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InnovestX Research

Daily report

Thursday, January 30, 2025

1,343.19

1,335

1,340

1,345

1,350

1,355

1,360

1,365

29-Jan-25 28-Jan-25 27-Jan-25 24-Jan-25 23-Jan-25

The SET is expected to move sideways with main resistance at 1400. Investment

strategy is "Selective Buy" across three themes with positive individual factors and one

short-term trading idea:

1) Stocks expected to benefit from shopping around Chinese New Year and

from stimulus - Easy e-Receipt (Jan 16–Feb 28) and Bt10,000 handout on Jan 27 –

Commerce (CRC, HMPRO, CPALL and TNP) and Tourism (MINT and AOT).

2) To generate cash flow for portfolios: stocks offering high dividend yield of

over 3% on 2024 earnings, with strong balance sheets and continued growth in 2025 –

AP, KTB, BBL and PTT.

3) Earnings plays whose prices have not risen to reflect YoY and QoQ growth

in 4Q24 profit and generally are regular dividend payers – ADVANC, TRUE, AMATA, AWC,

AU and ERW.

4) Trading idea for high-risk investors: speculate on mid to small cap stocks

whose prices have fallen YTD and are underperforming the market, but who are strong

financially and whose earnings in 4Q24 and 2025 are expected to grow – AMATA, AU,

BCH, BLA and TIDLOR.

The SET fell,

pressured from

sells in Energy as

oil price

dropped.

The SET

followed the

region up after

the US signaled

some policy

relaxation.

The SET was

pulled down by

selling in DELTA-

and Electronics,

pressured by

new AI from

Deepseek.

The SET closed

up, supported by

buyback in big

caps, although

DELTA still

pressured.

The SET

followed the

region down,

with low trading

volume.

• FOMC unanimously voted to maintain the policy rate at 4.25-4.50%

as expected. The Fed's statement and Powell's comments did not

signal timing for any future rate cuts.

• EIA reported US crude oil inventories increased by 3.5mn bbl last

week, higher than market expectations. Similarly, gasoline stocks

rose by 3.0mn bbl, while diesel stocks fell by 5.0mn bbl, a larger

decline than expected due to extremely cold weather.

• The SET is encouraging listed companies ready for share buybacks

to manage capital to increase ROE and share value, noting that

current buyback value is still small compared to market value. He

suggested companies be ready to use opportunities to push Jump

Plus to help increase growth and strengthen fundamentals.

• TAT expects Chinese tourists during Chinese New Year (Jan 24-Feb

2) at ~287,000, up 7%, while revenue is expected to increase 10%.

Cumulative Chinese tourists in the past 29 days reached 600,000.

• The BOI approved investment promotion for three projects valued

at over Bt170bn: TikTok's Data Hosting (Bt127bn), Siam AI's AI Cloud

Service (Bt3.25bn) and Asia Pacific Potash's potassium chloride

production (Bt40bn).

• The Department of Rail Transport reports record-high rail system

ridership on Jan 28 at 2.16mn passenger-trips, up 31.1% compared

to the average Tuesday for the first three weeks in January, and up

3% from Jan 27.

• Alibaba has launched

AI model Qwen 2.5, claiming superior

performance over DeepSeek-V3, GPT-4, and Llama-3.1-405B in

almost all respects.

Range-bound, Fed rate

unchanged as expected

Today’s highlights

Trading today

Support - Resistances

1335/1330 – 1350/1355

BBL: BBL is expected to raise its dividend payout ratio, which will be a short-term

catalyst to stock price. Valuation is most attractive among banks, trading at the

lowest PER and PBV 2025F of 6.2x (peer avg. of 8x) and 0.48x (peer avg. of 0.8x),

respectively, and asset quality risk is also the lowest among peers.

BDMS: One of our top picks in Healthcare. 2025 profit is expected to continue

growing 8.3%YoY. Valuation is attractive, trading at 2025F PER of 22.1x which is

lower than -2SD of 10-year historical PER and very low compared to peers in the

region (excluding Thailand) of ~21%.

In the short term, the SET index is expected to move sideways

with key resistance around 1400 points. Although there is no

new market factor, the market has declined significantly and

underperformed global markets YTD, which

seems to have

largely priced in the negatives. External factors may include

improving economies and interest rate trends, along with strong

4Q24 earnings for US companies. At monetary policy meetings,

the Fed kept rates unchanged as expected, while the ECB is

expected to cut interest rates. Domestically, the Chinese New

Year spending season and the second phase of the Bt10,000

handout program are expected to help stimulate investment

sentiment. Investment strategy is "Selective Buy".

Market today

Strategy today

The SET is expected to move between 1335-1355 after the

Fed kept interest rate unchanged as inflation accelerates

and the labor market is still strong, while the market also

lacks a catalyst. Overall, the index has some downside. If it

falls below the bound, next support is between 1325-1330.

Daily report

Thursday, January 30, 2025

Today’s reports

What to watch

SET Index movement

SET Index series

Trading summary by investor type

S50 futures trading by foreign investors

Bond trading by foreign investors

SCC – 4Q24: Net loss in line but core loss worse

(Btmn)

29-Jan

WTD

MTD

YTD

Buy

6,822 16,015 61,594 61,594

Sell

940

2,518

59,559

Net

5,882 13,497 2,034 2,034

(Contract)

29-Jan

WTD

MTD

YTD

Foreign

975

(25,795)

(42,272)

Institution 478 3,867 (8,248) (8,248)

Customer

(1,453)

21,928

50,520

(Btmn)

29 Jan

WTD

MTD

YTD

Foreign

Net

(702) 203 (8,295) (8,295)

Breakdown (%)

43.38

48.79

50.16

Institution

Net

145

(1,854)

1,576

Breakdown (%)

13.89 12.01 12.25 12.25

PropTrade

Net

434

729

Breakdown (%) 7.03 7.00 6.44 6.44

Individual

Net 501 1,217 5,990 5,990

Breakdown (%)

35.69

32.20

31.15

Index

29 Jan

Chg

Value

(pts)

(%)

(Btmn)

SET

1,343.19 (2.58) (0.19) 27,349.69

SET50

875.48

(1.01)

(0.12)

19,730.01

SET100

1,881.54 (3.59) (0.19) 23,785.70

sSET

677.11

(2.97)

(0.44)

763.51

SETCLMV

681.09

(5.51)

(0.80)

12,419.66

SETHD 1,163.87 2.62 0.23 9,674.50

SETESG

836.81

(0.98)

(0.12)

20,645.71

SETWB 724.45 (4.39) (0.60) 6,615.08

mai

283.75

(1.53)

(0.54)

512.76

800

1,00 0

1,200

1,400

1,600

1,800

2,000

Ja n-18

Jun-18

Nov-18

Apr-19

Sep-19

Feb -20

Jul-20

Dec-20

May-21

Oct-21

Mar-22

Aug-22

Jan-23

Jun-23

Nov-23

Apr-24

Sep-24

Feb -25

Jul-25

Dec-25

PE Band

(pts)

