Editor : Eric Shu

Tel : +852-2277-6678

e-mail : foreignstock@phillip.com.hk

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THE WEEKLY AGENDA

Phillip Talks: The week ahead in gold and stocks

Thai stock market outlook: Testing key support at 1465 points

Domestic politics set to weigh on market: Thai stocks are expected to move sideways with a downward tilt between 1,465 and 1,520 points as investors await new positive catalysts to drive the market upward. The Covid-19 outbreak starts to show signs of improvement after infection rate has slowed; the number of cured patients is rising; and Chinese authorities approved the antiviral Favilavir for use in the treatment of the virus. However, the SET index remains under pressure from domestic factors as (i) the no-confidence debate against six cabinet ministers is expected to weigh on the market at the start of the week, (ii) all eyes will be on whether there will be any protest rally against the Constitutional Court's decision to dissolve Future Forward Party, and (iii) speculation is rife that the country’s GDP my show no growth or contraction in the first quarter amid concerns over the global economic impact of the COVID-19 epidemic. Technically speaking, we see key support at 1465 points and if the SET manages to hold above this level, the main index may start to drift sideways.

SET50 futures trading strategy: Open short position in a range of between 990-1,005 points. Cut loss when the SET rises above 1,012 points.

Gold Outlook: Gold seen biased upward, testing $1,650/oz

Bullish bias: The negative economic consequences of the Covid-19 outbreak is a key support for gold. The coronavirus worrieswere evidence in the yield curve inversion in the US short- andmedium-term bond markets and in SPDR Gold Trust holdingswhich hit a four-year peak, although the Dollar Index, which hasa negative correlation with gold price, reached its five-year high.

Gold futures trading strategy: Look to open long GOH20 in arange of between $1,620-$1,630/oz. Place a stop-loss order ifprice falls below $1,610/oz.

Strategy Team #487

Key factors to watchFeb 24-27The opposition launches a no-confidence debate against the government.

Key economic data

Feb 25

▪ Germany: 4QFY19 GDP (y-y)

Feb 26 US: New home salesFeb 27 US: 4QFY19 GDP (y-y)

Feb 28

Japan: Industrial production and retail sales for Jan (y-y)

Feb 29 China: Manufacturing PMI and

Non-Manufacturing PMI (Feb)

www.poems.in.th 1

Weekly Consensus View

Sideways Down

Feb 24 - 28, 2020

02 635 1700 ต่อ 486

Weekly Technical View

Price moved up and tested resistance at aroundBt16.50 and formed the cup-and-handle pattern,while MACD is above the signal line in the positivezone. More gains could likely be on the cards.

“Sideways in range-bound mode”

The SET index bounced from support of the downtrend channel as Modi. Sto. reversed back up and nearly issued a buy signal but the index is under all EMAs which are bearish. So the SET is anticipated to trade sideways in a range of between 1,486 and 1,520 points.

Price crossed above resistance near the EMA-200but held above EMA-10, EMA-25, and EMA-75which aligned. Meanwhile, MACD marched higherin the positive zone. Thus, the stock is expected tomove higher.

