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Sawasdee - May 24, 2018

Snaking sideways, boost from train auction

Market outlook: Regional markets will be pressured by the US statement of intention to apply tariffs on automotive imports. In our view, the impact on the Thai economy will be limited (US is trying to pressure Mexico and Canada in the NAFTA deal). We expect the good news of progress towards a general election and high-speed train linking the three airports to move the SET up. We see downturn supports at 1745 and 1740. Resistances stay at 1768 and 1775.

Market strategy: We suggest BBL and SEAFCO on technical factors. On the earnings wrap-up, we recommend BDMS, CHG and VGI as tactical plays on strong results and outlook. Medium and long-term investors can now restart to accumulate position in the market.