CGSI looks at today's SET frame at 1380-1385 points, with a preview of 'banks' balance sheets for Q1 2024.

CGS International Securities (Thailand) Limited or CGSI Today's analysis (April 4, 2024) said that Thai stocks are still able to hold at 1,380 points, although the US 10-year bond yield has rebounded to 4.30-4.40%, in line with the view that the SET will remain… The index fluctuates in the range of 1,380-1,385 points, plus or minus 10 points, because the SET index at 1,350-1,360 points is the FWD level, the one-year FWD multiple is at – 2 SD while Thai stocks have not yet crossed 1,400 points, due Waiting for the Monetary Policy Committee meeting and announced digital money on April 10, 2024

Yesterday's US economic figures, Special Payrolls or ADP, rose by 184,000 baht, better than expected. Supporting an interest rate cut by the Fed in the second half of the year or the fourth quarter of 2024.

Regarding the issue of operating results, it is recommended to continue examining the balance sheets of the Bank Group for the first quarter of 2024. The balance sheets of the banks to be reported as of April 17, 2024.

For recommended stocks

I-Tel Corporation Public Limited or International Trade Centre : After the pet food export in February strong growth of 21.5% over the previous year, if the export of pets, dogs and cats will grow by 30% over the previous year.

CP All Public Company Limited or CPALL : Net profit is expected to continue to grow strongly in the first quarter of 2024 from the still strong convenience stores and increased revenue share from CPAXT. CPALL remains a notable retail stock and has a low P/E in the 8-year cycle

As for the situation in which the Bangkok City Council decided to use the accumulated funds of 23.4 billion baht to pay off the debts of the Green Line in terms of operating trains and the mechanical system (E&M) for the extension of the second phase, the research department expects that BTS Group Holdings Public Company Limited or BTS You will receive the money within 6 months.

However, BTS was unable to recognize this amount as income. Although Bangkok will pay off some debt, it will ease pressure on the company's balance sheet. But that would likely drag down BTS's net interest income as well.

Total commitments related to the Green Line project reached about 53 billion baht in December. No. 66 BTS still has a debt dispute of about 30 billion baht in operations and maintenance (O&M) wages with Bangkok.

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