SupportResistance

Support

Support

THE WEEKLY AGENDA

Resistance

resistance

ext. 485

STEC 16.00 / 15.60 17.20 / 18.30

TU15.40 / 14.80

16.40 / 17.20

1486 / 1465

1520 / 1540

www.poems.in.th 2

Feb 24 - 28, 2020

Technical Team #487

WEEKLY STATISTICS

Performance of major Asian currencies against US dollar

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

Viet

nam

Philip

ines

Hon

g ko

ng

Indi

a

Indo

nesi

a

Chi

na

Sing

apor

e

Taiw

an

Thai

land

Mal

aysi

a

Kore

a

WOW MTD YTDAp

prec

iatio

nD

epre

ciat

ion

-2.30%

-2.14%

-0.77%

-0.74%

-0.66%

-0.61%

-0.21%

0.07%

1.29%

1.80%

3.88%

-4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

Thailand

Korea

Taiwan

Hong kong

Singapore

Malaysia

India

Vietnam

Indonesia

Philipines

China

w-w Asian stock market performances

Source: Bloomberg

Feb 24 - 28, 2020

www.poems.in.th 3

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

16 D

ec 1

9

23 D

ec 1

9

30 D

ec 1

9

6 Ja

n 20

13 Ja

n 20

20 Ja

n 20

27 Ja

n 20

3 Fe

b 20

10 F

eb 2

0

17 F

eb 2

0

Thailand Philippines S.Korea Taiwan Vietnam Indonesia India

Unit: Mil US$

WEEKLY STATISTICS

Foreign portfolio Flows into 7 ASIAN bourses

Forward P/E ratios of Asian stock markets

22.19

15.71 15.35 15.3114.60

14.0213.24 12.91

12.06

10.51

0

5

10

15

20

25

India

Tai

wan

Mal

aysi

a

Tha

iland

Phili

ppin

es

Indon

esia

Vie

tnam

Sing

apor

e

Chin

a

Hon

g Kon

g

Mean = 14.35

Source: Bloomberg

Feb 24 - 28, 2020

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02 635 1700 ต่อ 486

Commodity Watch

www.poems.in.th 5

Feb 24 - 28, 2020

Source: Bisnews, Bloomberg

CUSGHYDF OILA Index Olefin Spread NEX Index (Weekly)

Positive Negative BCP, IRPC, PTTGC Positive Negative IRPC, PTTGC, SCC Positive Negative BANPU

TOP

Dubai Aromatic Spread BDI Index

Positive Negative BCP, IRPC, PTTGC Positive Negative IRPC, PTTGC, TOP Positive Negative JUTHA, PSL,TTA

TOP, PTTEP

Rubber RSS3 Sugar#11 VIX Index

Positive Negative STA Positive Negative KBS, KSL, KTIS Negative Positive SET Index

Soybeans Cotton GOLD

Positive Negative TVO Positive Negative IVL Negative Positive SET Index

Negative Positive CPF, GFPT, TU

Unit: US$/ton Unit: US$/ounce

Unit: US cents/Kg Unit: Cents/Ib

Unit: US cents/bushel

Unit: US$/bbl Unit: US$/ton

Unit: US$/bbl

Source: Bisnews, Bloomberg

Unit: US$/ton Unit: US$/ton

-2

0

2

4

6

8

10

12

Sep 19

Oct 19

Nov 19

Dec 19

Jan 20

Feb 20

GRM 1.7(-1.61)

20

40

60

80

100

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

0

200

400

600

800

1,000

1,200

0

300

600

900

1,200

1,500

1,800

2,100

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Spread: HDPE-Naphtha (RHS)

HDPE (LHS)

Naphtha (LHS)

HDPE spread 361.73(0)

0

100

200

300

400

500

600

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20Spread: Paraxylene-Naphtha (RHS)

Paraxylene (LHS)

Naphtha (LHS)

PX spread 248.31(26.46)

0

500

1,000

1,500

2,000

2,500

3,000

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

0

400

800

1,200

1,600

2,000

2,400

2,800

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Baltic Dry Index 465(44)

0

10

20

30

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

VIX index 14.38(0.23)

0

20

40

60

80

100

120

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

100

120

140

160

180

200

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Rubber RSS3 167.6(0.3)

0

4

8

12

16

20

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

600

700

800

900

1,000

1,100

1,200

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Soybeans 897.25(1)

0

20

40

60

80

100

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Cotton 68.48(0.73)

Dubai 56.17(0.74)

NEX 68.05(-0.48)

Sugar#11 15.58(0.42)

GOLD 1609.5(34.5)

