Sawasdee – August 11, 2022

Tags: TIDLOR, SAT, PTTGC, KEX, IVL, CPALL, BLA, BJC

Short-term benefit from slowing US inflation, but overall upside is limited

Market today
The short-term support provided the SET by a slowing in US July inflation is already partly in the market, and we recommend being cautious of selling after the end of 2Q22 quarterly report season. Overall the SET has limited upside, with resistance between 1,620 and 1,628; the lower bound is a support line of 1,605. Falling below this is a negative signal; next support will be at 1,590.

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Company analysis
BJC – 2Q22: Good, in line with estimates – Outperform
BLA – 2Q22: Beat on investment gain – Outperform
CPALL – 2Q22: Below estimates – Outperform
IVL – 2Q22: Profit continues to improve QoQ – Outperform
KEX – 2Q22: Weaker than expected – Underperform
PTTGC – 2Q22: Still hurting from hedging loss – Neutral
SAT – 2Q22: In line with market estimates – Underperform
TIDLOR – 2Q22: Stronger NII offset by provision hike – Outperform