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INVX 23/2/2567: CPAXT Outperform/ raise target price to Bt 39 from Bt 35 from higher synergy benefit (+1% of Sales) and margin improvement (Earnings upgrade by 2% in FY’25 and 5% in FY’26) ***Stocks of the day Prefer KTB and CPALL***Program Trading Buy STA BDMS SCB MTC vs Sell SCGP

INVX 22/2/2567: IPO PANEL Bt 3.68 listing today (ผนัง ประตูบานเลื่อนอัตโนมัติ FA Globex)/ XD SCCC Bt 7.00***Research Buy BDMS Outperform tp Bt 35 and KTB DY 5.9%***Romadon Season to hurt BH 4Q’65 Earnings weaker***Research Downgrade BLA to Neutral ,cut tp to Bt 22 (from Bt28,Outperform)/ SAT Underperform, cut tp to Bt 21 ( from Bt 22)***Program trading Buy SCB MTC CPAXT SPALI vs Sell SCGP***MSCI Index rebalancing on end of Feb29 to delist 66 China companies vs increase weighting in India and Asia

INVX 21/2/2567: Upgrade GFPT to Outperform,raise target price to Bt 14.50/MTC Neutral, raised tp to Bt 43/SCCC Neutral, raise tp to Bt 160 vs Cut SPRC Neutral tp to Bt 11 vs Underperform WICE tp Bt 5.40 current price 5.85***Flows Buy Bank higher dividend play (SCB TTB) and Program trading Buy CPAXT STA vs Sell KCE *** Flows Sell Tech and Telecom vs Buy Bank and Commerce ***Bitcoin Miner Cluster paper ***XD THCOM Bt 0.13 today/ tomorrow 22/2/2567 SCCC Bt 7

Today IPO NL Bt 2.60/SET Cons(STEC CK) listing today/ Research Prefer BEM TNP / Carbon Credit benefit GUNKUL WHAUP( แสงอาทิตย์),TPCH TMI SKE TGE/ ปลูกป่า DITTO ACE AIT BRR/ Battery EV EA NEX BYD GPSC /THCOM ดาวเทียมสำรวจพื้นที่ป่าไม้ vs Negative หุ้นปล่อยกาซเรือนกระจก PTT Group SCC SCCC ***

INVX 19/2/2567 : Cut tpTHANI Neutral to Bt 2.30(from Bt 2.80) and DELTA Neutral tp Bt 79.50 ( from Bt 81) : Daily trading KTB CPAXT : Today Analyst meeting 19 Feb. 10.00 TOP PSH / 10.30 EPG/14.00 BTS&BTSGIF : Program trading Buy CPAXT JMT SKY CK vs Sell THANI : Cautious Consumer Finance ( THANI weaker Earnings/cut E’24 by 20% and target price to Bt 2.30 ) and Auto 4Q’23 Earnings downside risk on AH : GS OW Japan US vs Neutral Europe MXAPJ and Cash Commodities(3/6/12 m Gold 2065/2125/2175) and Brent Oil ( 80/85/80) vs UW Credit : GS MXAPJ rose 2%, led by China offshore/Hong Kong, Taiwan, Singapore and Indonesia (+3-4%), while Thailand, Australia and Philippines (flat) lagged. China A closed for the CNY holidays. : GS Sector : Consumer Retails, Autos and Tech outperformed Healthcare, Materials and Energy sectors

INVX Target price changed for BBL Outperform / BBLCut target price to Bt 185 from Bt 190/KCE cut tp to Bt 52 from Bt 61( E’24-‘25by - 11-12% ) vs Prefer TOP raised target price to Bt 77 from Bt 71***Mkt flows Buy Contractor STEC CK vs Sell Tech KCE DELTA HANA***CPAXT +Ek-Chai Amalgamation deal with no tender offer but less free float from 15.3% to lower 15% ( Penalty fee and CPALL 60% holdings to sell in mkt to increase free float) ***

INVX 14/2/2567 IPO EURO Bt 10.60 listing today in MAI/ Consumption ( rerate GLOBAL DOHOME HMPRO*Trinity FA) ***Stocks of the day Prefer BEM and PTT / Research Cut target price of AOT to Bt 80 from Bt 84/4Q23 Earnings miss : OR IRPC KCE***Mkt Talk : MSCI to remove China stocks from MSCI list due to lower mkt cap./ valuation***Higher US CPI to mark down NASDAQ -2% vs push Bond yield up to 4.3% and risk of Fed cut interest rate slower in 2H24

