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TH : Strategy - Still cautiously optimistic

1Q21 market EPS rose 169% yoy and 47% qoq. We see a challenging 2Q21F given the rampant third wave of Covid-19 in Thailand. Our top picks are HANA, KCE, KBANK, SCB, SPALI, PTTGC, PTT, TVO, ADVANC and CHG. We revise our end-2021F SET index target down slightly to 1,690 (19.8x 2022F P/E) from 1,740 (20x 2022F P/E), still 0.25 s.d. below its 5-year mean.


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