Corporate Governance - 2019

www.poems.in.th

PhillipResearch PhillipCapitalTH 02 635 1700 #486

AAV ADVANC AIRA AKP AKR AMA AMATA AMATAV ANAN AOT A ABICO ACAP AEC AEONTS AJ ALUCON AMC APURE AS

AP ARROW BAFS BANPU BAY BCP BCPG BOL BRR BTS ASEFA AU B52 BCH BEAUTY BGT BH BIG BLAND BM

BTW BWG CFRESH CHEWA CHO CK CKP CM CNT COL BR BROCK BSBM BSM BTNC CCET CCP CGD CHARAN CHAYO

COMAN CPALL CPF CPI CPN CSS DELTA DEMCO DRT DTAC CITY CMAN CMC CMO CMR CPL CPT CSR CTW CWT

DTC EA EASTW ECF EGCO GBX GC GCAP GEL GFPT D DIMET EKH EMC EPCO ESSO FE FTE GIFT GLAND

GGC GOLD GPSC GRAMMY GUNKUL HANA HARN HMPRO ICC ICHI GLOCON GPI GREEN GTB GYT HTECH HUMAN IHL INGRS INOX

III ILINK INTUCH IRPC IVL JKN JSP K KBANK KCE JTS JUBILE KASET KCM KKC KWG SYE LEE LPH MATCH

KKP KSL KTB KTC KTIS LH LHIFG LIT LPN MAKRO MATI M-CHAI MCS MDX META MGT MJD MM MVP NC

MALEE MBK MBKET MC MCOT MFEC MINT MONO MTC NCH NDR NER NNCL NPK NUSA OCEAN PAF PF PICO PIMO

NCL NKI NSI NVD NYT OISHI OTO PAP PCSGH PDI PK PLE PMTA POST PPM PROUD PTL RCI RJH ROJNA

PG PHOL PJW PLANB PLANET PORT PPS PR9 PREB PRG RPC RPH SF SGF SGP SKN SLP SMART SOLAR SPG

PRM PSH PSL PTG PTT PTTEP PTTGC PYLON Q-CON QH SQ SSP STI SUPER SVOA TCCC THE THMUI TIC TIGER

QTC RATCH ROBINS RS S S & J SABINA SAMART SAMTEL SAT TNH TOPP TPCH TPIPP TPLAS TQM TTI TYCN UTP VCOM

SC SCB SCC SCCC SCN SDC SEAFCO SEAOIL SE-ED SELIC VIBHA VPO WIN WORK WP WPH ZIGA

SENA SIS SITHAI SNC SORKON SPALI SPI SPRC SSSC STA

STEC SVI SYNTEC TASCO TCAP THAI THANA THANI THCOM THIP

THREL TIP TISCO TK TKT TMB TMILL TNDT TOA TOP

TRC TRU TRUE TSC TSR TSTH TTA TTCL TTW TU

TVD TVO U UAC UV VGI VIH WACOAL WAVE WHA

WHAUP WICE WINNER

2S ABM ADB AF AGE AH AHC AIT ALLA ALT

AMANAH AMARIN APCO APCS AQUA ARIP ASAP ASIA ASIAN ASIMAR Score Range

ASK ASN ASP ATP30 AUCT AYUD B BA BBL BDMS < 50%

BEC BEM BFIT BGC BGRIM BIZ BJC BICHI BLA BPP 50-59%

BROOK CBG CEN CENTEL CGH CHG CHOTI CHOW CI CIMBT 60-69%

CNS COLOR COM7 COTTO CRD CSC CSP DCC DCON DDD 70-79%

DOD EASON ECL EE EPG ERW ESTAR ETE FLOYD FN 80-89%

FNS FORTH FPI FPT FSMART FSS FVC GENCO GJS GL 90-100%

GLOBAL GLOW GULF HPT HTC HYDRO ICN IFS INET INSURE

IRC IRCP IT ITD ITEL J JAS JCK JCKH JMART

JMT JWD KBS KCAR KGI KIAT KOOL KWC KWM L&E

LALIN LANNA LDC LHK LOXLEY LRH LST M MACD MAJORMBAX MEGA METCO MFC MK MODERN MOONG MPG MSC MTI

NEP NETBAY NEX NINE NOBLE NOK NTV NWR OCC OGC

ORI OSP PATO PB PDG PDI PL PLAT PM PPP

PRECHA PRIN PRINC PSTC PT QLT RCL RICHY RML RWI

S11 SAAM SALEE SAMCO SANKO SAPPE SAWAD SCG SCI SCP

SE SFP SIAM SINGER SIRI SKE SKR SKY SMIT SMK

SMPC SMT SNP SONIC SPA SPC SPCG SPVI SR SRICHA

SSC SSF SST STANLY STPI SUC SUN SUSCO SUTHA SWC

SYMC SYNEX T TACC TAE TAKUNI TBSP TCC TCMC TEAM

TEAMG TFG TFMAMA THG THRE TIPCO TITLE TIW TKN TKS

TM TMC TMD TMI TMT TNITY TNL TNP TNR TOG

TPA TPAC TPBI TPCORP TPOLY TRITN TRT TSE TSTE TVI

TVT TWP TWPC UBIS UEC UMI UOBKH UP UPF UPOIC

UT UWC VNT WIIK XO YUASA ZEN ZMICO

Results PresentationNumber of Logo

No logo given

The disclosure of the survey result of the Thai Institute of Directors Association

