Limited recovery and still has downside
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Market today
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| We expect the SET to rebound after US markets surged on the FOMC’s restraint in raising rate by a half point rather than 75 bps. Nevertheless, recovery is still limited at a resistance range of 1,660–1,670, and there is a downside from worries over an economic slowdown, pulled down by cost of energy and high inflation while monetary policy is tightening. Supports are at 1,650 and 1,640. |
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Industry analysis
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Petrochemicals
– Lower naphtha cost to be short-lived |
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Company analysis
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ASP
– 1Q22: In line; attractive dividend yield – Outperform
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DCC
– 1Q22: In line with market estimates – Neutral
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GLOBAL
– 1Q22: Slightly above market estimates – Neutral
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LH
– Slight YoY rise in 1Q22F with a fall QoQ – Outperform
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SAWAD
– Group restructuring, BFIT gives up license – Outperform
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ZEN
– Preview 1Q22: Improving YoY but down QoQ – Outperform
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