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Sponsored by Charoen Pokphand Group Public Company Limited. Good morning. >> Good morning. Welcome to GNN Money Making Hour. We meet on the morning of June 29, 2026. With me, Sopon, and Khun Praewan Wanit. >> Starting the week, but it's also the end of June. Time flies, P'Jee. >> The first half of the year is about to pass. >> Yes, and the chaos or mess, actually last week it seemed like it could be cleared up, agreed upon, but >> Suddenly, Saturday and Sunday, they clashed again. Don't know for what reason. >> Yes, and both sides threatened each other with harsh words. The United States said it would wipe Iran off the map of the world. Could that increase concerns? What will the investment atmosphere be like? We'll gather information to share with you. Please follow us on all platforms and channels. Both on True ID, TNN 16, Facebook, YouTube, TikTok, and all social media channels. You can scan the QR code on the side to follow TNN news 24 hours a day. >> Let's start today's hot issue with a major issue in our country. That is the "Yai and Pueng" project, a big government project. It aims to be a project that will attract direct foreign investment of over 1 trillion baht into Thailand. Of course, if this amount of money comes in, the stocks that will benefit will be in the industrial estate group, such as WH and Amata. A report from KGI Securities (Thailand) states that Thailand's Foreign Direct Investment (FDI) is recovering strongly. Thailand has re-entered the top 25 countries in the Kearney FDI Confidence Index, ranking 20th in the world, while investors have high confidence, with 88% of surveyed executives planning to increase FDI in the next 3 years. As FDI continues to grow and the value of investment approved by the BOI increases, it signifies strong medium-term demand for investment relocation. Citing the latest data from the first quarter, requests for investment promotion from the digital sector amounted to 874,000 million baht, accounting for 86% of the total requests of approximately 1 trillion baht. During 2024 until the first quarter of this year, the digital sector had accumulated requests for BOI benefits totaling 1.8585 trillion baht. The electronics and electrical appliance group had the second highest value of requests at 40,000 million baht. Meanwhile, FDI surged to 966,000 million baht, led mainly by the digital sector. Singapore is the country with the highest direct investment value. According to data from the National Economic and Social Development Council, Thailand's digital industry is projected to be worth 1 trillion baht by 2030 and increase to 2.5 trillion baht by 2050. Mor Intelligence states that Thailand's data center market was valued at 1,890 million dollars in 2023 and is expected to grow from 2,220 million dollars in 2024 to 4,900 million dollars by 2031, an average growth of 17.21%. Data from researchandmarkets.com provides an aggressive forecast, estimating that Thailand's data centers will grow at an average rate of 27.7% to reach 6,300 million dollars by 2031. Furthermore, Mor Intelligence estimates that Thailand's digital transformation market will expand to 16,640 million dollars by 2031, up from approximately 10,000 million dollars in 2023. Similarly, CBRE ranks Thailand among countries with high growth in the rapidly expanding data center market. KGI Securities believes that the growth of these investments will be accelerated by Thailand Fast Pass, designed to eliminate bottlenecks in the approval process and reduce processing time by 20-50%. Last year, over 80 investment projects worth a total of 480,000 million baht were selected for the first phase. Currently, an additional 25 projects worth a total of 223,000 million baht have been selected. The government plans to continue implementing the Fast Pass project to unlock further investment, aiming to attract another 1 trillion baht in targeted industries such as biotechnology, automotive and parts, semiconductors, and artificial intelligence. Based on all these environmental factors, the research department recommends buying both WH and Amata stocks. In addition to strong demand for industrial estate land, valuations may have additional upside from the potential for recurring income from utility and power businesses, as well as industrial property rental businesses. It is estimated that WHUP, a subsidiary of WH, will directly benefit from the rapidly growing demand in the digital sector, especially data centers, which consume approximately 10 times more utilities and electricity than general industries. With these supporting factors, the investment weight has been increased to overweight from neutral. In addition to the industrial estate group, the research department maintains an overweight rating on investment-related sectors such as banks and construction contractors, driven by strong investment momentum. Citing the latest Thai economic forecast, the Bank of Thailand has significantly revised its GDP growth forecast for 2026 upwards from 1.5% to 2.3%. Among the key components of the economy, only private investment is growing, accelerating from 3.5% in 2025 to 6% in 2026. The