Today's reports

Take profit and wait

Market outlook
We expect the SET to slip from profit taking as we do not see anything to lift. Trump told the Economic Club of New York that China wants to make a deal but did not give details nor did he say he would delay European auto tariffs. Institutional investors were still net sellers in the SET. We see support at 1,620 and if the SET breaks the support, downward reversion will be firmed. Upside is limited at 1,632 and 1,637.
 
Market strategy
Selective buy in stocks with good earnings outlook and individual catalysts: AMATA, CPF, MINT, SAWAD, TRUE. Today’s picks: BLA, CPALL.
 
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Industry analysis
Petrochemical – Product spread down on higher naphtha cost
 
Company analysis
AAV – 3Q19: In the red, but less so – Buy
AP – 3Q19: Down on fewer transfers; 4Q19 best – Buy
BCH – 3Q19: Strong, as expected – Buy
BDMS – 3Q19: Beat on wider EBIDTA margin – Buy
BJC – 3Q19: Core profit misses estimates – Neutral
BLA – 3Q19: Beat with improvement on all fronts – Buy
CENTEL – 3Q19: Below estimates. Put under review – Neutral
CPALL – 3Q19: Good, in line with estimates – Buy
DCC – 3Q19: Misses on weak sales & margin – Neutral
ERW – 3Q19: In line with estimates – Buy
GLOBAL – 3Q19: Beat estimates on wider margin – Buy
MINT – 3Q19: Net profit beat on extra gain – Buy
PTT – 3Q19: Weaker profit as expected – Buy