13.0x

14.4x

15.8x

17.2x

18.6x

20.0x

Date Event

27 Jan

Economic release: CN – Manufacturing and non-

manufacturing PMI for Jan

28 Jan

Economic release: US – Durable goods orders for Dec,

consumer confidence by Conference Board for Jan

Event: FOMC meeting

29 Jan

Economic release: JP – Consumer confidence for Jan

US – Crude oil inventories

Event: FOMC meeting

30 Jan

Economic release: EU – Unemployment rate for Dec, prelim

flash GDP for 4Q24

US – Advance GDP for 4Q24, unemployment claims

Event: ECB meeting

31 Jan

Economic release: JP – Unemployment rate for Dec, prelim

industrial production for Dec, retail sales for Dec

US – Core PCE price index, personal income and spending for

Dec

Page 3

Market update

Global market movement

Index Chg (pts) 1D WTD MTD YTD 25F 26F 25F 26F 25F 26F 25F 26F

S&P 500 6,039 (28.39) (0.5) (1.0) 2.7 2.7 22.2 19.8 11.5 12.3 5.1 4.6 19.2 19.7

Euro Stoxx 600 534 2.66 0.5 0.8 5.2 5.2 14.0 13.0 6.7 8.0 2.0 1.9 13.1 13.4

Japan 39,415 397.91 1.0 (1.3) (1.2) (1.2) 19.7 18.1 5.6 9.0 2.1 2.0 9.9 10.2

Hang Seng 20,225 0.00 0.0 0.8 0.8 0.8 9.2 8.5 5.2 8.2 1.1 1.0 10.9 10.8

MSCI Asia x J 706 0.00 0.0 (0.1) 0.3 0.3 12.8 11.3 12.4 13.4 1.7 1.6 12.0 12.5

Philippines 6,153 0.00 0.0 (2.3) (5.7) (5.7) 9.5 8.7 10.3 9.5 1.4 1.3 13.2 12.8

Indonesia 7,166 0.00 0.0 0.0 1.2 1.2 11.9 10.7 8.3 11.2 0.0 0.0 0.1 13.5

Malaysia 1,553 0.00 0.0 (1.3) (5.5) (5.5) 13.7 12.8 8.8 7.0 1.4 1.4 9.9 10.4

Thailand 1,343 (2.58) (0.2) (0.8) (4.1) (4.1) 14.0 12.9 10.8 8.4 1.3 1.3 9.2 9.5

Asean 4 - simple avg. (0.0) (1.1) (3.5) (3.5) 12.3 11.3 9.5 9.0 1.0 1.0 8.1 11.6

China 3,251 0.00 0.0 (0.1) (3.0) (3.0) 12.0 10.8 10.2 11.6 1.3 1.2 10.2 10.6

India 76,533 631.55 0.8 0.4 (2.1) (2.1) 19.4 17.5 12.7 10.8 3.5 3.2 14.0 14.7

Singapore 3,801 0.00 0.0 (0.1) 0.4 0.4 11.6 11.1 3.4 4.8 1.3 1.3 10.7 10.7

Taiwan 23,525 0.00 0.0 0.0 2.1 2.1 16.6 14.5 15.5 13.9 2.9 2.6 15.7 17.8

Korea 2,537 0.00 0.0 0.0 5.7 5.7 8.9 7.6 21.9 16.4 0.9 0.9 9.9 10.6

Others 0.2 0.1 0.6 0.6 13.7 12.3 12.7 11.5 2.0 1.8 12.1 12.9

PBV (x) ROE (%)

29-Jan

Performance (%) PE (x) EPS gth (%)

Regional sector movement

Price performance (%) *

29-Jan WoW MoM YTD

Banking 0.25 0.58 (1.96) (0.45)

Chemicals 0.40 (1.24) (6.61) (1.66)

Construction Mat. 0.87 (0.40) (6.15) (2.36)

Consumer Products 0.27 (0.21) (6.90) (3.56)

Health Care 0.57 (0.82) (5.56) (3.76)

Oil & Gas Supply Chain 0.14 (0.35) (4.28) (1.78)

Real Estate 0.26 (0.31) (1.93) (1.22)

Retail - Consumer Staples 0.27 (0.21) (6.90) (3.56)

Telecommunications (0.46) 2.79 2.34 4.66

Transportation 0.68 0.26 (3.66) (1.44)

(1.5) (1.0) (0.5) 0.0 0.5 1.0

Telecommunications

Oil & Gas Supply Chain

Banking

Real Estate

Consumer Products

Retail - Consumer Staples

Chemicals

Health Care

Transportation

Construction Mat.

Regional Thailand

* Regional sector price performances (%) are based on US$ and Thai sector price performances (%) are based on baht

Thailand sector movement

Price performance (%)

29-Jan WoW MTD YTD

Banking 0.67 0.96 4.77 4.77

Commerce (0.43) (0.18) (1.55) (1.55)

Construction Materials (0.29) (0.50) (6.91) (6.91)

Energy & Utilities (0.16) (0.42) (3.23) (3.23)

Food & Beverage (1.11) (1.56) (7.19) (7.19)

Health Care (1.02) (2.85) (6.42) (6.42)

ICT (0.48) (0.97) 0.34 0.34

Petrochemicals (0.55) 3.58 (7.06) (7.06)

Property 0.03 (0.30) (7.60) (7.60)

Transportation 0.33 (1.79) (5.70) (5.70)

SET (0.19) (1.36) (4.07) (4.07)

SET50 (0.12) (1.71) (3.39) (3.39)

MAI (0.54) 1.14 (9.00) (9.00)

(1.4) (1.2) (1.0) (0.8) (0.6) (0.4) (0.2) 0.0 0.2 0.4 0.6 0.8

Food & Beverage

Health Care

Petrochemicals

mai

ICT

Commerce

Construction Materials

SET

Energy & Utilities

SET50

Property

Transportation

Banking

(% Change 1 day)

10 Most active stocks by value Top 10

ainers Top 10 losers

Stock Price Value Chg

(Bt) (Btmn) (%)

TTB 1.97 2,010.69 3.14

DELTA 134.50 1,690.94 -

ADVANC 285.00 1,522.99 (1.04)

KTB 23.40 997.47 1.30

OSP 17.60 961.59 (6.88)

BBL 156.00 845.59 0.65

CCET 7.95 831.86 (3.05)

BH 173.00 766.75 (2.26)

MINT 24.00 743.92 0.42

BCP 36.00 657.65 (0.69)

Stock Price Value Chg

(Bt) (Btmn) (%)

PPPM 0.60 8.12 30.43

PRIME 0.11 0.35 22.22

CRANE 0.58 5.84 18.37

SAWANG 12.00 0.02 12.15

TSI 0.10 0.00 11.11

SQ 0.84 3.95 10.53

TPA 3.86 0.02 10.29

JCK 0.23 2.93 9.52

TNPC 0.87 0.07 8.75

NEW 100.00 0.09 8.70

Stock Price Value Chg

(Bt) (Btmn) (%)

EMC 0.07 0.06 (12.50)

KWC 303.00 1.52 (12.43)

FE 176.00 0.40 (9.28)

MEDEZE 9.35 420.52 (9.22)

EVER 0.10 0.17 (9.09)

EA 3.06 517.80 (8.38)

MIPF 9.10 0.00 (8.08)

SNC 5.40 0.79 (6.90)

OSP 17.60 961.41 (6.88)

ASIA 5.70 0.16 (6.56)

Page 4

Fund flow monitor

Regional foreign fund flows to equit

(US$ Mn) Thailand Indonesia Philippines Malaysia Vietnam India Taiwan South Korea Japan

Daily

29-Jan-25 (21)

28-Jan-25 57

(340)

27-Jan-25 (30) (6) (61) (522)

24-Jan-25 38 (35) (19) (69) 25 (332)

240

23-Jan-25 (129) 1 (3) (38) 6 (354) (499)

Weekly

WTD 6 (57) (2) (61) 5 (862) 895 (506) (423)

24-Jan-25 (23) (57) (34) (158) 5 (2,197) 895 (506) 0

17-Jan-25 (160) 15 (57) (295) (185) (2,821) (1,562) (479) (423)

10-Jan-25 (40) (131) (26) (112) (43) (1,917) (2) 730 1,986

3-Jan-25 (23) (50) 1 (22) (33) (211) (592) 37 (471)

Monthly

MTD (240) (223) (117) (648) (255) (8,008) (1,261) (218) 1,092

Dec-24 (308) (313) (103) (637) (91) 1,321 708 (1,530) (7,151)

Nov-24 (398) (1,063) (349) (699) (473) (2,680) (8,045) (3,203) (1,834)

Oct-24 (845) (719) 22 (413) (389) (10,428) 1,130 (3,404) 16,610

YTD (240) (223) (117) (648) (255) (8,008) (1,261) (218) 1,092

Thailand daily foreign net flows

EquityFuturesBond

(1,240) (1,268)

446 170

1,705

(4,388)