research department's outlook suggests a positive correlation between bank credit growth and GDP growth, which could reach 5.1% according to the latest forecast by the Monetary Policy Committee (MPC) released at its most recent meeting. Major construction contractors are also expected to benefit from increased PPP investments. Therefore, recommended leading stocks in Thailand's investment theme include BBL, KTB, and CK. >> It's time to catch up on international factors and movements with P'Jee Sopon. The chaos or violence between the United States and Iran is not over. Even though negotiations are underway and it seems the world is placing its hopes on everything calming down, last Saturday there was another attack, and both sides used harsh words against each other. >> The US and Iranian forces launched attacks against each other again. President Trump confirmed that the US military launched airstrikes against Iran last Saturday. He stated on social media that US fighter jets had attacked missile and drone storage facilities, as well as radar stations along the coast of Iran, due to another violation of the ceasefire agreement. Furthermore, Trump threatened in a post that it's possible Iran may never learn its lesson, and it might reach a point where reason is no longer applicable, and military force will be necessary to successfully complete the mission that has begun. If that happens, the Islamic Republic of Iran will collapse and cease to exist. The US Command revealed that the US attacked several more Iranian targets on Saturday, focusing on military surveillance infrastructure, communication systems, air defense bases, drone storage, and Iran's mine-laying capabilities. They stated that this attack was a direct response to Iran's continued aggression against commercial vessels. Meanwhile, the Islamic Revolutionary Guard Corps of Iran announced that the Iranian navy attacked US military bases in the Middle East in retaliation for the recent US airstrikes in southern Iran. The US claims the incident involving a commercial vessel in the Strait of Hormuz was a pretext for the attack. Iran insists that its actions are in accordance with the maritime traffic control agreement under a Memorandum of Understanding (MOU) recently signed with the US, and also stated that the US is the one violating the agreement. The IRGC also warned that if the US launches further attacks, Iran will retaliate with even harsher measures. Let's look at the movements of SpaceX shares. After its listing on the US market, there is recent information that on July 7th, SpaceX will be included in the NASDAQ 100 index. This means there is a possibility of at least 4.3 billion US dollars flowing in. From July 7th, SpaceX shares will be included in the NASDAQ 100 index, and it is expected that at least 4.3 billion US dollars will be attracted. The portfolio adjustments of index-tracking funds will need to align with the new components. Nasdaq confirmed the addition of SpaceX to the index after relaxing several criteria for company selection, including profitability requirements, the period after the initial public offering (IPO), and the proportion of shares in public float, making it easier for newly listed companies to qualify for the index. The report states that ETFs and mutual funds tracking the NASDAQ 100, including Invesco's Triple Q and Triple QM funds, will have to buy SpaceX shares to align their investment proportions with the index. JP Morgan estimates that this index inclusion may attract approximately 4.3 billion US dollars in passive investment, which will support price increases during the period when institutional investors gradually rebalance their investment portfolios. However, S&P Global Ratings stated recently that it will not relax the index inclusion criteria for SpaceX. The company will not be eligible for consideration in the S&P 500 index until it has traded on the stock exchange for at least 12 months. And although the rapid inclusion of SpaceX in the index reflects high investor demand for the company's shares, some investors remain concerned about the stock's valuation. For example, Michael Field, Chief Equity Strategist at Morningstar, said that the accelerated inclusion of SpaceX into the NASDAQ 100 reflects investor interest, but the company estimates that SpaceX shares are still overvalued, and SpaceX itself has volatile earnings over the past 3 years, with a net loss of 4.9 billion US dollars last year. Due to the increasing price of chips, Apple has had to increase its product prices, as we discussed last week. Most recently, there is information that Apple is trying to negotiate with the US government to gain access to chips from China, which are currently blacklisted. The Financial Times reported on Friday that Apple is lobbying the Trump administration for approval to purchase memory chips from Changxin Memory Technology, a Chinese company blacklisted by the US Department of Defense. The report states that Apple has submitted a request to the White House for a waiver of this restriction, aiming to reduce cost pressures after the continuous rise in memory chip prices. This move reflects the pressure that major US