Sawasdee – August 10, 2022

Moving between 1,600 – 1,628. Follow US inflation report

Market today
We expect the SET to move between 1,600–1,628, supported by foreign fund inflows as the Thai baht continues to appreciate. However, we expect limited short-term upside as investors expect the US inflation report, to be released tonight, to show a slowing as forecasted. The MPC is expected to raise rate by 25 bps at its meeting today.

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Industry analysis
Petrochemicals – Naphtha-based producers to benefit
 
Company analysis
AP – 2Q22: Up YoY but down QoQ, as expected – Outperform
DCC – 2Q22: In line with our estimates – Neutral
GGC – Solid 2Q22 profit was in line – Neutral
IRPC – 2Q22: Strong profit, as expected – Neutral
JASIF – 2Q22: Earnings in line – Neutral
MTC – 2Q22: Robust loan growth with provision hike – Outperform
SPALI – 2Q22: Net profit 30% above estimates – Neutral
THREL – 2Q22: Up YoY, down QoQ as expected – Upgrade to Outperform