1,270

(1,013)

1,918

(702)

5,466

(2,740)

3,551 5,733 3,853

(17,690)

24,110

(5,807) (20,963)

975

(690)

258 140

4,155

908 2,712

1,157 2,792 3,884 5,882

16-Jan

17-Jan

20-Jan

21-Jan

22-Jan

23-Jan

24-Jan

27-Jan

28-Jan

29-Jan

Equity SET50 futures Bond

(Btmn) (Contract) (Btmn)* (Btmn)

Daily

29-Jan-25 (702) 975 171 5,882

Weekly

WTD 203 (25,795) (4,526) 12,557

24-Jan-25 (797) 19,557 3,480 9,072

17-Jan-25 (5,539) 5,002 905 (10,386)

10-Jan-25 (1,383) (42,600) (7,573) (3,331)

3-Jan-25 (779) 1,564 303 (5,878)

Monthly

MTD (8,295) (42,272) (7,411) 2,034

Dec-24 (10,468) (136) (58) 12,340

Nov-24 (13,736) (54,830) (9,965) (29,239)

Oct-24 (28,166) 24,325 4,522 (33,021)

Quarterly

QTD (8,295) (42,272) (7,411) 2,034

4Q24 (52,370) (30,641) (5,501) (49,920)

3Q24 21,462 147,286 23,362 69,358

2Q24 (47,705) (105,911) (16,982) (17,407)

1Q24 (69,326) 5,927 937 (28,578)

YTD (8,295) (42,272) (7,411) 2,034

2024 (147,940) 16,661 1,816 (26,548)

2023 (192,490) (218,395) (42,409) 10,930

Foreign net flow and SET movement SET50 and its foreign ownership (excluding NVDR)

1,250

1,300

1,350

1,400

1,450

1,500

1,550

(160,000)

(140,000)

(120,000)

(100,000)

(80,000)

(60,000)

(40,000)

(20,000)

20,000

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(SET Index)

Foreign Accumulate (1Yea r)

SET Index

(Foreign Accumulate - Btmn)

750

800

850

900

950

1,000

1,050

1,100

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

SET50 Index (LHS)

% Foreign Ownership (RHS)

(pts) (%)

Foreign buy/sell activity monitor

Most foreign holding value change Top-5 NVDR net buy/sell

Fgn hld

(%)

∆ Fgn

(M.shares)

Buy*

(Btmn)

Fgn hld

(%)

∆ Fgn

(M.shares)

Sell*

(Btmn)

ADVANC 38.18 1.69 482 CPALL 26.52 (3.97) (224)

KBANK 45.75 2.64 423

TOP 14.94 (7.49) (197)

BDMS 25.84 5.94 142 VGI 47.41 (36.97) (117)

BBL 26.53 0.29 46

BH 29.88 (0.59) (101)

SAWAD 30.85 0.86 33 PTTEP 10.13 (0.40) (50)

DELTA 92.62 0.15 21

TU 25.55 (3.96) (48)

COCOCO 1.94 1.90 19 CPF 25.30 (1.70) (39)

SCC 9.45 0.11 17

PTT 7.82 (0.70) (22)

OSP 19.49 0.91 16 BANPU 7.48 (3.95) (20)

CRC 12.96 0.42 15

GULF 37.45 (0.33) (20)

Buy*

(Btmn)

Sell*

(Btmn)

ADVANC 426 DELTA (589)

TTB 381

KBANK (183)

KTB 189 PTTEP (152)

BBL 169

GULF (142)

MINT 123 CCET (102)

SAWAD 63

BDMS (96)

TISCO 54 SCB (77)

BH 48

BCP (68)

VGI 46 TU (61)

SCGP 39

TOP (58)

* InnovestX Research estimates

Page 5

Multi-asset price update

Key indicator update

Close 29-Jan WoW MoM YoY YTD

Financial market condition

VIX Index 16.56 0.91 9.67 -4.83 24.42 -4.55

Europe CDS (bps) 53.73 -0.15 0.23 -4.05 -4.59 -3.92

LIBOR OIS Spread (bps) 0.00 0.00 0.00 0.00 0.00 0.00

TED Spread (bps) 0.57 -0.47 2.85 -1.03 34.98 2.59

Exchange rate

Dollar Index 108.17 0.23 -0.06 0.10 4.59 -0.29

USD/THB 33.76 -0.27 -0.32 -0.91 -4.55 -1.43

EUR/USD 1.04 -0.08 0.09 0.14 -3.93 0.63

USD/JPY 155.15 -0.23 -0.80 -1.08 5.15 -1.24

Bond: (Change in basis points)

TH Gov Bond 2Y 0.02 0.38 -3.72 1.76 -24.01 1.76

TH Gov Bond 10Y 0.02 -0.21 -7.19 -2.85 -36.17 -2.85

US Gov Bond 2Y 0.04 2.89 -6.94 -3.65 -9.83 -2.17

US Gov Bond 10Y 0.05 1.42 -7.05 -0.63 51.60 -4.43

Commodities

CRB Index 541.39 0.37 0.34 0.58 3.69 0.91

Gold (US$/oz) 2758.62 -0.16 0.10 5.88 35.46 5.14

Gross Refining Margin (US$/bbl) 1.53 84.34 313.51 -61.65 -84.19 -61.65

Dubai Crude (US$/bbl) 80.49 0.06 -0.16 -10.03 2.10 9.91

NYMEX Crude (US$/bbl) 72.62 -1.56 -6.75 2.30 -6.68 1.25

Baltic Dry Index (pts) 726.00 -2.68 -18.70 -27.18 -48.03 -27.18

Thai and US 10-year government bond yield Thai and US 10-year government bond spread

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

TH GB10Y

UST 10Y

(%)

(2.9)

(2.4)

(1.9)

(1.4)

(0.9)

(0.4)

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Avg = -1.7

(pts)

+1SD = -1.39

-2SD = -2.32

+2SD = -1.08

-1SD = -2.01

THB/USD exchange rate Regional foreign exchange rate spot return

30.0

31.0

32.0

33.0

34.0

35.0

36.0

37.0

38.0

39.0

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Avg = 35.21

(THB/USD)

+1SD = 36.5

-2SD = 32.64

+2SD = 37.79

-1SD = 33.93

(0.4) (0.2) 0.0 0.2 0.4

Indonesian Rupiah

Indian Rupee

Hong Kong Dollar

Philippines Peso

Malaysian Ringgit

Offshore Deliverable CNY

Taiwan Dollar

Singapore Dollar

China Renminbi

Japanese Yen

South Korean Won

Thai Baht

(% Change 1 day)

Gold Brent crude

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Avg = 2443.05

(US$/Troy ounce)

+2SD = 2864.46

-2SD = 2021.65

+1SD = 2653.76

-1SD = 2232.35

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Avg = 80.64

(US$/bbl) +2SD = 91.58

-2SD = 69.71

+1SD = 86.11

-1SD = 75.18

Page 6

Commodities daily price update

As of -1W Avg. Price % % Avg. Price % Avg. Price % Update

29-Jan-25 % QTD in 1Q25 QoQ YoY in '24 YoY in '25 YoY

CRB Index 541.39 0.4 537.76 0.3 (3.1) 534.51 (2.16) 537.76 0.6

Daily

Energy Prices

Crude Oil - Dubai (US$/bbl) 80.98 (4.7) 80.84 9.8 (6.8) 79.67 (2.75) 80.84 1.5

Daily

Brent Crude (US$/bbl) 77.80 (3.6) 79.14 6.0 (8.7) 80.69 (2.32) 79.14 (1.9)

Daily

West Texas Int. Cushing (US$/bbl) 73.77 (5.3) 75.40 7.1 (13.0) 75.90 (2.17) 75.40 (0.7)

Daily

Crude Oil - Asia-Pacific Tapis Oil Spot (US$/bbl) 79.45 (6.4) 81.89 6.8 (5.5) 83.20 (3.84) 81.89 (1.6)