technology companies are facing from rising memory chip costs, while the US government continues to use national security measures to limit the business of chip manufacturers from China. Previously, during the administration of former President Joe Biden, the US Department of Defense designated Changxin Memory, China's largest memory chip manufacturer, as a company associated with the Chinese military. Furthermore, a US interagency committee approved last year to add this company to the US Department of Commerce's entity list. Under these regulations, US companies cannot export goods, software, or technology to companies on this list without authorization. And last week, as we know, Apple just announced price increases for its iPad and MacBook products, stating that the company can no longer bear the increased costs of memory chips and storage chips, following the surge in demand from the artificial intelligence (AI) industry, which has led to the construction of data centers and has been a factor driving chip prices continuously higher. Let's look back at the US stock market last Friday. We saw that all three markets declined. The Dow Jones fell by approximately 0.09% to close at 51,876 points, while the S&P 500 fell by a slight 0.05% to close at 7,354 points, and the Nasdaq fell the most by 0.24% to close at 25,297 points. The main reason was the selling pressure on chip-related and AI-related stocks, after they had risen significantly previously. This group has played a crucial role in driving the Wall Street market in recent years. Selling pressure occurred even though some investors still believe that AI will increase companies' profits, but there are still questions from many parties about the cost-effectiveness of investing and the time it will take for AI data center projects to generate returns. Analysts say it is too early to conclude that technology stocks are entering a major correction, but issues of profitability and investment spending remain closely watched by investors. They also warn that the Wall Street market may face fragility if US companies cannot perform as expected by investors' high expectations. Meanwhile, data released last Thursday indicated that US inflation rose above 4% in May, with the Iran conflict pushing up energy prices, leaving the possibility of the Federal Reserve raising interest rates still open. Meanwhile, European stock markets also declined. The FTSE 100 in London fell by approximately 0.21% to close at 1508 points. The CAC 40 in France fell by approximately 0.55% to close at 8,384 points. The DAX in Germany fell the most, by more than 1%, down 1.29% to close at 24,671 points. The main factors remain related to chip and AI-related stocks. Although opinions may differ somewhat, analysts believe that the investment atmosphere in AI-related stocks is currently confusing. Market sentiment swings between concerns about whether AI investments will be cost-effective and positive expectations for AI spending. For example, the German stock market, which we saw fell the most, had a specific factor from the online fashion retailer Zalando, whose stock price fell by 6.3% after the German Federal Financial Supervisory Authority opened an investigation into its 2023 financial statements, citing evidence of accounting violations, which also affected the retail sector as a whole. Meanwhile, crude oil futures fell by more than 3% last Friday. The main reason is that progress in Middle East negotiations has affected the overall atmosphere. Concerns about oil supply shortages are diminishing because oil tankers continue to pass through the Strait of Hormuz. Analysts from Christ Future Group believe that the market is becoming more confident that oil transportation through the Strait of Hormuz will continue uninterrupted, and a large amount of crude oil and refined oil products are expected to enter the market. Meanwhile, LSEG shipping data shows that Saudi Aramco resumed loading oil at the Ras Tanura port on the Arabian Gulf on Friday, after a suspension of nearly 4 months. Two very large crude carriers (VLCCs), each capable of carrying 2 million barrels, also loaded oil at this port, with another one anchored nearby. We saw that WTI crude oil futures for August delivery fell by 2.69 dollars or approximately 3.74% to 69.23 dollars per barrel. Brent crude oil futures for August delivery fell by 3.27 dollars or approximately 4.34% to close at 71.99 dollars per barrel. Meanwhile, gold in New York on Friday received support from the weakening US dollar and reduced investor expectations of a Federal Reserve interest rate hike after inflation data was released in line with expectations. However, overall, gold prices have declined for the fourth consecutive week. August gold futures on the COMEX rose by 48.70 dollars or approximately 1.2% to close at 4,096.30 dollars per ounce. Returning to our domestic stock market, last Friday it declined, following regional stock markets, especially the drag from Delta, which significantly contributed to the Thai stock market's decline last Friday, similar to regional markets. At the end of last Friday, the Thai stock market fell by 16.21 points or approximately 1.04% to