Sawasdee – May 14, 2021

Tags: TQM, THANI, TCAP, SCCC, SAT, QH, PTT, MINT, KEX, GFPT, AOT, BAM, BEM, CENTEL, ERW, ESSO

To rebound in line with foreign stock markets but upside is still limited. Expect more volatility

Market outlook & strategy
The SET is likely to technically rebound today, boosted by good sentiment from foreign stock markets after long-term US Treasury yield dropped. However, upside is limited so the market is expected to swing in the range of 1,520-1,566. Concerns on rising inflation and local COVID-19 outbreak are key pressures. We recommend investors downsize portfolios when the market recovers. Trading should be selective in defensive stocks.
 
Download
 
Company analysis
AOT – 2QFY21: Loss as expected – Neutral
BAM – 1Q21: Miss on low NPL gains – Outperform
BEM – 1Q21: Beat consensus forecast – Outperform
CENTEL – 1Q21: In line with SCBS, beat market – Neutral
ERW – 1Q21: In the red, as expected – Outperform
ESSO – 1Q21: Profit surge driven by stock gains – Underperform
GFPT – 1Q21: Misses on margin & equity income – Neutral
KEX – 1Q21: Missed expectations on higher SG&A – Neutral
MINT – 1Q21: Core loss as expected – Outperform
PTT – 1Q21: Well above estimates – Outperform
QH – 1Q21: Miss on revenue and gross margin – Underperform
SAT – 1Q21: Beat estimates – Underperform
SCCC – 1Q21: In-line with market estimate – Outperform
TCAP – 1Q21: Beat expectations on insurance income – Neutral
THANI – 1Q21: In line – Neutral
TQM – 1Q21: In line with estimates – Outperform