Brokers are still cracking at the end of the year, is there window dressing? It is expected to occur in domestic play or laggard stocks such as retail, banking, telecommunication such as MAKRO, BJC, CPALL, BBL, KKP, BAM, while Asia Plus-Aira. look at low chance Due to the lack of new money in the market investment incentives and no LTF support
Kasikorn Securities believes there will be a window for the Laggard group at the end of the year.
Mr. Korn Hathaisattha, a securities analyst at Kasikorn Securities, revealed that at the end of this year there is a chance of window dressing, which is expected to occur in large stocks. It is a group that this year is Laggard or stocks that respond to price adjustments later than the index. or slower than the same industry group Including stocks that foreigners hold quite a few or stocks whose prices have dropped a lot and are ready to improve next year
For examples of stocks that are likely to occur window dressing, for example, BAM manages bad debts because at 15-16 baht, the valuation is interesting. And cash collection (Cash Collection) in Q3/22 improved and since the onset of COVID-19 There will be a measure by the Bank of Thailand (BOT). This measure will gradually run out and more and more non-performing debts or NPLs will come into the system. Therefore, I think that there will be strength to go back to buy BAM.
As for the construction groups such as CK and STEC, but they like STEC because it is Laggard with limited downside Valuation, plus next year there will be more work and STEC’s backlog in the past was only building a new parliament. which the margin is not much And see that the round of investment from 2016 onwards will also increase.
Lastly, HENG is a financing company that pawns registration and car hire purchase. Because all finances were sold out from the case that the US Federal Reserve (Fed) continuously raised interest rates. But in the next phase, there will be a slowdown direction.
Nomura assesses domestic play window funds
Mr. Kornphat Worachet Director of Research and Investment Services Capital Nomura Securities Co., Ltd. said that at the end of the year or in the fourth quarter of 2022, there are often stock purchases for window dressing or closing the accounting period. It is expected that most of the stocks that will window dressing will be domestic play stocks, whether retail, banking, telecommunication, will be a group that has strong buying power for window dressing, especially in the fourth quarter of 2022, which is the shopping season. too
For stocks that have a chance of window dressing at the end of the year such as MAKRO BJC CPALL BBL KKP
ASPS Sees Less Chance of a Window Due to Lack of Market Motivation
Mr. Therdsak Taweethiratham, Executive Vice President of Research, Asia Plus Securities (ASPS), said that there is very little chance of happening. or maybe not Because if you look at the flow of money, institutions that will cause window dressing
“If you observe from the end of LTF, window dressing is very rare because new money does not come in. And if you look at the motivation for this year, it’s not much. because the market does not move significantly And the role of the latter institution is less, which is why the opportunity to do window dressing is low. Mr. Terdsak said
Ira states that Thai stocks are not attractive. I don’t see the fund’s money to push the market.
Mr. Narongdej Chantaraphaisarn, Assistant Director of Securities Analysis Department, IRA Securities, said that in the case of window dressing at the end of the year, it is expected that the fund’s money will not come in to push the stock market clearly. Due to the overall picture of both SSF and RMF funds, Thai stocks are still not attractive. In most cases, the overall picture of the fund will see the opening of a new fund or investing in foreign stocks that yield more attractive returns.
The money of the fund is not a factor that helps support the Thai stock market during this year. It can be seen that most of the funds are still selling during this year. because investors want to redeem assets Therefore, it is not necessary for the fund group to do window dressing to push the overall picture of Thai stocks in the portfolio to improve.