close at 1,542.34 points, with a trading value of approximately 66,478 million baht. The top 5 stocks by trading value were Delta, as mentioned, down 6.75%, which had a significant impact on the SET Index overall. Followed by GULF, down 1.24%, closing at 59.75 baht. BDMS rose by approximately 2.72%, closing at 18.90 baht. PTT rose by approximately 1.45% last Friday, closing at 35 baht. And the fifth ranked was True, up 1.6%, closing at 12.70 baht. Let's check the Asian stock markets this morning. Most of them have declined, with only Hong Kong's Hang Seng Index rising by 1.52% to around 23,010 points. The rest have declined, with South Korea's KOSPI falling sharply by 2.13% to around 8,231 points. Japan's Nikkei opened down 0.8% and is currently trading around 68,700 points. China's Shanghai Composite opened down 0.15% and is trading around 4,021 points. Singapore's Straits Times Index is currently down 0.22% and trading around 5,180 points. Now, let's return to follow other interesting information with Khun Praew. Please go ahead. >> Let's look at the investment perspective on gold from YLG. YLG estimates that around the price level of 4,000 dollars per troy ounce is an interesting level because, based on historical data, gold tends to accumulate and form a base in this area before recovering again. In the long term, there is still support from global central banks. Khun Tippanawat Sapp, CEO of YLG Bullion and Futures Company Limited, stated that gold prices have been continuously declining over the past week, adjusting down to the 4,000 US dollar per troy ounce zone. The main factor is the strengthening of the US dollar, stemming from increased expectations that the US Federal Reserve will raise interest rates. However, YLG views the price of 4,000 dollars as very interesting. Compared to the 200-day moving average (SMA 200), which is 4,474 dollars per troy ounce, it is approximately 10.6% lower. Historical data since 2014 shows that gold prices have fallen below the SMA 200-day line 7 times, with the deepest being around 10%. After that, prices begin to form a base and recover again, which is a very significant statistical indicator. In the long term, YLG believes that gold prices have the potential to enter an uptrend, supported by continuous buying from many central banks worldwide. The World Gold Council's data over the past 4 years shows that global central banks have been accumulating an average of 1,000 tons of gold per year, a significant increase compared to the previous decade when the average was only 500 tons per year. This accelerated gold accumulation is occurring amidst geopolitical uncertainty and a relatively fragile global economy. Furthermore, the World Gold Council's survey found that most central banks surveyed, a record 76 central banks, believe that global central bank gold reserves will increase in the next 12 months. 45% of surveyed central banks intend to increase their gold holdings, while most of the rest will maintain their current holdings, with only 1% planning to reduce them. It is also found that gold performs well during crises, which is a key reason for increased purchases. It also helps diversify portfolios, protects against inflation risk, and importantly, serves as a hedge against geopolitical risk. Finally, most central banks (74%) plan to reduce their holdings of US dollars in global reserves, which will lead to a moderate to significant decline in the value of the US dollar over the next 5 years. Meanwhile, the proportions of the Euro and Yen will remain the same, but the proportion of gold holdings will increase. Based on these survey results, many financial institutions continue to assign an overweight to gold in the long term. However, for investors in a situation where gold may still decline in the short term but is in a long-term uptrend, the strategy of gradually accumulating through dollar-cost averaging (DCA) is an attractive option, according to YLG. Let's take a short break, and then in the next segment, we will return to follow the movements of listed companies in our country. Investments accompanied by turning points in monetary policy, economy, and politics are new volatilities that investors must prepare for. >> How to strategize to access more opportunities amidst these challenges? Meet Sopon Nawaratana >> and Wanpatana Phichai >> When fully prepared before the market opens, don't miss any news or changes, both domestic and international, that investors need to know. >> Strengthened by top analysts, digging deep for target stocks and adjusting strategies to keep up with every situation. Let's arm ourselves with investment knowledge and increase wealth with the two of us on the TNN Money Making Hour program. >> Meet for a full hour starting from 9:30 AM onwards on TNN Channel 16 and True Vision Channel 777. Adjust strategies for economic trends across all markets, all parts of the world: US, Europe, China, Asia, emerging markets, including Thailand. Select investment channels from the perspectives of leading securities analysts and fund managers, both domestic and international, covering stocks, gold, funds, oil, bonds, and TFEX. 