‘Movers & Shakers’ on the SET for September 10

Thailand’s stock market saw a slight dip on Thursday with some foreign funds flowing out. Thursday saw some more sell off despite an uptick (+7.5 billion baht) from investment into shares of LH Financial Group Plc (LHFG).

The SET Index ended the day yesterday at 1,629.12 points down 11.33 points on trade at 91.09 billion baht. 

The market saw retail investors being the net buyers(+1.83 billion), local institutions were net buyers (+1.09 billion baht), and foreign investors were net sellers (-2.37 billion baht).

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Issues to Watch Out – Politics and Economy

  • The house cleaning in the ruling party finally happened with resignations of two controversial deputy ministers in the cabinet – Thamanat Promopowm and Narumon Pinyosinwat. Both are not key ministers yet provided voting strength to the coalition. Not much impact expected on the market sentiment.
  • Crude oil to remain under pressure as China begins to release some of its stockpiles. Although the US oil piles fell last week the most due to Hurricane Ida.
  • China may help ease oil price to control sharp rise in its own PPI recently
  • August consumer confidence fell for the 6th straight month and to the lowest level since Oct ’98 to 39.6.
  • Thailand’s sugar production is set to climb for the next two years with higher rainfall and increased planting, bouncing back after the country hit a decade’s low.

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

  • DOHOME – (6 BUYs, 2 Holds, TP of 33.50 baht) – Remains optimistic of strong recovery in 4Q from the reopening and addition of new stores. Margin in 3Q may have softened a bit due to lockdown but same stores didn’t hut much, the company revealed to analysts yesterday. Trading at price to book of 6.9x, it is one of the most overvalued stock in the sector – perhaps due to expected rise in profit of 180% this year. 
  • Electronics – Broker are warning about speculative build up in DELTA, HANA and KCE. With low free float of 10% of DELTA held by retail investors, a few investors fear that foreigners are using DELTA to manipulate SET50 Index performance. SEC to launch investigation into manipulation and may find nothing as it did last time the investigation made earlier this year
  • STEC – Cancels plans to buy a unit of STPI due to business due to Covid. This is a low impact news but highlights that some internal issues with the group as the covid outbreak was known when STEC proposed the acquisition. 
  • U City – Sharp rise in turnover yesterday. The stock is overly expensive on charts and may see profit taking today.
  • THAICOM – hands back 2 satellites to the state-run National Telecom  as 30yr concession ends. Talks are that NT may hire THAICOM to handle the systems for them. Positive for THCOM, INTUCH

Noteworthy short sales yesterday

(amount of short sale, % of daily turnover) 

Short sale continued in 

  • MTC – 63 million baht 28% 
  • SAWAD – 634 million baht 18% 

New on this list 

  • BTS – 120 million baht 35%
  • BDMS – 125 million baht 17.2%
  • MINT – 90 million baht 19%

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