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Market Outlook 20 Novenber 2008
The SET is expected to be under pressure from both domestic and overseas factors. Political uncertainties have again emerged as a major obstacle to any progress, particularly on the economy as possible violence between opposing forces is likely to distract the Government from focusing on economic stimulus. Moreover, commercial banks have cut their '09 loan growth targets, while unemployment is gaining momentum (though still lower than in the US). At this moment, we recommend holding cash as the market's jitters would push the SET down below our forecasted forward PER of 6x or 400 points. The next support would be at 390 points.
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TICON -
Buy
TICON: Impressive 4Q08, but expect slower growth in 2009; Buy, Fair Value Bt9.28 |
KBANK -
Buy
KBANK: Cut ’09 loan growth target to 6-7%; Buy, Fair value under review |
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|
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|
| SET |
393.85 |
 -14.66 |
| Volume |
8,901.93 |
Mil Baht |
|
| PTT |
|
142.00 |
-8.00 |
| BANPU |
|
167.00 |
-8.00 |
| PTTEP |
|
84.50 |
-2.50 |
| ADVANC |
|
73.00 |
-4.00 |
| KBANK |
|
45.75 |
-2.00 |
|
| TKS-W1 |
 |
0.04 |
0.01 |
| ESTAR-W2 |
|
0.04 |
0.01 |
| STHAI-W1 |
|
0.04 |
0.01 |
| BLAND-W2 |
|
0.05 |
0.01 |
| MFC |
|
12.40 |
2.40 |
|
| KK-W3 |
|
1.50 |
-1.98 |
| TFD-W1 |
|
0.22 |
-0.16 |
| BLAND-W1 |
|
0.02 |
-0.01 |
| HTC |
|
1.43 |
-0.61 |
| UT |
|
1.98 |
-0.84 |
|
|
