外文报告：Maybank-Market Buzz-130603

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
17 October 2011

PP16832/01/2012 (029059)

Thailand

Page 1 of 2

Market Update 3 June 2013

The Thai yield gap weakened to -0.74% last week from -0.68% the
previous week, as the market yield rebounded 8bps to 2.76% and
Thailand’s 10-year bond yield rebounded 14bps to 3.50% from the
week before. Despite the falling yield gap, the SET retreated 45 points,
or 2.8% WoW. This was because the decrease in yield gap stemmed
from the increase in both market and bond yields, signaling that short-
term profit-taking pressure is on the rise in both markets.
Selective buying appeared to still be the preferred strategy of most
investors as evidenced by the price falls in big caps, whereas most mid-
to-small caps remained immune to market volatility. This implies that
the valuations of mid-to-small caps are cheaper than those of big caps.
The BoT on May 29 has cut the policy rate to 2.50% from 2.75%, in line
with market expectations. Despite the move, the baht continued to slide
against the greenback to THB30.35/USD, up 3.5% from THB29.33 on
the April-3 BoT meeting. All signs are that the baht may further weaken
to THB30.80-31.00, which implies that the SET will remain weak.
In summary, we would reiterate that we are less positive on the SET.
Tactically, we have recommended investors to take profit. For now, we
would recommend holding on to cash.
Thai yield gap changes slightly

Sources: Bloomberg and Institutional Research, MBKET












Foreign/Institutional Research Unit




Maria Lapiz
Maria.L@maybank-ke.co.th
(66 2) 257 0250

Pongrat Ratanatavanananda
Ponrgat.R@maybank-ke.co.th
(66 2) 658 6300 ext 1398

Nalinee Praman - Database

Thanin Klamanont - Database








Stock Market Information
SET Index 1,562.07
W/W chg (%) -2.82
Avg T/O value (Btmn) 58,632
Avg T/O value (USD mn) 1,935.1
W/W Chg (%) -12.07
Exchange rate (THB/USD) 30.3
O/N interbank (%) 2.65
Market Cap (USD b) 443.3


Trading Summary – Last week
Unit: USDm Buy Sell Net
Institution 890 663 227
Proprietary Trade 1,366 1,425 -59
Foreign 2,171 2,644 -473
Individual 5,278 4,913 365
Total 1,935

Trading Summ ary – YTD
Unit: USDm Buy Sell Net
Institution 16,162 14,789 1,373
Proprietary Trade 21,695 21,840 -145
Foreign 38,766 39,462 -696
Individual 117,023 117,556 -532
Total 193,647



Market Buzz