– The Bank of Thailand has announced a debt consolidation program to prevent NPL and provision from the banks after the debt moratorium program ends in October. Analysts expected KTB, SCB and TMB to benefit the most.
– BGRIM expected to sign a PPA of the LNG to Power power plant deal in Vietnam with a 2,700MW in early 2021. Prior to this, the company already signed the 3,000MW power plant contract in Vietnam, while setting aside 180 billion baht for investment funds. The company expected its total production capacity to reach 7,200MW in 2025.
– The Board of Directors of PTTEP approved an extension of the CEO position for Phongsthorn Thavisin by one year, expecting to settle the Erawan controversy regarding the dismantlement of drillers and equipment at the site.
– GULF, as a holder of 256.28 million shares in INTUCH, will book a total of 294.73 million baht. The dividend payment date is September 3, 2020, which will directly record in GULF’s 3Q20 earnings.
– The probe for corruption in THAI will be submitted to the Thai PM today. Data showed that the purchase of A340 fleets for a total of 10 aircraft was the beginning of THAI’s decline.
KGI Securities viewed that SET Index’s downside is limited and a stronger market is likely through the remainder of 2020, premised on i) more economic stimulus that should ensure the Thai economy has passed bottom and ii) the coming catalyst on conditional re-opening to international tourists and patients. Sector-wise, we like tourism, commerce and selective names in healthcare spaces. MINT, CENTEL, CPALL, GLOBAL, DOHOME and BDMS looked attractive in KGI’s view. For big-cap commodity plays, KGI preferred PTT and PTT PTTGC.