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In "Global Economy News," every news segment of the day on TNN Channel 16 and True Vision Channel 777. True Online Home, the ultimate technology connecting smart homes with AI. Let's continue the discussion. This segment will start with the movements of AOT, Airports of Thailand Public Company Limited. The management has spoken about the passenger volume forecast for this year, as well as the forecast for next year. After being affected by oil prices and geopolitical situations, next year will be an interesting year as it will fully benefit from the increase in PSC fees and a planned investment of 300 billion baht. Khun Pavina Pariyatitipong, Director General of Airports of Thailand Public Company Limited (AOT), stated that the total passenger volume for fiscal year 2026 is estimated to be around 126 million people. Despite the Middle East war and high oil prices, it is expected that in fiscal year 2027, the situation will begin to ease, leading to passenger growth of approximately 2%, or about 129 million people, especially in the international market, which is considered to have high potential. For revenue in fiscal year 2027, the company expects to fully benefit from the increase in passenger service charges (PSC), effective from June 20, 2026. The international passenger fee has increased from 730 to 1,120 baht per person, an increase of 390 baht per person, which will result in an additional revenue of approximately 10,000 million baht, leading to an upward trend in the aviation business revenue. Meanwhile, non-aviation business revenue continues to grow steadily from infrastructure development around airports. There are 3 clear projects this year, including the opening of new service providers in ground handling and cargo businesses. As for infrastructure development plans, AOT is accelerating the expansion of its main airports, especially Suvarnabhumi Airport, which is proposing an expansion of the West Passenger Terminal to the Cabinet to increase its capacity to accommodate 70 million passengers per year. Simultaneously, it is proceeding with the development plan for the southern area, which, upon completion of all phases, will increase passenger capacity to 100 million passengers per year. Meanwhile, Don Mueang Airport is currently pushing for the construction of the third passenger terminal to increase its capacity to accommodate a total of 40 million passengers per year, along with the development of transportation systems and infrastructure within the airport. Regional airports such as Chiang Mai, Phuket, Hat Yai, and Chiang Rai are undergoing passenger terminal expansions, area improvements, and master plan development to accommodate future growth. AOT has allocated a total investment budget of approximately 300,000 million baht over the next 10-20 years to develop and expand the capacity of all 6 airports, which will be implemented in phases according to actual usage demand. In the first 5 years, an investment budget of approximately 80-90,000 million baht is expected, using the company's own funds, as operating cash flow and increased revenue are sufficient to support early-stage investments. Khun Pavina also mentioned that on July 1st, AOT will celebrate its 47th anniversary. The company will announce next month its strategy to develop the country's airports into a global aviation hub by 2035, focusing on upgrading infrastructure, services, and safety standards to support the growth of the aviation industry. >> Let's look at the analysts' views on Siam Wellness Group Public Company Limited, or SPA. Most of them are positive about the wellness business trend in our country, as the company has a strategy of continuous branch expansion and plans to support long-term growth. A report from Kasikorn Securities states that SPA's management maintains its revenue target for 2026 at 1,850 million baht and forecasts same-store sales growth of approximately 10%, despite the weakening trend of foreign tourist arrivals due to geopolitical tensions. SPA recently reported same-store sales of 7-9% in the first quarter and expects it to be in the single-digit range in the second quarter, reflecting the seasonal slowdown in tourist numbers. However, the company's maintenance of its full-year guidance reflects management's confidence in the recovery in the second half of 2026. SPA has recently returned to its branch expansion cycle after slowing down expansion during the COVID-19 pandemic. The number of branches increased slightly from 70 in 2020 to 71 in 2023. After that, the company accelerated its expansion, opening 7 new branches in 2024 and 11 branches in 2025, bringing the total number of branches to 89. The research department forecasts the opening of 9 new branches in 2026, of which 4 branches have already opened in the first quarter. Although new branches generally take about 12 months to break even, this expansion is considered a positive factor as it helps expand SPA's profit base and increases its ability to benefit from the recovery of the tourism sector. The Wellness project, a new S-curve for the company, is expected to commence operations in the first quarter of 2027 with a total investment of