investor path
On Friday, August 26, 2022, the statement by the Federal Reserve’s (Fed) chairman of the Hawkish, or more austere, meeting at Jackson Hole has raised concerns among investors around the world. Some of the messages stated that
“This is the price to pay. to reduce inflation but if failed Unable to restore price stability The pain will be even greater.”
Even though the market expects the Fed to use a policy to raise interest rates to curb inflation. But the market did not expect this much Hawkish attitude due to the interest rate hike in the past 2 meetings. This is the highest hike since 1980 and it is also clear that the rate cut will come at the right time. but not in the near future
US stock market In response, the Dow fell 1,008.38, or 3.03%, to 32,283.40. The S&P 500 was down 141.46, down 3.37% to close 4,057.66, and the Nasdaq fell 497.56, down 3.94%. closed 12,141.71 points, while Asian stock markets, including the Thai stock market, were in red across the board, no difference.
But if you look at the basis of the Thai stock market that has traveled for the first 6 months of the year 2022, shown through the performance of listed companies (Co., Ltd.), both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) Generate sales and profits to grow It is considered to have satisfactory strength to a certain extent.
Must admit that Thai companies have to overcome the monsoon, negative factors, pressure from the Russo-Ukraine war. expensive oil Production and transportation costs soar Global and Thai inflation rates are at record highs. Tightening monetary policy with raising interest rates around the world
But Thai companies can adjust to support the business. Cost reduction management And when the covid situation began to unravel, the government decided to open the city, open the country, as well as stimulate the tourism sector. both domestically and internationally, helping Thailand’s economic recovery to a certain extent Therefore, the company can recover accordingly.
759 companies, representing 96.7% of the total 785 companies (excluding real estate funds Infrastructure Fund Companies in the group that may be delisted or NC) Reporting the operating results for the first 6 months of 2022 ending June 30, 2022 still has a net profit potential of 586 companies, or 77.2% of listed companies. submitting all financial statements
If split into a limited company in the SET, there are sales of 8,605,952 million baht, an increase of 40.1% from the first 6 months of 2021 at 6,142,795 million baht and a net profit of 596,594 million baht, an increase of 13.9% from 523,783 million baht.
In this regard, the relaxation of COVID surveillance measures since the beginning of the year Help drive sales to grow better. due to increased economic activity But rising commodity prices have caused production costs to increase at an accelerated rate. and affect profitability as well.
SET Co., Ltd. had a core profit of 1,078,048 million baht, an increase of 32.9% compared to the same period last year of 1,078,048 million baht, but the core profit margin and net profit margin were adjusted. They fell to 12.5% and 6.9%, respectively, from 13.2% and 8.5%, respectively, down 1-2%, which is significant for some level of business performance.
However, the financial status of the business as of June 30, 2022, Thai companies have a debt to equity ratio. (Excluding the financial industry) was at 1.59 times, an increase from 1.53 times compared to the previous year. It is considered that there is not much increase in debt and is not a concern.
As for the operating results of listed companies in the Market for Alternative Investment (mai) for the first 6 months of 2022 compared to the same period of the previous year, total sales were 99,895 million baht, an increase of 23.8% from 80,694 million baht, and cost of sales of 79,365 million baht. Up 29.2% with operating profit of 5,021 million baht, a decrease of 3.6% from 5,210 million baht and a net profit of 4,275 million baht, an increase of 14.4% from 3,737 million baht.
Food, fashion and service industries It is a group that has received positive results from the relaxation of epidemic control measures. Meanwhile, the direction of interest rate increases is a factor accelerating the demand of the real estate industry. and make the banking business group have a better performance
Asia Plus Securities Company Limited (ASPS) states that although investors are concerned regarding inflation But if analyzed in depth by sector, it was found that there wereQuarter-on-quarter and year-on-year growth segment namely energy, transport, electronics, media, food, packagingcommercial banks, real estateand fashion, etc.
and stated that the research department is in the review period for the full year profit projection to increase This is because company profits that continue to grow in the first half of 2022 account for more than 60% of the previous projection estimated at 1.04 trillion baht, representing EPS this year at 88.90 baht per share because the return to open the country boosts profits. to grow back
In addition, foreign money from the beginning of the year to August 26, 2022 bought a net of nearly 170 billion baht in Thai stocks, a record high. Past statistics show that Any year foreigners buy large quantities of Thai stocks The Thai stock market index (SET Index) always has a chance to rise. Even on the way there will be some shortening.
However, there are domestic factors The minimum wage adjustment in 2022 is divided into the highest rate of 356 baht and the lowest at 328 baht, initially expected to be effective from October 1, 2022 onwards, which should not affect the company much.
Consistent with UOB Kay Hian Securities (Thailand) who views profit taking may occur in the short term, but overall, the Thai stock market in the second half of the year will move sideways in the frame of 1,585-1,720 points.
After the Thai stock market set a record to attract huge foreign money. Thai companies have shown good profit potential in the first half of the year. I hope that the rest of the year 2022 will not fade.
