Today MSCI Srmi Annual Index review announcement / Analyst meeting today 10.00 PSH CPF SCCC /10.30 AAV/13.30 CPALL/ 14.00 Gulf/15.00 AWC Physical Athenee Hotel

INVX 13/5/2567: Trading Stocks Prefer CPALL AOT ( Rainy season usually negative sentiment on Conmat Property Commerce Tourism) *** Regional Flows Buy Tech Transport Property vs Sell Commerce Auto Communication/ Research Overweight Food BTG Outperform/raised target price to Bt 26 / IVL Underperform/ cut target price to Bt 30 from Bt 32 / THANI Underperform /cut target price to Bt 2.20 from Bt 2.45 vs Prefer TIDLOR and MTC*** Small Cap Play Prefer AU TNP vs NER Underperform *** GS Buy WHA to Bt 5.70 and CPALL to Bt 72.50***MSCI Semi Annual Index review announcement tmr 14/5/2567 ( mkt talk reduce weighting from Thailand vs HK +11% in 1 month)