approximately 821 million baht under a 30-year lease agreement. Management forecasts that the project will achieve profitability under the assumption of a hotel occupancy rate of 60% and 200 daily users. The research department believes that this project will enhance SPA's long-term profitability potential. Based on the aforementioned plans, the research department has revised down its normalized profit forecast for 2026 by 11.6% and for 2027 by 0.7%, mainly due to faster-than-expected branch expansion, which is expected to pressure margins in the short term. However, the research department still expects normalized profit to grow at an average of 18.7% during 2026-2028, supported by new branches gradually entering their profit-generating phase, operating leverage, and the contribution from the Wellness project. In terms of strategy, the research department recommends a "BUY" rating with a target price of 6.12 baht, reflecting the revised profit forecast. Although short-term profits may face pressure from accelerated branch expansion and a slowdown in foreign tourist numbers, the research department maintains a positive long-term outlook for SPA due to continuous branch expansion, recovering tourist spending, and the Wellness project in Pattaya. >> Let's move on to the market-leading stock, Delta. We are reducing the investment weight because we estimate that its second-quarter profit will decrease compared to the first quarter. The reason is that raw material shortages prevent the company from producing and delivering as much as possible with limited available raw materials, thus hindering revenue growth. Krungsri Securities' research department forecasts that Delta will report a net profit of 7,900 million baht in the second quarter, an increase of 71% year-on-year, but a decrease of 13% from the previous quarter. The pressure factors are the contraction of gross profit margins due to higher raw material costs resulting from the US-Iran conflict, as well as chip shortages, which will pressure gross profit margins this quarter. Furthermore, raw material shortages also result in lower product deliveries to customers, causing revenue growth in this quarter to be lower than previously forecast. The research department forecasts revenue growth of only 6% this quarter, compared to the previous forecast of 15%. The problem of raw material shortages, especially chips, will be the main drag on growth. Another important assumption for second-quarter profit is that gross profit margin is expected to contract to 29.5% from 31.7% in the first quarter. The aforementioned reasons lead to increased selling and administrative expenses, both from royalties and increased research and development expenses. If the second-quarter profit comes out as expected, it will represent 48% of the full-year 2026 profit forecast. Krungsri Securities' research department maintains its profit forecast at 35,300 million baht, an increase of 53% from last year. However, there are increased concerns about tight supply chains. If this problem persists, it will not only affect gross profit margins but also revenue growth in the second half of 2026. For these reasons, in terms of strategy, Krungsri Securities maintains its "Reduce" recommendation and keeps the target price unchanged at 255 baht, as there are no significant changes to the company's fundamentals. This recommendation is based on the stock's overvaluation compared to its growth forecast. At this price level, the market has already reflected an average profit growth of 50% in 2026-2027, amidst the AI cycle approaching its peak. >> Let's take another short break, and then in the next segment, we will discuss with analysts about stocks and the economy. The global economy, the Thai economy in the post-COVID-19 era continue to face challenges. Conflicts, inflation, soaring energy prices, and changing monetary policies are factors we must closely monitor. >> Look at the big picture to understand future directions with important economic news for you. >> In the program "Economy Inside," every Monday to Friday on TNN Channel 16 and True Vision Channel 777. All economic news, all movements, both domestic and international, presented clearly and directly. In "Global Economy News," every news segment of the day on TNN Channel 16 and True Vision Channel 777. Update business aspects, marketing insights, and don't miss technology trends with the "Million Baht Marketing" program, every Monday to Saturday from 11:00 AM to 11:30 AM on TNN Channel 16 and True Vision Channel 777. Investments accompanied by turning points in monetary policy, economy, and politics are new volatilities that investors must prepare for. >> How to strategize to access more opportunities amidst these challenges? Meet Sopon Nawaratana Phong >> and Wanpatana Phichai >> When fully prepared before the market opens, don't miss any news or changes, both domestic and international, that investors need to know. >> Strengthened by top analysts, digging deep for target stocks and adjusting strategies to keep up with every situation. Let's arm ourselves with investment knowledge and increase wealth with the two of us on the TNN Money Making Hour program. >> Meet for a full hour starting from 9:30 AM onwards on TNN Channel 16 and True Vision Channel 777. Adjust strategies for economic trends across all markets, all parts of the world: US, Europe, China, Asia, emerging markets, including Thailand. Select investment channels from the perspectives of leading securities analysts and fund managers, both domestic and international, covering stocks, gold, funds, oil, bonds, and TFEX. In-depth special interviews with leading listed companies in all interesting and growing industry groups. 