Sawasdee – November 12, 2021

Tags: SAT, OSP, KEX, GFPT, ESSO, AWC, BAM, BEM, CENTEL, CPALL, CRC

To rise, supported by capital inflows and good news for banks

Market outlook & strategy
The SET is likely to move up, backed by capital inflows, evidenced by the appreciation of the Thai baht, as well as the good news that the BoT is allowing banks to pay dividends. We assign resistance at 1,635. Breaking the resistance will firm the recovery and we assign the next resistance at 1,640. Support is at 1,620-1,626. Tactically, we suggest buy selectively or speculate carefully.

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Company analysis
AWC – 3Q21: Beat on extra item, core missed - Neutral
BAM – 3Q21: In line with expectations - Outperform
BEM – 3Q21: In line with expectations -  Outperform
CENTEL – 3Q21: Below estimates - Neutral
CPALL – 3Q21: Missed estimates from weak margin - Under review
CRC – 3Q21: Losses in line with estimates -  Outperform
ESSO – 3Q21: Disappointing profit plunge -  Underperform
GFPT – 3Q21: Misses on GPM & equity income -  Outperform
KEX – “Dominance” strategy pressures ST outlook -  Downgrade to Underperform
OSP – 3Q21: Earnings meet forecast -  Outperform
SAT – 3Q21: Met estimates -  Underperform