Pi Securities: Foreign Investors' Cumulative Net Selling of 30.5 Billion Baht Weighs on SET, Forecast Range 1,545-1,570 Points

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Pi Securities reported that foreign investors net sold 10.7 billion baht of Thai stocks, bringing cumulative net selling to 30.5 billion baht since September 22. Part of this is believed to stem from concerns over domestic flooding along with profit-taking. Pi Securities noted that the flooding factor may have less impact than the question of whether the outstanding profits of the energy and petrochemical sectors next year can match this year's, compared with the consensus EPS forecast of 117 baht per share. Pi Securities estimates the SET range at 1,545-1,570 points, suggesting investors may trim their portfolios somewhat and focus on defensive sectors such as communications, hospitals, exports, construction contracting, and industrial estates. Its recommended stocks include CK with a target price of 23.10 baht, based on progress in the government's approval of large-scale projects; most recently, three Phase 2 double-track railway projects worth a combined total of over 100 billion baht were approved. It also recommends WHA with a target price of 5.60 baht, based on expectations that data center factories will be completed and boost the earnings of WHAUP, in which WHA holds a 70% stake. In the US market, the DJIA closed down 444 points, or 0.86%, overnight, after PCE inflation expanded 3.4%, below the market's expectation of 3.7% year-on-year, but rising oil prices pressured US government bond yields higher. Meanwhile, the CME FedWatch tool assigns a 62% probability that the Fed will keep interest rates unchanged at its October meeting.

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Industrials▲ · 1 stocks
CH. Karnchang PCL
CK
▲ PositiveDemandrelevance

Pi Securities recommends CK with a 23.10 baht target, citing approval of three Phase 2 double-track railway projects worth over 100 billion baht.

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