Market Roundup 30 August 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,576.67 points, increased 7.86 points or 0.50% with a trading value of 62 billion baht. The analyst stated that the Thai stock market extended the gain, following the positive trend in global markets, especially fund flows that seek finance, electronics and ICT stocks.

The analyst expected SET Index to extend its positive momentum into tomorrow’s session, seeing a possibility to test 1,600-1,610 resistance level this week.

2) Two big banks in Singapore sue money laundering debtors

Two of the largest local banks in Singapore have filed lawsuits against their debtor’s investment companies, who are suspects in a money laundering scandal worth more than S$1 billion.

DBS Group Holdings, the largest bank in Singapore, filed four lawsuits on 18 Aug against Aiqinhai Investment Pte’s director and sole shareholder Su Hai Jin is one of 10 people indicted in Singapore courts for money laundering via a form of security interest and document forgery.

While the second largest bank, Bank of Singapore, the company’s private sector banking division of Oversea-China Banking Corp (OCBC) filed suit on Jan. 7, 2022, against Xinbao Investment Holdings Pte, with one of the company’s two directors, Su Baolin, also among the accused, according to documents obtained by Bloomberg.


3) KKPS raises ADVNAC target price to THB266 on positive outlook from JASIF-3BB acquisition

Kiatnakin Phatra Securities (KKPS) increased Advanced Info Service Public Company Limited (SET: ADVANC)’s target price to ฿266 from ฿253, primarily based on contract amendment between Jasmine Broadband Internet Infrastructure Fund (SET: JASIF) and Triple T Broadband (3BB) that should benefit ADVANC’s businesses, especially the Fixed Broadband customers in upcountry with fewer competition in the market and lower overhead costs.