(IOD) regarding corporate governance is made pursuant to the Office of the

Securities and Exchange Commission. The survey of the IOD is based on the

information of a company listed on the Stock Exchange of Thailand and the

Market for Alternative disclosure to the public and able to be accessed by a

general public investor. The results, therefore, is from the perspective of a third

party. It is not an evaluation of operation and is not based on inside information.

The survey result is as of the date appearing in the Corporate Governance

Report of Thai Listed Companies. As a result, the survey result may be changed

after that data. Phillip Securities (Thailand) of securities company does not

confirm nor certify the accuracy of such survey result.

Thai CAC (As of Oct 16, 2019)

www.poems.in.th

PhillipResearch PhillipCapitalTH 02 635 1700 #486

Certified

2S ADVANC AIE AKP AMANAH AP AQUA ARROW ASP ASK

BAFS BBL BCH BKI BLA BSBM BAY BANPU BWG BJCHI

BTS BRR CIG CEN CNS CPN CENTEL CPF CHOW CPI

CIMBT COM7 CGH CPALL CSC DEMCO TIP DRT DIMET DTC

DCC ECL EPCO ESTAR EASTW EGCO FNS FSS FTE GCAP

GJS GSTEL GEL GFPT GC GGC GPSC GBX GLOW GOLD

GUNKUL HTC HANA HARN HMPRO ICC ICHI IFS INSURE IVL

INET INTUCH IRPC KBANK KCE KSL KBS KKP K KTB

KWC KCAR KTC LPN LRH LHFG L&E LHK MALEE MBKET

MBK MC MCOT MSC MFEC MINT M MONO MOONG MTI

MBAX NBC NINE NMG NNCL NEP OCC OCEAN OGC PAP

PDI PATO PRG PG PHOL PLANB PLANET PSTC PPPM PDJ

PREB PSL PE PM PPP PT PB PRINC PDG PPS

PTG PTTEP PTTGC PTT PYLON QTC QLT Q-CON QH RML

RATCH THANI RWI SNP SORKON SPACK SABINA SPI SPC SCG

SMIT SMPC SSI SIRI SC SCN SE-ED CFRESH SELIC SENA

SCCC SCB MAKRO SSSC SGP SIS SNC SAT AYUD STA

SRICHA SITHAI VIH SPRC SST SSF SUSCO SMK SYNTEC TMILL

TKT TSTH TPCORP TAE TFI KASET TMD TMT TNR TOP

TOG TPA TFMAMA THRE TSC TU TVO WACOAL TWPC THCOM

TFG THREL TVI TCAP TNP THIP TNL BROOK LANNA NKI

PLAT TASCO TIPCO TISCO TMB DTAC TNITY TTCL TVD U

UWC UBIS UEC UKEM UOBKH VGI VNT WHA WICE

Signatory

ABICO AIRA AF AMA AMARIN AMATA ANAN AI BM BUI

B CI CHO CHG CITY COL EFORL EKH XO FPI

GYT GPI IRC JTS JNK CHOTI KWG LDC META MPG

PK INOX ROJNA SAAM SCI SEAOIL SHANG SKR SPALI SVI

SYNEX TMC TAKUNI TPP STANLY TRITN UV YUASA

Blackout

AJ AH ACAP AEC APURE AOT ALUCON AMATAV A AGE

ASIA ASIMAR APCO ASIAN AS BROCK BKD BFIT BLAND BR

BEAUTY BJC BTNC BH CHARAN CSR CSS CPL CPR DIGI

ECF EA EE UREKA EVER FVC FLOYD FN FC FSMART

GIFT GREEN IFEC ILINK J JMART JMT JUTHA KYE KTECH

LVT LALIN LEE LTX MK MJD MATCH MATI MEGA MIDA

ML MILL NCH NDR NCL NTV NPPG NUSA PACE PAF

PIMO ROCK ROH RPC SAMCO SANKO 7UP GLOBAL SR SINGER

SPPT SMART SPCG SYMC TEAM TMI THAI TBSP TSI TSE

TSTE TTI PRO SAUCE ERW IEC THE TIC TRT TTW

TVT UNIQ UPA VNG VIBHA WAVE WIN

Companies participating in Thailand's Private Sector Collective Action Coalition

Against Corruption programme (Thai CAC) under Thai Institute of Directors

(as of Oct 16, 2019)