10:13 AM. The market opened slightly up, about 10 points. What is the trend today? Let's discuss with P'Golf, Khun Wiriyala Promrat, Deputy Managing Director of IB Global Securities. Good morning, P'Golf. >> Good morning. >> Good morning. >> Good morning. The market is up this morning. But on Saturday, they fired again, America and Iran. How worried are you? How much does it affect the atmosphere? P'Golf. >> Normally, when news like this comes out, if we follow the news a lot, we might feel worried and confused. But what we look at is the reflection. We look at the oil price level. Now, with the news that there has been another clash, even though it's within the agreement, the oil price level has not rebounded significantly. Therefore, the concern is not reflected much. From my perspective, P'Golf, the oil price level last week, throughout the entire week, I used West Texas Intermediate. The oil price has adjusted downwards. Last week, it went from around 78 dollars down to around 69 dollars. And now it's still around 69-70 dollars. So, I think the oil price is still in a downward correction. Therefore, the impact is not significant. What happened did not have much impact on the stock market. But today, the market is up positively, partly because, as Golf sees it, it's due to the rebound of Delta. Because last week, Delta was under the concern that when it's in the SET 50 or SET 100, its market cap weight is not more than 10%. Delta was reduced. Today, it has rebounded by 10 baht, which has an impact on the index by about 10 points. So, the market is up quite a bit. Meanwhile, last Friday, it also declined quite a bit. So, the market's characteristic, as I see it, is in a range-bound oscillation. The upper resistance might be around 1,550 to 1,560 points. The lower support is around 1,525. The upper resistance is around 1,560 points. It's around this range for now. >> Yes, and in terms of strategy, what do you recommend for investors during this period, P'Golf? >> We are about to end the second quarter tomorrow. Therefore, the main factors for the market will likely return to the second-quarter earnings. So, I would like investors to follow the second-quarter earnings as a factor that will likely affect individual stocks or specific situations. The situation between the US and Iran, stocks that have previously declined due to the war situation, have a tendency to rebound. Therefore, anti-recession stocks are another theme. What are anti-recession stocks? They include power plants, hospitals, retail, and finance. They will have a tendency to rebound. Under this point, we are starting to see more stocks in the rebound range. >> Ah, if it's a topic for each group for this week that P'Golf would recommend to investors, which ones would they be for each group? >> Today, for example, it would be BDMS. BDMS is in the hospital group, which is an anti-recession stock. Although Census Viel does not forecast outstanding second-quarter earnings, it is expected to recover in the second half of the year. This is what I see as having limited downside and a potential for rebound. The second one is the home improvement group, which is Global. This is likely due to the government's announcement that it will buy solar rooftop systems from the public, not exceeding 500 MW, with a capacity of about 5 kW, at 2.20 baht per unit for 10 years. Those who sell solar rooftops, such as Pro Global, Global, and Kunn, will benefit. But today, I recommend Global. The last one is a stock that may have expectations regarding earnings, which is in the refinery group. I'm looking at Thai Oil. So, there are 3 stocks today. >> Yes, P'Golf, how do you view the strengthening dollar and the significantly weakening baht compared to the beginning of the year? And are there any stocks that might benefit from this? >> The weakening baht comes from the strengthening dollar. Now, the question is, why is the dollar strengthening? It's due to the issue of US inflation remaining high and the increased possibility of the Fed raising interest rates sooner. Previously, before the last Fed meeting, the market forecast that the Fed would raise interest rates only once this year, around December, and gave it low weight. But after the meeting, Chairman Powell's tone indicated that he would control inflation more. This has led to expectations of faster interest rate hikes, possibly in September, and a chance of two hikes this year: September and December. For these reasons, the US dollar has strengthened, and the baht has weakened. When the baht weakens, stocks that benefit are those in the export group, such as food exporters, pet food exporters, or those in