Sawasdee - February 28, 2019

Supported by fund flows and oil price

Market outlook
The SET was able to stand at 1655-1660, which is firm support. If price does not fall below support, the trend is upward. Foreign funds flowed into TFEX, as they were net LONG in SET50 index futures and single-stock futures. Recovery in oil price will support Energy today. We expect market to rise further with resistance at 1672. If price breaks 1672, sentiment will be clearly positive. The next resistance is at 1678.
Market strategy
Selective buy in Energy from recovery in oil price and GRM: PTT, PTTEP, TOP and IRPC. Commerce: GLOBAL, top potential growth of the sector and BJC, 4Q18 earnings beat consensus. Hold Media with earnings recovery in 1Q19: MAJOR and RS Today's technical picks: JWD and PTTEP
Company analysis
BJC - 4Q18: Beat estimates on margin and taxes - Buy
CENTEL - 4Q18: In line with SCBS but missed market - Neutral
ESSO - 4Q18: Hit by weak GRM and stock loss - Neutral
HMPRO - 4Q18: In line with estimates - Buy 
IVL - Transforming its asset portfolio - Buy
QH - 4Q18: met estimates; small growth in 2019 - Buy