Analysts expect Thai stock markets to be slightly lower. But the overall picture is still good: PPTVHD36

Kingsford Securities expects the Thai shares to move higher to test resistance at 1,410 – 1,415 points. InvestX Securities expects the Thai shares to be marginally lower.

Kingsford Securities SET index support is estimated at 1,390 points, resistance at 1,410 – 1,415 points, expected to remain in a sideways range after Thailand's stock market unveiled measures to curb short selling, helping reduce volatility. Additionally, it is in the process of declaring dividend payments gradually.

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InnovationX Securities expects some slowdown in the SET index. There is a capped upside around 1,410 and 1,415 resistance levels in the short-term to reduce the heat of overbought conditions in the short-term. However, overall there are still good signs. Due to bearishness, the support levels at 1,395 and 1,390 points respectively are the support points. It is also a good sign if not less.

In the short term, the Thai stock market still fluctuates within a narrow range. We await the 4th quarter 2023 results of Thai companies, which are expected to have a weaker trend due to the absence of new supporting factors both domestically and abroad. Also, the US economic numbers that are coming out gradually, the market has already understood to some extent. Therefore, the investment strategy recommends “Selective Buy”.

Best Choice Stocks

CPALL Expected 4Q23 profit to be modest at 4,800 million baht, 59% year-on-year growth, best in business group. The CVS business was supported by better sales and margins, with lower bonus costs from a higher base last year. And an increased share of profits from CPAXT (interest expenses are reduced once debt refinancing is completed) means normal profits are expected to grow 36% annually through 2023.

KTB Profits are expected to grow 12% pa through 2024, supported by lower borrowing costs with lower administrative overhead provisions and recovering loan growth. Additionally, the NIM has increased slightly, while the valuation is still cheap and the equity yield is good. A dividend of 0.92 baht per share is expected to be paid from profits in 2023, which is calculated as a 5.5% equity yield.