The Thai stock index on January 13, 2023 closed at 1,681.73 points, down 5.72 points, with a trading value of 87,659.72 million baht. Foreigners bought a net of 517.46 million baht.

There was profit taking on big cap stocks that had risen sharply earlier, especially DELTA stocks, hitting the market index despite positive factors from US inflation.

Continuing slowdown encourages FED to slow down interest rate hikes

Asia Plus Securities Research gives Thai stocks a 1Q23 target to swing within a frame of 1,677-1,740 points under the assumption of Market Earning Yield Gap at 4.2% and EPS at 99.2 baht/share, including expecting interest rates this year at 1.50. -1.75%, but if it rises above this level

Be wary of selling pressure

Recommend investment strategies

Focusing on stocks with growth potential based on 3 investment themes: 1. Domestic Consumption stocks with outstanding stocks STEC, COM7, GULF 2. Chinese theme, open country, top stocks such as AOT, ERW 3. Stocks that pay dividends, recommend AP, ASK. !!

There are 4 main positive factors for Thai stocks: 1. The overall Thai economy in 2023 will grow more prominently than the global economy, expected to expand by 3.8%, higher than the global economy that grew only 2.6%, driven by tourism that recovered quickly after China opens the country

2. Profits of listed companies in 2023 are expected to grow 6% from the previous year, especially for non-energy stocks that are expected to grow 11.7%.

3. The direction of foreign fund flow inflows from the more stable baht.

After the baht tends to appreciate in line with the current account balance and the increase in international reserves

4. Positive expectations for government policy

near election time

According to statistics from the past 2001-2019, it was found that 3 months before the election, the SET Index usually returned a positive average of 3.9%.

Part 4 Risk factors that limit the rise of Thai stocks

is a risk to the US economy

and Europe entering a recession, creating negative sentiment on regional stock markets including Thai stocks, raising interest rates of

The MPC will narrow the gap between stock market returns and bond yields, imposing sales tax on stocks.

It will affect the market direction during the rebalancing period, especially before the real tax collection.

Finally, the volatility of the DELTA stock price may come back to put pressure on the market after it has risen since Nov. 22 to the present by 45% until the PER level of 2023 has risen to as high as 64 times. Every change in DELTA stock price The 1% level will affect the SET Index approximately 0.85 points!!

Index 51