INVX 13/2/2567 : Prefer TOP better 4Q’23 and 1Q’24 Earnings with DY5% and BGRIM /AOT Earnings miss and downside risk 10% +Analyst meeting today afternoon /Research GLOBAL Outperform tp Bt 19.20 if adjusted stock dividend XD Feb.23 target price to Be Bt 18.50/ CRC Cut target price to Bt 44 from Bt 48 / EPG Neutral tp Bt 8.90 from high SG&A and loss TJM / PTTGC Neutral tp Bt 50 from 4Q23 Earnings beat from extra gain from US$ bond buybacks and logistic divestment/ ***IPO NAT Bt 5.40 listing in MAI/ TECH ***MSCI รอบเดือนก.พ. 2567 มีผล ณ เวลาปิดตลาดของวันที่ 29 ก.พ. 2567* 🔸 MSCI Global Standard Index ไม่มีหุ้นเข้าใหม่ ออก 3 หุ้น - BANPU BJC OSP 🔸 MSCI Global Small Cap Index เข้า 5 หุ้น - BANPU OSP GLOBAL SKY TISCO ออก 2 หุ้น - BEC SUPER 🔸 MSCI จะมีการประกาศทบทวนดัชนีในครั้งถัดไปในวันที่ 14 พ.ค. 2567

INVX Stocks of the day Prefer TU and CPAXT GS Cut Thailand SET Index 12 m target to 1,480***Downgraded Thailand to Marketweight ***GS buy MINt/ Cut target price from Bt 34 to Bt 33.25 ***Program trading Buy TTA JTS ( Cryto play) and JMT BEAUTY MCA ***Research BAM Neutral/cut target price to Bt 8 from Bt 9 and GPSC to Bt 70 from Bt 75

INVX 9/2/2567 : MINT Analyst meeting today at 13.00-15.0O MS Team/4Q23 Earnings miss from extra items Fx loss and Derivative a/c ***Stocks of the Day Prefer AP DY 5% and E’66-67 high record and SPRC laggard and BZ benefit***Chinese New Year Food sector pick Prefer TU vs neutral CPF GFPT BTG***

INVX 8/2/2567 : Positive 4 Q23 Earnings play + CRC BJC ONEE vs negative KEX ***Overweight Tourism Prefer AOT ERW MINT and AAV vs Neutral CENTEL AWC ***INVX expected Thailand’s 4Q23 GDP at 1.8% YoY and 2023 st 2.0% (from +2.5%). Thai interest cut by 25bp in April and June to 2.0%. GS lowers Thailand’s 4Q23 GDP growth to +2.3% YoY (from +4.0% YoY), now forecast 2023 growth of +2.1%. Cut 2024 GDP growth to +2.6% (from +4.0%, previously) to fade digital cash handouts out of baseline. GS expects the BOT to cut rates 3 times this year starting from June, Aug and Oct. Interest rate cut theme positive to Powers, Consumer Finance, Property, but negative to Banks.

INVX 7/2/2567 MPC meeting วันนี้ดร ออสตินมองเสียงแตก และไทยเข้าสู่ภาวะ Deflation มีโอกาสไทยจะลด ดอกเบี้ย ปีนี้ 2ครั้ง มิย/สค2567 ***จีนประกาศมาตราการกระตุ้นเศรษฐกิจ มีกระแส Foreign flow Buy China/ Thai + Tourism Prefer AOT BDMS / EEC WHA AMATA/ Energy Petrochemical vs Negative ประกันสังคมปรับลด RW จาก 12,000 to 10,000 บาท กระทบ % bottom line‘2567 worst case BCH CHG by 3%-4% and RJH 9%-12%***ADVANC higher SG&A Neutral Bt 245/ JASiF ประกาศลดทุน คาดไม่จ่ายดอกเบี้ยถึง 1H2567 และจะกลับมาจ่าย 2H2567 Neutral tp Bt 8 แต่ถ้าปี2035 ไม่มีการต่อสัญญา target price จะปรับลดเหลือ Bt 7/ BTS คุณคีรีประกาศขายหุ้น KEX ล้าง P&L มุมมองเป็นบวก