Sawasdee – August 11, 2021

To move sideways at 1,530-1,555 without a driver

Market outlook & strategy
We expect the SET to move sideways with lower bounds at 1,536 and 1,530, upper bound at 1,550-1,555 as there is no driver. Rampant COVID-19 spread in the country continues to dampen sentiment. Tactically, we urge investors to begin accumulating 25% of their portfolio when the market moves around 1,500. Buying must be selective and speculation should be done with great caution.

Industry analysis
Petrochemicals – Product spread widened on cheaper naphtha
Company analysis
AP – 2Q21: Beat on lower SG&A – Neutral
AWC – 2Q21: Beat on extra item, core loss missed – Neutral
BDMS – 2Q21: In line with SCBS, missed market – Outperform
BJC – 2Q21: Below market estimates – Outperform
GFPT – 2Q21: Beat market estimates on higher sales – Upgrade to Outperform
IRPC – 2Q21: Slightly above estimates – Neutral
JASIF – 2Q21: Earnings in line – Neutral
MAKRO – 2Q21: In line with SCBS, below consensus – Neutral
MTC – 2Q21: Missed on opex and fee income – Outperform
PCSGH – 2Q21: Net profit growth both YoY and QoQ – Underperform
SPALI – 2Q21: Beat by 15% with impressive growth – Outperform
TCAP – 2Q21: Beat on one-off gains; good dividend – Neutral
THANI – 2Q21: Manageable asset quality deterioration – Neutral
TOP – 2Q21: Missed on losses from derivatives – Neutral