INVX Morning Call

Overweight China Gold and Urilities : Buy GULF BGRIM RATCH : V-Shape recovery play BAM

INVX 24/7/2567 : Overweight Food BTG tp Bt 26, GFPT tp Bt 28, CPF tp Bt 28 ( Benefit from Brazil Newcastle disease) and rerating with IPO FM Bt 5.40 listing in SET/ Food on Thursday 25 July 2567) / Government Press Release on Digital Wallet details today positive to CPALL / Flows Sell Energy Petrochem Consumer Finance Cautious tone / Mkt Talk on MSCI Announcement on Aug.12,2567 to reduce weight / delete EA / Mkt Talk on Property Stimulus package next 1-2 weeks Prefer AP sector picks

INVX Morning Call 23/7/2567

INVX 17/7/2567: Gulf การควบรวมกิจการ ***EGM 3 ตค 2567 ***VTO Tender offer ADVANC ที่ราคา 216.30 และ THCOM ที่ 11 บาท ( ไม่ต้อง delist) โดยจะเกิดขึ้นช่วง ไตรมาส4 ปี2567- ไตรมาส1 ปี2568***การปรับโครงสร้างเป็น NewCo ( 1 Gulf : 1.02974 NewCo และ 1 INTUCH : 1.669335 คาดแล้วเสร็จไตรมาส2 ปี 2568)***BLS and UBS เป็นคนทำดีล***Action: Prefer Gulf Outperform tp Bt 63 > INTUCH ***Singtel จะลดสัดส่วนเหลือ 9.08% ***ERW negative sentiment impact 15%-20% on Revenue : Action Better Switch to MINT or Food Sector Prefer BTG and upside on GFPT better 2 Q’24 Earnings *** Flows Buy Telecom tech Food vs Sell Energy Oil

INVX Morning Call 11/7/2567

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***

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.

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

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

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

INVX 3/7/2567: Overweight Food Prefer CPF ราคาหุ้น+3.96% ทำนิวไฮรอบ 17 เดือน/ Cover short / ไตรมาส2 กำไรโดดเด่น/ BTG vs Short term cautious TU สามารถขายหุ้นซื้อคืน 200 ลห 4.2% ระหว่าง 8-12 กค 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

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

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

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

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 ***

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

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 🔶Thai ESG impact คาดบวก 3 % + BEM BBL MINT TOP SCGP 🔶ในช่วงที่มีกองทุน LTF SET Index ให้ผลตอบแทนอยู่ในระดับประมาณ 5-6% มองเป็นปัจจัยเชิงบวกต่อตลาดหุ้นไทย อ้างอิงบทวิเคราะห์ “การกลับมาของ LTF กับผลกระทบตลาดหุ้นไทย” วันที่ 23 พ.ค. ที่ผ่านมา เราแนะนำหุ้น 17 ตัวที่มีพื้นฐานดี valuations ไม่แพง มี ESG ระดับ A-AAA ตามรายงานที่แนบมา โดยหากเลือกหุ้นที่มีปริมาณ short sell outstanding สูงกว่า 1% ตามมุมมองผลบวกจากการ cover short จะมี 5 หุ้นได้แก่ BEM BBL MINT TOP SCGP 🔶ในช่วงที่มีกองทุน LTF SET Index ให้ผลตอบแทนอยู่ในระดับประมาณ 5-6% ต่อปี (หรือ 70-90 จุด) ***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 ( ข้อมูลจาก AOT และพิจารณาผลกระทบแบบเต็มปี เราคาดว่ารายได้เชิงพาณิชย์จะลดลงราว 1.1 พันล้านบาท/ปี หรือลดลง 1% จากประมาณการรายได้รวมของเรา ซึ่งจะส่งผลให้กำไรจะลดลงราว 3% จากประมาณการของเรา และมีผลกระทบต่อราคาเป้าหมายราว 2 บาท/หุ้น)***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

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

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