Fall on dismay over a rapid interest rate raise
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Market outlook & strategy
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| The SET is seen to have limited upside at ~1,700 and is likely to fall on dismay over a possible 50 bps rise in interest rate by the Fed at its May meeting plus a reduction in the balance sheet. Domestically, some real sector Q122 earnings are expected to be affected by rising cost of energy. Supports are at 1,680 and 1,670, respectively. We suggest a “Selective Buy” strategy of selecting good-quality defensive stocks with positive drivers to reduce portfolio volatility. |
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Industry analysis
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Bank
– 1Q22: Slight beat; gradual YoY recovery ahead |
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Tourism
– End of COVID-19 test on arrival from May 1 |
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Company analysis
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AP
– Expect 1Q22 earnings to hit a record high – Outperform
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DTAC
– 1Q22: Beat consensus expectations – Neutral
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