Likely to decline on economic concerns
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Market outlook & strategy
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| The SET is on a downtrend and is seen to have downside due to negative factors from: 1) rapid steps up in interest rate by the Fed accompanied by rapid reduction in the balance sheet; and 2) lockdown in China due to COVID-19 outbreak. Both factors raise concerns about the economy. The next supports are at 1,660 and 1,650 with a limited recovery which has resistances of 1,676 and 1,683. 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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Petrochemicals
– Clouded by weaker global economic outlook |
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Company analysis
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HMPRO
– 1Q22: In line with estimates –
Outperform
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OSP
– Down YoY, QoQ in 1Q22F –
Outperform
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SCGP
– 1Q22: In line with estimates –
Outperform
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