Daily

Natural Gas Henry Hub (US$/mmBTU) 3.18 (8.2) 3.31 15.8 (16.8) 3.11 (22.56) 3.31 6.6

Daily

Coal Price NEX (US$/MT) 114.93 2.2 117.36 (16.3) (14.7) 136.85 (23.17) 117.36 (14.2)

Friday

Oil Product Prices and Gross Refinery Margin

Gas Oil 500 ppm Sulfer Singapore (U$/bbl) 92.94 (6.0) 94.65 7.5 (15.2) 94.70 (8.16) 94.65 (0.1)

Daily

Gas Oil - Dubai (US$/bbl) 11.96 (14.2) 13.81 (4.2) (44.5) 15.02 (29.07) 13.81 (8.1)

Daily

Gasoline, 92 RON Spot (US$/bbl) 92.94 9.7 94.65 7.5 (15.2) 94.70 (8.16) 94.65 (0.1)

Daily

Gasoline - Dubai (US$/bbl) 11.96 (5,102.1) 13.81 (4.2) (44.5) 15.02 (29.07) 13.81 (8.1)

Daily

Fuel Oil 180 Singapore Spot (US$/bbl) 74.75 (2.3) 73.47 (16.5) (7.3) 72.36 3.31 73.47 1.5

Daily

Fuel Oil - Dubai (US$/bbl) (6.23) (26.7) (7.37) 88.4 (0.7) -7.31 (38.48) (7.37) 0.8

Daily

Jet Kerosene - Spot Price (US$/bbl) 92.98 (4.4) 93.51 5.8 (17.0) 95.30 (9.24) 93.51 (1.9)

Daily

Jet Kerosene - Dubai (US$/bbl) 12.00 (2.7) 12.67 (14.4) (51.1) 15.63 (32.29) 12.67 (18.9)

Daily

SG Refinery Margin (US$/bbl) 1.53 313.5 2.03 (59.4) (78.7) 4.83 (55.09) 2.03 (57.88)

Daily

Olefins Product Prices and Spread

Ethylene, FOB Japan Spot (US$/MT) 830 0.0 832 (1.0) 5.7 847 1.45 832 (1.8)

Tuesday

Ethylene Spread (US$/MT)

166

8.3 160 376.0 18.5 173 (4.64) 160 (7.1) Daily

Propylene (Olefins), FOB Japan Spot (US$/MT) 835 0.0 815 0.9 1.4 825 (2.72) 815 (1.3)

Tuesday

Propylene Spread (US$/MT) 171 8.0 143 (7.8) (5.8) 151 (22.32) 143 (5.4) Daily

Naphtha - Singapore Spot FOB (US$/MT) 664 (1.9) 671 3.0 3.1 674 3.13 671 (0.4)

Daily

Polyolefins Prices and Spread

Polye HDPE SE Asia (US$/MT) 970 0.0 970 18.5 (4.2) 1,013 (1.88) 970 (4.3)

Tuesday

HDPE-Naphtha Spread (US$/MT)

306

4.3 299 248.7 (17.2) 339 (10.52) 299 (12.0) Daily

Polye LDPE-Film, CFR SE Asia Spot (US$/MT) 1,180 0.9 1,170 (2.3) 18.0 1,181 12.14 1,170 (0.9)

Tuesday

LDPE-Naphtha Spread (US$/MT)

516

4.6 498 80.2 46.6 507 26.88 498 (1.6) Daily

PP Film, Spot South East Asia (US$/MT) 990 1.0 982 (1.0) 2.9 1,000 0.17 982 (1.8)

Tuesday

PP Spread (US$/MT) 326 7.5 311 (8.6) 2.4 326 (5.45) 311 (4.8) Daily

MEG Prices and Spread

MEG, CFR South East Asia (US$/MT) 555 (1.8) 560 (0.2) 15.8 549 9.73 560 2.0

Tuesday

MEG Spread (US$/MT) 40 (19.8) 44 (12.7) (1,105.5) 24 (242.87) 44 n.m. Tuesday

Aromatics Product Prices and Spread

Paraxylene, FOB USG Spot (US$/MT) 930 (3.1) 928 (13.4) (18.4) 1,033 (6.32) 928 (10.2)

Tuesday

Paraxylene Spread (US$/MT)

245

1.3 245 175.8 (39.7) 360 (12.41) 245 (31.9) Tuesday

Paraxylene - 92 RON Spread (US$/MT) 137 (42.1) 121 (23.4) (35.0) 226 0.94 121 (46.4) Daily

Toluene, FOB Korea Spot (US$/MT) 780 (4.9) 787 5.7 (17.5) 847 (5.02) 787 (7.1)

Tuesday

Benzene, CFR Japan Spot (US$/MT) 930 1.1 910 (66.8) (0.4) 1,009 9.90 910 (9.9)

Tuesday

Benzene Spread (US$/MT)

331

5.9 306 (8.7) (9.4) 407 19.49 306 (24.7) Daily

Benzene - 92 RON Spread (US$/MT) 137 (30.4) 102 (40.7) (366.2) 201 423.15 102 (49.2) Daily

Condensate (US$/MT)

685

(4.6) 683 9.6 (6.7) 674 (2.70) 683 1.4

Daily

PTA Prices and Spread

PTA, CFR South East Asia (US$/MT)

680

(3.5) 682 1.9 (15.9) 750 (6.44) 682 (9.0)

Tuesday

PTA Spread (US$/MT) 57 (7.9) 60 (0.2) 24.0 58 (7.86) 60 4.5 Tuesday

PVC Prices and Spread

PVC, CFR South East Asia (US$/MT)

760

0.0 766 (4.0) (10.5) 806 (4.54) 766 (24.9)

Tuesday

Ethylene Spread (US$/MT) 594 (2.1) 605 (3.3) (15.9) 633 (4.51) 605 (4.4) Tuesday

Ethylene Dichloride CFR Far East Asia (US$/MT)

285

0.0 285 (0.6) 5.1 308 4.92 285 (7.4)

Tuesday

Metal

Gold (US$/Troy Ounce)

2,759

1.9 2,699 1.5 40.1 2,389 22.92 2,699 280.7

Daily

LME Copper 3 Month Rolling Forward (US$/MT)

9,016

(2.7) 9,094 (2.3) 8.3 9,267 8.70 9,094 (1.9)

Daily

Silver Future (US$/Troy Ounce)

1.7 31 (3.2) n.a. 29 17.06 31 5.3

Daily

China Composite Steel Prices (CNY/MT)

3,709

0.0 3,696 (3.1) (10.7) 3,930 (7.73) 3,696 (5.9)

Daily

Agriculture Prices

Malaysian Crude Palm Oil Spot Price(MYR/MT)

4,566

(0.3) 4,661 (3.7) 22.6 4,223 10.14 4,661 10.4

Daily

SGX Ribbed Smoked Sheet 3 (RSS3) Futures (US$/KG.)

