Reopening optimism an investment driverIn the past week, Thai shares moved sideways in a range between 1,620 and 1,640 points. We expect the SET to drift sideways up in a range between 1,625 and 1,650 in the coming week. Top picks remain beneficiaries from the Bangkok reopening and speculative plays such as oil-related stocks, refineries, container and bulk shippers as the monsoon season will likely affect refineries, oil rigs and terminals. Reopening, value and laggard plays should see more upside in the recovery phase later this year. That would represent a discount by half the cost of equity, 10.4%, from our 2022 target, and is well above our base-case 2021 target of 1,624 (fully discounted for the cost of equity).

Source: Bangkok Post September 18, 2021 00:21 UTC