Sawasdee – August 16, 2022

Tags: AAV, AH, BTSGIF, CENTEL, CRC, ERW, LH, SAWAD, TQM, TRUE

Maintaining cautious view. Negative if it falls below 1,612

Market today
The SET is slowing and we maintain our cautious view, expecting profit-taking after a steady rise in the market. The Thai baht is starting to weaken again, leading to expectations of a slowdown in foreign inflows. Oil price has also begun to decline, adding pressure via the Energy sector. The lower bound is at a support of 1,612 and a fall below that would be a negative signal. The market has not been able to push through resistance of 1,630.

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Company analysis
AAV – 2Q22: Larger loss from unrealized FX loss – Underperform
AH – 2Q22: Beat on FX gain, core profit in line – Outperform
BAM – 2Q22: Better, as expected – Neutral
BTSGIF – 1QFY23: Core profit beats consensus – Neutral
CENTEL – 2Q22: Earnings improved YoY and QoQ – Neutral
CHG – 2Q22: In line with estimates – Neutral
CRC – 2Q22: Beat estimates on strong sales & margin – Outperform
ERW – 2Q22: Lower loss as expected – Outperform
LH – 2Q22: Earnings up both YoY and QoQ – Outperform
SAWAD – 2Q22: Misses on opex, beats on NII – Downgrade to Neutral
TQM – 2Q22: Big miss; disappointing on all fronts – Downgrade to Neutral
TRUE – 2Q22: Results beat consensus estimates – Neutral