246

0.4 239 (2.9) 57.7 233 46.49 239 2.9

Daily

Sugar #11 (US$/LB) 19 6.6 19 (12.0) (14.7) 21 (0.93) 19 (8.8)

Daily

Freight Rate

Baltic Freight Index: BDIY 726 (24.1) 952 (33.4) (20.1) 1,743 25.05 952 (45.4)

Daily

Baltic Supramax Index: BSI58 619 (14.9) 766 (29.3) (15.9) 1,238 20.19 766 (38.1)

Daily

Source: Bloomberg Financial L.P., TQ Professional, BANPU, BOT, Innovest

Researc

Page 7

Commodities daily chart update

CRB US Spot All Commodities Price Index Crude prices

490

500

510

520

530

540

550

560

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(pts)

100

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/bbl

)

West Texas Int

Brent

Dubai

SG Dubai Hydrocracking Refinery Margin Oil product prices

-2

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/bbl)

100

120

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Jet Kerosene Gas Oil

Gasoline Fuel Oil

(US$/bbl)

Coal price (NEX) Natural gas prices (Henry hub)

100

110

120

130

140

150

160

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT)

1.4

1.9

2.4

2.9

3.4

3.9

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/mmBTU)

Olefins prices Olefins spreads

700

750

800

850

900

950

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT) Ethylene

Propylene

100

200

300

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT) Ethylene Spread

Propylene Spread

Aromatics prices Aromatics spreads

400

600

800

1,000

1,200

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT) Paraxylene

Benzene

100

200

300

400

500

600

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT) Paraxylene Spread

Benzene Spread

Page 8

Commodities daily chart update

Polyolefins prices Polyolefins-Naphtha spreads

800

900

1,000

1,100

1,200

1,300

1,400

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT

)

LDPE HDPE

100

300

500

700

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT) LDPE spread

HDPE Spread

PP Spread

PVC price PVC spread

600

650

700

750

800

850

900

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT)

200

250

300

350

400

450

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT)

Gold price LME copper price

1,100

1,300

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/Troy ounce)

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/MT)

Malaysian crude palm oil price Rubber price (RSS3) futures

2,700

3,200

3,700

4,200

4,700

5,200

5,700

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(MYR/MT)

100

120

140

160

180

200

220

240

260

280

300

320

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(US$/kg)

Steel price index Baltic freight index

3,400

3,600

3,800

4,000

4,200

4,400

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(pts)

100

600

1,100

1,600

2,100

2,600

Jan-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

(pts)

Source: Bloomberg Financial L.P., TQ Professional, BANPU, BOT, InnovestX Research