Industry Group

www.poems.in.th

PhillipResearch PhillipCapitalTH 02 635 1700 #486

Name Sector Name Sector Index

Agro & Food Industry[AGRO] Agribus iness AGRI

Food & Beverage FOOD

Consumer Products[CONSUMP] Fashion FASHION

Home & Office Products HOME

Personal Products & Pharmaceutica ls PERSON

Financia ls [FINCIAL] Banking BANK

Finance & Securi ties FIN

Insurance INSUR

Industria ls [INDUS] Automotive AUTO

Industria l Materia ls & Machinery IMM

Packaging PKG

Paper & Printing Materia ls PAPER

Petrochemicals & Chemicals PETRO

Steel STEEL

Property & Construction[PROPCON] Construction Materia ls CONMAT

Construction Services CONS

Property Development PROP

Property Fund & REITs PF&REIT

Resources [RESOURC] Energy & Uti l i ties ENERG

Mining MINE

Services [SERVICE] Commerce COMM

Media & Publ ishing MEDIA

Health Care Services HELTH

Tourism & Leisure TOURISM

Profess ional Services PROF

Transportation & Logis tics TRANS

Technology [TECH] Electronic Components ETRON

Information & Communication Technology ICT

PSR Rating SystemCapital Gain Recommendation

> 15% BUY

> 5% - 15% ACCUMULATE / TRADING BUY

> 0% - 5% NEUTRAL

0 <= SELL

Remarks

We do not base our recommendations entirely on the above quanti tative return bands . We cons ider qual i tative factors l ike (but

not l imited to) a s tock's ri sk reward profi le, market sentiment, recent rate of share price appreciation, presence or absence of

s tock price catalysts , and speculative undertones surrounding the s tock, before making our fina l recommendation

Contact Information of Hong Kong Representatives

Research

Benny WANG

Dealing Director

(852) 2277 6720

bennywang@phillip.com.hk

ZHANG Jing

Research Analyst

Transportation and Automobiles

(86) 21 51699400-103

zhangjing@phillip.com.cn

Terry LI

Research Analyst

TMT, Education and Finance

(852) 2277 6527

terryli@phillip.com.hk

Sales

Eurus ZHOU

Research Analyst

Pharmaceutical and Consumer

(852) 2277 6515

euruszhou@phillip.com.hk

Tracy KU

Research Analyst

Retail and Property

(852) 2277 6516

tracyku@phillip.com.hk

Aric AU Yoshikazu SHIKITA

Manager, Corporate & Institutional Sales Manager, International Sales

(852) 2277 6783 (852) 2277 6624

corporatesales@phillip.com.hk yshikita@phillip.com.hk

PHILLIP RESEARCH STOCK SELECTION SYSTEMS

Total Return Recommendation Rating Remarks

> +20% Buy 1 >20% upside from the current price

+5% to +20% Accumulate 2 +5% to +20% upside from the current price

-5% to +5% Neutral 3 Trade within +/- 5% from the current price

-5% to -20% Reduce 4 -5% to -20% downside from the current price

< -20% Sell 5 -20% downside from the current price

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock’s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation

GENERAL DISCLAIMER

This publication is distributed in Hong Kong by Phillip Securities (Hong Kong) Limited (“PSHK”), which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). This publication was originally prepared by analysts from our overseas affiliates. The information contained herein is based on sources that PSHK and its affiliates believe to be accurate and any analysis, forecasts, projections, expectations and opinions contained in this publication are based on such information and are expressions of belief only. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific

person who may receive this report. Investors should seek financial advice regarding the appropriateness of any investments or securities discussed or recommended in this report. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. This research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of PSHK. Please direct any enquiries to foreignstock@phillip.com.hk.

Investment involves risks. For details of product risks, please view the Risk Disclosures Statement on http://www.phiIlip.com.hk.

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