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UOB KAYHIAN |
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STRATEGY – MALAYSIA 1Q23 Results
Wrap-up Corporate earnings disappointment was widespread again in 1Q23 after three sequential quarters of narrowing disappointments, prompting us to make significant cuts to our FBMKLCI earnings and year-end target (to 1,510 from 1,620). Nevertheless, we maintain our view that Malaysian equities will soon shake off today’s depressing consolidation mode to reflect abating political uncertainties, investors pricing in a global economic recovery, and potential positive government policy changes.
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STRATEGY – THAILAND Alpha Picks: June 23 Portfolio
Our alpha picks underperformed the market (-3.5% vs 0.3%) in May 23, dragged by stocks affected by the uncertainty of new government policies. However, we expect the consumption recovery to still provide a boost to domestic plays. For Jun 23, our picks are CPALL, KKP, MAJOR, MINT, OR, PTTEP, SCB and TU.
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UOB KAYHIAN |
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STRATEGY – THAILAND Alpha Picks: June 23 Portfolio
Our alpha picks underperformed the market (-3.5% vs 0.3%) in May 23, dragged by stocks affected by the uncertainty of new government policies. However, we expect the consumption recovery to still provide a boost to domestic plays. For Jun 23, our picks are CPALL, KKP, MAJOR, MINT, OR, PTTEP, SCB and TU.
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