Page 9

Short sales as of Jan 29, 2025

Volume Turnover Average price Short sale volume

(Shares) (Bt) (Bt) comparing with main board

LH 5,438,300 25,335,136 4.66 20.70

BPP 86,300 761,905 8.83 15.95

OR 1,745,400 20,483,260 11.74 15.09

AP 1,584,200 12,670,540 8.00 14.26

XO 20,700 384,820 18.59 13.30

AWC 2,341,400 7,445,652 3.18 12.17

TISCO 298,000 29,668,350 99.56 11.75

TRUE 824,500 9,729,100 11.80 11.62

HMPRO 1,151,800 10,503,425 9.12 11.61

TU 1,650,200 19,753,840 11.97 10.57

CRC 424,500 14,752,675 34.75 10.15

PTG 82,400 638,800 7.75 9.73

CBG 837,700 61,481,975 73.39 9.65

RBF 195,400 1,106,160 5.66 9.48

AOT 757,400 42,248,975 55.78 8.96

STA 161,400 2,642,210 16.37 8.90

ITC 326,400 5,592,590 17.13 8.72

DELTA 1,060,700 143,361,800 135.16 8.48

PLANB 640,400 4,688,080 7.32 8.47

HANA 597,800 14,200,610 23.75 8.14

SCC 163,900 25,239,200 153.99 7.96

M 221,100 4,045,660 18.30 7.65

BBL 412,400 63,974,450 155.13 7.57

SHR 256,300 523,660 2.04 7.33

CPF 183,000 4,173,020 22.80 7.23

TCAP 62,200 3,141,100 50.50 7.21

ERW 1,092,800 3,730,178 3.41 7.09

PTTEP 330,300 40,698,900 123.22 7.04

TASCO 139,000 2,560,760 18.42 6.90

BEM 3,477,200 24,398,630 7.02 6.89

SIS 13,200 355,500 26.93 6.83

BTS 4,369,300 27,610,360 6.32 6.67

TKN 71,700 606,860 8.46 6.63

INTUCH 225,700 22,457,900 99.50 6.61

WHAUP 161,100 639,274 3.97 6.57

TPIPL 75,100 75,851 1.01 6.55

KBANK 209,200 33,580,350 160.52 6.46

KAMART 422,900 4,417,490 10.45 6.35

EGCO 13,100 1,486,500 113.47 6.25

BH 275,100 47,546,750 172.83 6.20

SAPPE 12,000 694,725 57.89 6.19

BLA 35,000 655,560 18.73 6.18

PRM 185,600 1,346,820 7.26 6.09

SISB 47,500 1,231,650 25.93 6.00

MEGA 14,100 468,825 33.25 5.89

BA 327,900 6,377,520 19.45 5.83

THCOM 93,500 1,103,300 11.80 5.65

GULF 536,200 32,182,550 60.02 5.45

MBK 75,600 1,413,130 18.69 5.43

BCP 965,200 34,992,150 36.25 5.32

SPRC 341,300 1,864,870 5.46 5.23

DOHOME 148,800 1,212,515 8.15 5.21

ONEE 71,000 262,354 3.70 5.03

BAFS 4,900 49,980 10.20 4.85

BCH 473,800 6,785,060 14.32 4.80

SCGP 969,600 16,200,510 16.71 4.77

BCPG 419,800 2,783,190 6.63 4.74

BSRC 72,300 408,495 5.65 4.65

OSP 2,510,400 44,588,220 17.76 4.64

SIRI 909,600 1,572,722 1.73 4.47

TTA 49,800 225,928 4.54 4.40

CPALL 470,200 26,683,500 56.75 4.35

MAJOR 7,600 107,920 14.20 4.31

CPAXT 166,600 4,748,100 28.50 4.27

PTTGC 245,600 5,421,540 22.07 4.21

CKP 81,300 239,818 2.95 4.02

MTC 190,600 8,675,400 45.52 4.01

TLI 73,100 796,790 10.90 3.87

SAWAD 176,500 6,919,550 39.20 3.77

TOP 315,600 8,377,325 26.54 3.39

CCET 3,425,600 28,078,215 8.20 3.38

LANNA 6,800 112,200 16.50 3.34

Page 10

Volume Turnover Average price Short sale volume

(Shares) (Bt) (Bt) comparing with main board

BDMS 407,600 9,761,560 23.95 3.29

BANPU 386,300 1,989,445 5.15 3.27

MC 82,000 829,890 10.12 3.21

GUNKUL 244,500 500,308 2.05 3.11

SCCC 700 112,900 161.29 3.03

BTG 13,200 233,980 17.73 2.96

COM7 178,900 4,198,010 23.47 2.84

NER 126,600 633,000 5.00 2.81

GPSC 91,200 2,944,225 32.28 2.70

SPALI 140,900 2,419,200 17.17 2.68

THANI 57,600 78,147 1.36 2.65

SABINA 8,200 149,250 18.20 2.64

VGI 2,757,500 8,862,394 3.21 2.61

AU 23,000 223,120 9.70 2.50

TFG 54,700 178,574 3.26 2.42

ADVANC 124,800 35,827,400 287.08 2.35

PSL 38,700 238,770 6.17 2.21

ROJNA 30,000 180,005 6.00 2.21

RCL 31,800 789,540 24.83 2.20

WHA 1,206,200 5,893,146 4.89 2.17

BJC 22,100 497,300 22.50 2.14

DCC 39,500 63,991 1.62 2.14

SCB 101,100 12,738,550 126.00 2.13

BBIK 6,500 247,800 38.12 2.11

STGT 50,600 442,630 8.75 2.11

MEB 2,600 57,470 22.10 2.07

CPN 52,700 2,834,600 53.79 1.89

AAV 311,500 710,222 2.28 1.88

XPG 546,200 562,467 1.03 1.85

KTB 781,800 18,220,560 23.31 1.83

MINT 556,000 13,211,670 23.76 1.78

IRPC 102,600 119,016 1.16 1.64

IVL 116,900 2,775,850 23.75 1.61

KTC 16,600 859,050 51.75 1.60

AAI 41,300 225,085 5.45 1.57

CENTEL 77,100 2,222,175 28.82 1.55

BAM 268,000 1,655,490 6.18 1.50

THG 3,200 45,850 14.33 1.46

ORI 59,000 214,946 3.64 1.45

TVO 2,400 52,080 21.70 1.41

EPG 11,700 41,184 3.52 1.39

JTS 2,900 170,425 58.77 1.37

KCE 53,800 1,217,950 22.64 1.35

RATCH 4,100 117,875 28.75 1.35

SJWD 26,300 221,450 8.42 1.28

AEONTS 900 106,500 118.33 1.17

TTB 11,817,500 23,275,645 1.97 1.16

SYNEX 6,400 85,120 13.30 1.11

GFPT 23,700 226,835 9.57 1.09

JMT 141,600 2,227,590 15.73 1.09

CK 12,100 203,630 16.83 1.03

TPIPP 19,200 57,216 2.98 1.00

EA 1,496,900 4,886,422 3.26 0.94

SC 21,900 60,004 2.74 0.91

TOA 20,400 265,200 13.00 0.86

HUMAN 2,000 14,000 7.00 0.85

TTW 5,000 45,250 9.05 0.83

GLOBAL 25,000 282,500 11.30 0.80

JMART 51,700 619,480 11.98 0.78

SKY 9,100 207,210 22.77 0.73

TIDLOR 50,700 880,920 17.38 0.63

SAV 5,100 95,020 18.63 0.59

ACC 8,400 4,116 0.49 0.52

SAK 3,400 14,826 4.36 0.46

SAMART 3,300 22,275 6.75 0.46

JAS 57,500 114,268 1.99 0.43

BBGI 6,700 30,684 4.58 0.39

TIPH 1,200 24,310 20.26 0.39

SINGER 11,200 81,765 7.30 0.37

STPI 1,500 4,472 2.98 0.37

SUPER 36,300 7,986 0.22 0.35

PSH 2,100 14,175 6.75 0.33

Source: SET, InnovestX Research

Page 11

Director trade

Director trade as reported on Jan 29, 2025

Company Name of Director Product Transaction Amount Average Price Amount Buy/Sell

date (Shares) (Bt) (Bt)

AMR Mr NATTHACHAI SIRIKO Common Share 28-01-25 10,500 0.81 8,505 Purchase

AQUA Mr SHINE BUNNAG Common Share 27-01-25 37,000,000 0.26 9,620,000 Purchase

BH Miss CHANIDA SOPHONPANICH Common Share 27-01-25 20,000 180.75 3,615,000 Purchase

CPN Miss WALLAYA CHIRATHIVAT Common Share 24-01-25 75,100 53.00 3,980,300 Purchase

HTC Colonel PATCHARA RATTAKUL Common Share 28-01-25 155,000 15.93 2,469,150 Sale

LEO Mr VISES SITTISOONTORNWONG Common Share 17-01-25 500,000 2.10 1,050,000 Sale

LEO Mr VISES SITTISOONTORNWONG Common Share 24-01-25 8,469,700 2.36 19,988,492 Sale

PIS Mr Lei Zhang Common Share 24-01-25 186,000 5.36 996,960 Purchase

PIS Mr Lei Zhang Common Share 28-01-25 76,000 6.50 494,000 Purchase

Total Purchase 18,714,765

Sale 23,507,642

Net (4,792,877)

Page 12

Corporate calendr

Monday Tuesday Wednesday Thursday Friday

27 28 29 30 31

PD XW PD XR XD

NIKE80X Bt0.00557 KUN 1 : 850 PEP80X Bt0.00756 NVD 5 : 1 @Bt1.30 1DIV Bt0.25

Last trading day XB Decreased capital Share listing KTIS Bt0.05

POLAR KUN 6,565 : 1 SCM EA 3,713,341,400 Shares TDEX Bt0.3

Name change Share listing TSC Bt0.8

SAINTMED to "SMD RISE" TRC 71,585,995 Shares

New warrant RSXYZ 91,797,172 Shares

SAMTEL-W2

Delisted

POLAR

Share listing

CHO 34,722,149 Shares

Monday Tuesday Wednesday Thursday Friday

34567

XD XE XD

STI Bt0.06 TGE-W1 1 : 1 @Bt1 METCO Bt8

THAIBEV19 Bt0.47

AOT Bt0.79

10 11 12 13 14

XD XD XE XD

IRC Bt0.868 RAM Bt0.05 EE-W1 1 : 1.4825 @Bt1 SBUX80X Bt0.01025

PD PD

FPT Bt0.31 UV Bt0.09

17 18 19 20 21

PD XD PD

1DIV Bt0.25 MSFT80X Bt0.01424 METCO Bt8

KTIS Bt0.05 TSC Bt0.8

TDEX Bt0.3

24 25 26 27 28

PD PD XD

STI Bt0.06 RAM Bt0.05 KSL Bt0.05

PICO Bt0.1

IRC Bt0.868

VNM19 Bt0.0663

Makha Bucha Day

January 2025

February 2025

XD - Cash Dividend PD – Payment Date XW - Rights for Warrant XE - Warrant Exercise SP – Suspension

XD(ST) - Stock Dividend XR - Rights for Common XT - Rights for Transferable Subscription Right CW - Capital write-down

Page 13

Disclaimer

The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any

opinions expressed herein reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be

construed as an offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any loss arising from the use of this document. We or

our associates may have an interest in the companies mentioned therein.

InnovestX Securities Company Limited (“INVX”) is wholly owned by SCB X Public Company Limited (“SCBX”) and The Siam Commercial Bank Public

Company Limited (“SCB”) is majority-owned by SCBX. Any information related to SCB is for sector comparison purpose.

This document is prepared by InnovestX Securities Company Limited (“INVX”) which is wholly owned by SCB X Public Company Limited (“SCBX”). The

Siam Commercial Bank Public Company Limited, which is majority-owned by SCBX, acts as financial advisor of the LH Hotel Leasehold Real Estate

Investment Trust. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document

(the “Information”) is provided as general information purposes only and shall not be construed as individualized recommendation of an offer to buy or sell

or the solicitation of an offer to buy or sell any securities. INVX and/or its directors, officers and employees shall not be liable for any direct, indirect,

incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for

loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making

investment decision. The Information is obtained from sources believed to be reliable, and INVX cannot guarantee the accuracy, completeness and/or

correctness of the Information.

INVX reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended

recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in

any manner without the prior written consent of INVX.

Futures and Options trading carry a high level of risk with the potential for substantial losses, and are not suitable for all persons. Before deciding to trade

Futures and Options, you should carefully consider your financial position, investment objectives, level of experience, and risk appetite if Futures and

Options trading are appropriate. The possibility exists that you could sustain a loss of some or all of your initial investment. You should be aware of all the

risks associated with Futures and Options trading, and you are advised to rely on your own judgment while making investment decision and/or should seek

advice from professional investment advisor if you have any doubts.

This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or

commercially exploit the Information in any manner without the prior written consent of INVX.

Page 14

CG Rating 2024 Companies with CG Rating

Companies with Excellent CG Scoring

AAV, ABM, ACE, ACG, ADVANC, AE, AF, AGE, AH, AIT, AJ, AKP, AKR, ALLA, ALT, AMA, AMARIN, AMATA, AMATAV, ANAN, AOT, AP, ASIMAR, ASK, ASP, ASW, AURA, AWC, B, BAFS,

BAM, BANPU, BAY, BBGI, BBL, BCH, BCP, BCPG, BDMS, BEC, BEM, BEYOND, BGC, BGRIM, BJC, BKIH, BLA, BPP, BR, BRI, BRR, BSRC, BTG, BTS, BTW, BWG, CBG, CENTEL, CFRESH,

CHASE, CHEWA, CHOW, CIMBT, CIVIL, CK, CKP, CNT, COLOR, COM7, CPALL, CPAXT, CPF, CPL, CPN, CPW, CRC, CRD, CREDIT, CSC, CV, DCC, DDD, DELTA, DEMCO, DITTO, DMT,

DOHOME, DRT, DUSIT, EASTW, ECF, ECL, EGCO, EPG, ERW, ETC, ETE, FLOYD, FN, FPI, FPT, FVC, GABLE, GC, GCAP, GFC, GFPT, GGC, GLAND, GLOBAL, GPSC, GRAMMY, GULF,

