Kaohoon’s Top News on July 8, 2021

Top news from “Kaohoon Turakij Newspaper” to start the trading day on July 8, 2021.

Thailand’s plan to reopen in 120 days became unfeasible as domestic Covid-19 cases approached 10,000 a day, raising concerns that a lockdown may have to be imposed on this Friday. Additionally, the vaccination rollout continues to fall short of the target. As a result, institutions and foreign investors withdrew over 2 billion baht yesterday (July 7), causing the SET Index to fall 15 points. 

The analyst stated that the Thai stock market closed lower as investors were worried of stricter measures from the government due to the remaining high Covid-19 cases, as well as a weakening Thai baht. Thus, analysts predict a support level between 1,550 and 1,565 points.

Mena Transport (MENA) closed 106.67% higher on its first trading day, with a trading value of 7.43 billion baht. Mrs. Suwanna Kajonwuttidat, Chairman of MENA’s Executive Committee, unveiled a strategy to expand transportation services, with the goal of completing three projects by 4Q21.

Electricity Generating (EGCO) plans to close a 700MW merger and acquisition agreement soon, which will include 2-3 power plant projects in the United States, in order to boost production capacity to 1,000MW by the end of the year. The company expects to grow its renewable energy portfolio to 30% and accelerate collaboration in the battery business to gain a position in the EV Value Chain market.

North East Rubber (NER) will report its 2Q21 operating results on August 9, 2021. Analysts expect that NER’s second-quarter earnings would be 440 million baht, up 95.5%, as a result of its continuing growth in rubber sales volume, bringing the company’s first-half net profit to 806 million baht, up 183.1%. Hence, analysts have given a “BUY” recommendation on NER with a target price of 9.50 baht.

Due to a lackluster response, the National Broadcasting and Telecommunications Commission (NBTC) considered deferring the orbital slot auction until August 21, 2021, from July 24, 2021. NBTC stated that it would write to the Ministry of Digital Economy and Society (DES) expressing its inability to postpone bidding until a new board is appointed, citing the legal requirement to preserve Thaicom 5 satellite orbit.

Exotic Food (XO) will begin manufacture of hemp sauce in September, with the goal of exporting in September. XO anticipates reporting its 2Q21 operating results on August 13, 2021, confident that revenue would exceed 10% growth, boosting net income to a new record of 30%-40%.     

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