electronic components. These will benefit. However, in some stocks in the electronics component sector, there are concerns about the AI bubble or businesses related to technology infrastructure, which has caused stocks in the component sector to be in a correction phase right now. Even though there was a rebound today, it is still in a correction phase. Therefore, stocks that benefit from the weakening baht may need to be considered on a case-by-case basis. >> Uh-huh. >> Yes, thank you very much, P'Golf. >> Yes, thank you. Goodbye. >> Goodbye. >> Ah, the positive effect from Delta's recovery. From Friday's decline to this morning's 10 baht increase, it has contributed to a generally better atmosphere. P'Golf's view is that the support is at 1,525, and the anti-recession group is likely to be interesting during this period. >> Let's move on to gold. Today, gold prices in our country are still declining. Viewers, it has adjusted down twice, a decrease of about 400 baht. Gold bars (96.5%) are sold at 64,250 baht and bought at 64,050 baht. Gold ornaments are sold at 65,050 baht and bought at 62,762.40 baht. Every Monday, we talk with Khun Jaruvej Sakasri, Assistant Managing Director of Sub Property Company Limited. He is on the line. Khun Jaruvej, good morning. >> Good morning, Khun Praew. >> Last week was a week where gold prices continued to fall. The beginning of the week also saw further declines. How do you assess the situation and outlook? >> For last week, I must say that negative factors had a good impact on gold prices. Last week, gold prices fell by 1.27%. The main issue is that the market has returned to focusing on Chairman Powell. The new Fed Chairman, who supports tightening monetary policy to curb inflation. This has led the market to expect that the Fed will raise interest rates at least once this year. Some sources, I use the word "some sources," believe that interest rates may be raised twice this year. This is another negative factor. Let me report on the SPDR fund. >> For the SPDR fund, the latest holding is 1,007 tons. Month-to-date, it has sold 31 tons. Year-to-date, it has sold 65 tons. It's almost below 1,000 tons now. The holdings are continuously decreasing. The behavior has not changed. >> Are there any positive factors? Last week, there was the US PCE Price Index Core PCE Price Index, which came out as expected. Since it was as expected, concerns about inflation have decreased. Therefore, this economic data has led to a decrease in US bond yields and a slight weakening of the US dollar. But overall, we still see the dollar as strong. Now, the rebound last week was quite weak. Therefore, the key turning point in the short term, I see it at 4,180 dollars, which is this week's resistance level. If it rebounds and cannot pass this level, the behavior might be similar to the past 2-3 to 4 weeks, which was a rebound to fall further. >> Uh-huh. So, the strategy is to rebound and then short? >> Uh, we'll have to see. We need to time it carefully. Whether 4,180 dollars can be passed. >> This week, there will be economic data that may cause gold prices to rebound somewhat. On the European side, there will be German inflation, which should have a positive impact on gold prices. There will be Eurozone CPI. There will be ADP non-farm payroll data. Most of the non-farm payroll data is expected to have a positive impact on gold prices. But if it cannot pass 4,180 dollars, it will be an opportunity to rebound and short. The support level on the downside is 3,990 dollars. >> Uh, and for Thai gold, Khun Jaruvej? >> For Thai gold, the resistance level is 66,200 baht, and the support level is 63,200 baht. >> Uh, Khun Jaruvej, do you have any recommendations for those trading or investing in domestic gold bars? >> For domestic gold bars, I think if it's for trading, you have to focus and follow closely. Because, looking at the overall picture, even though the baht has weakened and helped support domestic gold prices to some extent, it's not significant enough to cause domestic gold bar prices to skyrocket. I think it might be difficult. Or if someone says, "Oh, right now, the gap or the space for gold prices to rise is quite small." I might recommend staying away. >> Okay. Thank you very much today. >> You're welcome. Goodbye. >> Goodbye. That was an assessment of the overall situation before discussing this week. Khun Jaruvej usually paints a picture of what happened last week. What's interesting is that gold continues to respond well to negative factors. SPDR is still continuously selling gold. Therefore, the key highlight to follow this week will be the reporting of economic data from both Europe and the United States. Watch around the 4,180 dollar level. If it rebounds and cannot pass, it will be a rebound to fall further. The recommended strategy is to rebound and then open a short position. For domestic gold bars, Khun Jaruvej has set the support at 63,200 and resistance at 66,200 baht. Spot gold has resistance at 4,180 dollars and support at 3,990 dollars. >> Following our program will be TNN SP Report and Million Baht Marketing at 11:00 AM. >> Time is up. We, along with the team, bid farewell. Goodbye. >> Goodbye.