GUNKUL, HANA, HARN, HENG, HMPRO, HPT, HTC, ICC, ICHI, III, ILINK, ILM, IND, INET, INSET, INTUCH, IP, IRC, IRPC, IT, ITC, ITEL, ITTHI, IVL, JAS, JTS, K, KBANK, KCC, KCE, KCG, KEX,

KKP, KSL, KTB, KTC, KTMS, KUMWEL, LALIN, LANNA, LH, LHFG, LIT, LOXLEY, LPN, LRH, LST, M, MAJOR, MALEE, MBK, MC, M-CHAI, MCOT, MFC, MFEC, MINT, MODERN, MONO,

MOONG, MOSHI, MSC, MST, MTC, MTI, MVP, NCH, NER, NKI, NOBLE, NRF, NSL, NTSC, NVD, NWR, NYT, OCC, OR, ORI, OSP, PAP, PB, PCC, PCSGH, PDJ, PEER, PG, PHOL, PIMO,

PLANB, PLAT, PLUS, PM, PORT, PPP, PPS, PR9, PRG, PRIME, PRM, PRTR, PSH, PSL, PTT, PTTEP, PTTGC, Q-CON, QH, QTC, RATCH, RBF, RPC, RPH, RS, RT, RWI, S, S&J, SA, SAAM,

SABINA, SAK, SAMART, SAMTEL, SAT, SAV, SAWAD, SC, SCAP, SCB, SCC, SCCC, SCG, SCGD, SCGP, SCM, SCN, SDC, SEAFCO, SEAOIL, SELIC, SENA, SENX, SGC, SGF, SGP, SHR,

SICT, SIRI, SIS, SITHAI, SJWD, SKE, SKR, SM, SMPC, SNC, SNNP, SNP, SO, SONIC, SPALI, SPC, SPI, SPRC, SR, SSC, SSF, SSP, SSSC, STA, STEC, STGT, STI, SUC, SUN, SUTHA, SVI,

SYMC, SYNEX, SYNTEC, TASCO, TBN, TCAP, TCMC, TEAMG, TEGH, TFG, TFMAMA, TGE, TGH, THANA, THANI, THCOM, THG*, THIP, THRE, THREL, TIPH, TISCO, TK, TKS, TKT, TLI, TM,

TMILL, TMT, TNDT, TNITY, TNL, TOA, TOG, TOP, TPAC, TPBI, TPIPL, TPIPP, TPS, TQM, TQR, TRP, TRUBB, TRUE, TRV, TSC, TSTE, TSTH, TTA, TTB, TTCL, TTW, TU, TVDH, TVO, TVT, TWPC,

UAC, UBE, UBIS, UKEM, UPF, UPOIC, UV, VARO, VGI, VIH, WACOAL, WGE, WHA, WHAUP, WICE, WINMED, WINNER, ZEN

Companies with Very Good CG Scoring

2S, AAI, ADB, AEONTS, AHC, AIRA, APCO, APCS, APURE, ARIP, ARROW, ASIAN, ATP30, AUCT, AYUD, BA, BBIK, BC, BE8, BH, BIZ, BOL, BSBM, BTC, CH, CI, CIG, CM, COCOCO,

COMAN, CPI, CSS, DTCENT, EVER, FE, FORTH, FSMART, FSX, FTI, GEL, GIFT, GPI, HUMAN, IFS, INSURE, JCK, JDF, JMART, KGI, KJL, KTIS, KUN, L&E, LHK, MATCH, MBAX, MEGA,

METCO, MICRO, NC, NCAP, NCL, NDR, ONEE, PATO, PDG, PJW, POLY, PQS, PREB, PROUD, PSG, PSP, PSTC, PT, PTECH, PYLON, QLT, RABBIT, RCL, SAPPE, SECURE, SFLEX, SFT, SINO,

SMT, SPCG, SPVI, STANLY, STPI, SUPER, SUSCO, SVOA, SVT, TACC, TAE, TCC, TEKA, TFM, TITLE, TKN, TMD, TNR, TPA, TPCH, TPCS, TPLAS, TPOLY, TRT, TURTLE, TVH, UBA, UP,

UREKA, VCOM, VIBHA, VRANDA, WARRIX, WIN, WP

Companies with Good CG Scoring

A5, ADD, AIE, ALUCON, AMC, AMR, ARIN, ASEFA, ASIA, ASN, BIG, BIOTEC, BIS, BJCHI, BLC, BVG, CEN, CGH, CHARAN, CHAYO, CHIC, CHOTI, CITY, CMC, CPANEL, CSP, DEXON, DOD,

DPAINT, DV8, EASON, EE, EFORL, EKH, ESTAR, ETL, FNS, GBX, GENCO, GTB, GYT, ICN, IIG, IMH, IRCP, J, JCKH, JMT, JPARK, JR, JSP, JUBILE, KBS, KCAR, KIAT, KISS, KK, KWC, LDC,

LEO, MCA, META, MGC, MITSIB, MK, NAM, NOVA, NTV, NV, OGC, PACO, PANEL, PHG, PIN, PRAPAT, PRI, PRIN, PROEN, PROS, PTC, READY, ROCTEC, SABUY, SALEE, SAMCO, SANKO,

SCI, SE, SE-ED, SINGER, SISB, SKN, SKY, SMD100, SMIT, SORKON, SPG, SST, STC, STOWER, STP, SVR, SWC, TAKUNI, TC, TFI, TMC, TMI, TNP, TOPP, TRU, UEC, UOBKH, VL, WAVE,

WFX, WIIK, XO, XPG, YUASA, ZAA

Corporate Governance Report

The material contained in this publication is for general information only and is not intended as advice on any of the matters discussed herein. Readers and others should perform

their own independent analysis as to the accuracy or completeness or legality of such information. The Thai Institute of Directors, its officers, the authors and editor make no

representation or warranty as to the accuracy, completeness or legality of any of the information contained herein. By accepting this document, each recipient agrees that the Thai

Institute of Directors Association, its officers, the authors and editor shall not have any liability for any information contained in, or for any omission from, this publication.

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 date. InnovestX

Securities Company Limited does not conform nor certify the accuracy of such survey result.

To recognize well performers, the list of companies attaining “Good”, “Very Good” and “Excellent” levels of recognition (Not including listed companies qualified in the "no

announcement of the results" clause from 1 January 2023 to 28 October 2024) is publicized.

*       CGR 

Anti-corruption Progress Indicator

Certified (ได้รับการรับรอง)

2S, AAI, ADB, ADVANC, AE, AF, AH, AI, AIE, AIRA, AJ, AKP, AMA, AMANAH, AMATA, AMATAV, AP, APCS, AS, ASIAN, ASK, ASP, ASW, AWC, AYUD, B, BAFS, BAM, BANPU, BAY, BBGI,

BBL, BCH, BCP, BCPG, BE8, BEC, BEYOND, BGC, BGRIM, BLA, BPP, BRI, BRR, BSBM, BTG, BTS, BWG, CAZ, CBG, CEN, CENTEL, CFRESH, CGH, CHEWA, CHOTI, CHOW, CI, CIG, CIMBT,

CM, CMC, COM7, CPALL, CPAXT, CPF, CPI, CPL, CPN, CPW, CRC, CSC, CV, DCC, DELTA, DEMCO, DIMET, DMT, DOHOME, DRT, DUSIT, EA, EASTW, ECF, EGCO, EP, EPG, ERW, ETC,

ETE, FNS, FPI, FPT, FSMART, FSX, FTE, GBX, GC, GCAP, GEL, GFPT, GGC, GJS, GLOBAL, GPI, GPSC, GSTEEL, GULF, GUNKUL, HANA, HARN, HEALTH, HENG, HMPRO, HTC, ICC, ICHI,

IFS, III, ILINK, ILM, INET, INOX, INSURE, INTUCH, IRPC, ITEL, IVL, JAS, JR, JTS, KASET, KBANK, KCAR, KCC, KCE, KGEN, KGI, KKP, KSL, KTB, KTC, L&E, LANNA, LH, LHFG, LHK, LPN, LRH,

