INVX Morning Call Jarivun Aiempichitkijkarn

INVX 31/5/2567: Today SET50/100 last day calculation : SET 50 addition BCP BJC ITC TIDLOR/ Deletion BANPU COM7 KCE SAWAD and MSCI adjusted Port end of day for moving BTS LH MTC to Small Cap. Index vs Deletion MAJOR RS PSL BLAND DITTO FORTH KSL SGP SPCG WHAUP***Rainy season negative impact Property Commerce Tourism Conmat. *** Property Neutral with Earnings downgrade for LH QH SIRI*** Cautious CPALL / Programe trading Buy Shipping PSL RCL and Beverage COCOCO PLUS ***Stocks of the day Prefer SCGP and GPSC

INVX 28/5/2024 : INVX 28/5/2567 : Energy GRM play Prefer BCP TOP/ Stocks of the Day Prefer MINT BCP/ TQM Neutral weak 2Q seasonal/Today AH meeting 14.00/Event Tourism sector Group/MS Team at 15.30

: Fund Flows Buy Telecom TRUE and Energy Power GPSC BGRIM and GRM Play Prefer BCP TOP / Stocks of the Day Prefer BCP MINT

: Sector weighting : Overweight Food Prefer CPF vs Neutral Tourism Prefer MINT vs Neutral Commerce Prefer CPALL GLOBAL

: BCH meeting : Neutral tone : Maintain Outperform tp Bt 25, base on DCF,soft 1Q’24 revenue but better trend in 2H24. Cancer treatment centre ( 51% stake) opening plan in 3Q’24. Valuation attractive at 27x PE (-1SD)

: TQM Neutral tp Bt 29, seasonal qoq fall in fee&service income in 2Q24/Potential 23 M&A deals / Listing TRUE Life Broker(Thailand biggest group life insurance broker next year

: AH analyst meeting today 14.00-15.00 MS

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