‘Movers & Shakers’ on the SET for September 9

Thailand stock market saw a slight uptick on Wednesday but what was surprising was the influx of foreign investors who were net buyers (+7.5 billion baht).

The SET Index ended the day yesterday at 1,640.45 points up 4.00 points with a trade value of 89.92 billion baht. 

The market saw retail investors being the net sellers (-4.3 billion baht) and local institutions were net seller (-2.6 million baht).

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Most Active stocks

Listed below are the most active stocks yesterday.

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Issues to Watch Out – Politics and Economy 

Government cancelled the meeting to raise public debt to GDP ceiling yesterday.

Here are some of the key stocks to look out for today

  • LH Financial Group Plc (LHFG) – In a follow up transaction, CTBC bank bought another 11% to up its stake to 35.6%. The trade of 4.2 billion baht skewed the foreign net buy yesterday as net foreigner buying was recorded at $229m which should be reduced to net buy of $100 million after adjusting this trade.
  • Kasikorn Bank Plc (KBANK) – Is talking up about increased income from fee for e-tax filing via its digital apps. Other banks to follow
  • Bangkok Post Plc (POST) – Appoints Ranachit Mahatanprit, a long-term executive with Central Hotels as CEO of Bangkok Post.  A low impact news for both CENTEL and POST.
  • Berli Jucker Plc (BJC) – To attempt boost sales from its pharmacy at the BIGC outlets by investing 7-7 billion baht in selling antigen kits. Brokers have downgraded earnings a bit post 2Q results. It has 11 Buys, and 2 Sells with target price of 37.50 baht.  An underperformer versus peers, it seems to be losing out the market share to MAKRO
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  • Bumrungrad Hospital Plc (BH) – Bualuang Securities reiterates BH as best buy in the healthcare, one has to note that Bangkok Bank and Bangkok Insurance and Bangkok Asset Management hold almost collectively hold more than 25% of BH.
  • Bualuang Securities reiterates buy on SAWAD and Muangthai Capital Plc (MTC) best bets in consumer finance segment. Domestic funds have been cut their holdings in finance stocks to buy TIDLOR in 2Q. 
  • Sadly all of out of favor on foreigners’ order pad. Foreign ownership of MTC is just 11%, of SAWAD 28% and of TIDLOR 34%.
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Two large and noteworthy short sales yesterday –

  • SAWAD – 81 billion baht, 21% of turnover 
  • PTT – 304 billion baht – 19.5% of turnover 
  • HANA – 124 billion baht or 14% of turnover
  • AOT – 170 billion baht or 13% of turnover
  • SEAFCO – Krungsri Securities cuts to HOLD.  A few more brokers downgrading this small market cap
  • XPG – New capital raised of 5.7 billion baht to begin trading on 10 Sep. Expect profit taking today.
  • Thai Union Group Plc (TU) – Shares of TU has been on a rise and yesterday they rose by 6.47% to end the day at 21.40 baht a share with more than 86.86 million shares traded. 
  • This come as a few brokers have upgraded its outlook. On PER valuation it now looks trading just above 5-year average PE of 13.8x – down from 17.5x observed in 2Q21, just before the recent earnings upgrade. 
  • TU is 8% below 52 week high, while its other peers such as ASIAN (low 14D RSI at 35) a pet food exporter is up 5% – sympathy sentiment? 
  • TU also had knowledge sharing on its pet care business. How good is the demand outlook (+4-5% CAGR), how big is the market that it can penetrate – was $150 billion in 2020 (TU’s sales $396 million). 
  • TU is also dangling the prospect of listing the pet care subsidiary (creatively named I-Tail) in 2022 in addition to the feedmill business listing (4Q21) and possibly the Red Lobster operation in the USA.
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  • Siam Makro Plc (MAKRO) – One of the biggest gainers in the market since its announcement of merger between the ‘cash & carry’ operator MAKRO with that of the nearly 2,000 branches of Lotus’s hypermarket that the CP Group acquired in January 2020.
  • Shares of MAKRO rose by as much as 10.3% pushing its market capitalization reaching as high as 270 billion baht.
  • Share price rose 10% yesterday on foreign buying MAKRO as a pure and direct buy on consumption versus BJC and CPALL. Expect profit taking at it looks overbought on charts with 14D RSI at 86.
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