M, MAJOR, MALEE, MATCH, MBAX, MBK, MC, MCOT, MEGA, MENA, META, MFC, MFEC, MILL, MINT, MODERN, MONO, MOONG, MSC, MTC, MTI, NATION, NCAP, NEP, NER, NKI,

NOBLE, NRF, OCC, OGC, OR, ORI, OSP, PAP, PATO, PB, PCSGH, PDG, PDJ, PG, PHOL, PIMO, PK, PL, PLANB, PLANET, PLAT, PM, PPP, PPPM, PPS, PR9, PREB, PRG, PRINC, PRM, PROS,

PRTR, PSH, PSL, PSTC, PT, PTECH, PTG, PTT, PTTEP, PTTGC, PYLON, Q-CON, QH, QLT, QTC, RABBIT, RATCH, RBF, RML, RS, RWI, S&J, SA, SAAM, SABINA, SAK, SAPPE, SAT, SC, SCB,

SCC, SCCC, SCG, SCGP, SCM, SCN, SEAOIL, SE-ED, SELIC, SENA, SENX, SFLEX, SGC, SGP, SIRI, SIS, SITHAI, SKR, SM, SMIT, SMPC, SNC, SNP, SORKON, SPACK, SPALI, SPC, SPI,

SPRC, SRICHA, SSF, SSP, SSSC, SST, STA, STGT, STOWER, SUSCO, SVI, SVOA, SVT, SYMC, SYNTEC, TAE, TAKUNI, TASCO, TCAP, TEGH, TFG, TFI, TFMAMA, TGE, TGH, THANI,

THCOM, THIP, THRE, THREL, TIDLOR, TIPCO, TIPH, TISCO, TKN, TKS, TKT, TMD, TMILL, TMT, TNITY, TNL, TNP, TNR, TOG, TOP, TOPP, TPA, TPCS, TPLAS, TRT, TRU, TRUE, TSC, TSI,

TSTE, TSTH, TTB, TTCL, TU, TURTLE, TVDH, TVO, TWPC, UBIS, UEC, UKEM, UPF, UV, VCOM, VGI, VIBHA, VIH, WACOAL, WHA, WHAUP, WICE, WIIK, WPH, XO, YUASA, ZEN

Declared (ประกาศเจตนารมณ์)

ACE, ALT, AMARIN, AMC, ANI, APCO, ASAP, B52, BLAND, BYD, CFARM, CHASE, CHG, DEXON, DITTO, ECL, EVER, FLOYD, GREEN, HL, HUMAN, ICN, IHL, IP, ITC, JDF, JMART, K, KJL,

LDC, LIT, MITSIB, MJD, MOSHI, NEX, NTSC, PLE, PLUS, POLY, PQS, PRI, PRIME, PROEN, PROUD, PTC, RT, S, SAWAD, SCAP, SCGD, SFT, SHR, SINGER, SINO, SJWD, SKE, SNNP, SOLAR,

SONIC, SUPER, TBN, TMI, TPAC, TPP, TQM, UOBKH, UREKA, VNG, WELL, WIN, XPG

N/A

24CS, A, A5, AAV, ABM, ACAP, ACC, ACG, ADD, ADVICE, AEONTS, AFC, AGE, AHC, AIT, AJA, AKR, AKS, ALLA, ALPHAX, ALUCON, AMARC, AMR, ANAN, AOT, APO, APP, APURE, AQUA,

ARIN, ARIP, ARROW, ASEFA, ASIA, ASIMAR, ASN, ATP30, AU, AUCT, AURA, BA, BBIK, BC, BCT, BDMS, BEAUTY, BEM, BGT, BH, BIG, BIOTEC, BIS, BIZ, BJC, BJCHI, BKD, BKGI, BKIH, BLC,

BLESS, BLISS, BM, BOL, BPS, BR, BROCK, BSM, BSRC, BTC, BTNC, BTW, BUI, BVG, CCET, CCP, CEYE, CGD, CH, CHAO, CHARAN, CHAYO, CHIC, CHO, CITY, CIVIL, CK, CKP, CMAN,

CMO, CMR, CNT, COCOCO, COLOR, COMAN, CPANEL, CPH, CPR, CPT, CRANE, CRD, CREDIT, CSP, CSR, CSS, CTW, CWT, D, DCON, DDD, DHOUSE, DOD, DPAINT, DTCENT, DTCI,

DV8, EASON, EE, EFORL, EKH, EMC, ESTAR, ETL, EURO, F&D, FANCY, FE, FM, FMT, FN, FORTH, FTI, FVC, GABLE, GENCO, GFC, GL, GLAND, GLOCON, GLORY, GRAMMY, GRAND, GTB,

GTV, GYT, HFT, HPT, HTECH, HYDRO, I2, IIG, IMH, IND, INGRS, INSET, IRC, IRCP, IROYAL, IT, ITD, ITNS, ITTHI, IVF, J, JAK, JCK, JCKH, JCT, JKN, JMT, JPARK, JSP, JUBILE, KAMART, KBS,

KC, KCG, KCM, KDH, KEX, KIAT, KISS, KK, KKC, KLINIQ, KOOL, KTIS, KTMS, KUMWEL, KUN, KWC, KWI, KWM, KYE, LALIN, LEE, LEO, LOXLEY, LPH, LST, LTS, MAGURO, MANRIN,

MASTER, MATI, MCA, M-CHAI, MCS, MDX, MEB, MEDEZE, METCO, MGC, MGI, MGT, MICRO, MIDA, MK, ML, MORE, MPJ, MST, MTW, MUD, MVP, NAM, NAT, NC, NCH, NCL, NCP, NDR,

NEO, NETBAY, NEW, NEWS, NFC, NKT, NL, NNCL, NOVA, NPK, NSL, NTV, NV, NVD, NWR, NYT, OHTL, OKJ, ONEE, ORN, PACO, PAF, PANEL, PCC, PCE, PEACE, PEER, PERM, PF, PHG,

PICO, PIN, PIS, PJW, PLT, PMC, PMTA, PORT, PPM, PRAKIT, PRAPAT, PRECHA, PRIN, PSG, PSP, PTL, QTCG, RAM, RCL, READY, RICHY, RJH, ROCK, ROCTEC, ROH, ROJNA, RP, RPC, RPH,

RSP, RSXYZ, S11, SABUY, SAF, SAFARI, SAFE, SALEE, SAM, SAMART, SAMCO, SAMTEL, SANKO, SAUCE, SAV, SAWANG, SCI, SCL, SCP, SDC, SE, SEAFCO, SECURE, SEI, SGF, SHANG,

SIAM, SICT, SIMAT, SISB, SK, SKN, SKY, SLP, SMART, SMD100, SMT, SNPS, SO, SPA, SPCG, SPG, SPREME, SPVI, SQ, SR, SRS, STANLY, STC, STECH, STECON, STELLA, STI, STP, STPI,

STX, SUC, SUN, SUTHA, SVR, SWC, SYNEX, TACC, TAN, TAPAC, TATG, TC, TCC, TCJ, TCMC, TCOAT, TEAM, TEAMG, TEKA, TERA, TFM, TGPRO, TH, THAI, THANA, THE, THG, THMUI,

TIGER, TITLE, TK, TKC, TLI, TM, TMAN, TMC, TMW, TNDT, TNH, TNPC, TOA, TPBI, TPCH, TPIPL, TPIPP, TPL, TPOLY, TPS, TQR, TR, TRC, TRITN, TRP, TRUBB, TRV, TSE, TSR, TTA, TTI, TTT,

TTW, TVH, TVT, TWP, TWZ, TYCN, UAC, UBA, UBE, UMI, UMS, UNIQ, UP, UPOIC, UTP, UVAN, VARO, VL, VPO, VRANDA, VS, WARRIX, WAVE, WFX, WGE, WINDOW, WINMED, WINNER,

WORK, WP, XBIO, YGG, YONG, ZAA, ZIGA

Explanations

Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of October 14, 2024)

are categorised into: companies that have declared their intention to join CAC, and companies certified by CAC.

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