Sawasdee – August 3, 2022

Limited upside around 1,600, pressured by China-US tension

Market today
The SET is seen to have short-term limited upside at 1,600 and is likely to then slow down to reduce the heat due to political tension between China and the US after the US House Speaker visited Taiwan, making China unhappy as well as continued concerns over a recession. Supports are at 1,580 and 1,570, in that order.

Company analysis
GLOBAL - 2Q22: In line with market estimates - Neutral
HMPRO - Accelerating growth YoY in 3Q22F - Outperform
MST - 2Q22: Poorer, tagging weaker capital market - Downgrade to Underperform