Market Roundup 9 January 2024

Thailand’s SET Index closed at 1,414.93 points, decreased 3.52 points or 0.25% with a trading value of 42.5 billion baht. The analyst stated that the Thai stock market closed in contrast with the Asia market, which mostly closed with positive territory. The downtrend was caused by the extension of the maturity date of ITD for its debentures, while in the afternoon session, some small real estate firms were set to request for the extension for their debentures as well. This raised concerns among investors about the flow in the system, causing a short-term decline in the Thai stock market. The analyst expected the market to trade sideways tomorrow, following the US Fed inflation figures.


Japan’s Nikkei settled higher on Tuesday by rising 1.16% to 33,763.18, the highest level since March 1990, following positive trends from tech stocks. Tokyo’s inflation rate declined from 2.6% in November to 2.4% in December, and core inflation, as expected by analysts, remained unchanged at 2.1%.


Nvidia’s stock surged by 6.43% in pre-market trading to $522.53, following the announcement of the GeForce RTX 40 SUPER Series of graphics processors, which mainly focused on gaming performance and artificial intelligence (AI) usage. This makes Nvidia the most traded company on Wall Street by having traders exchanging over $32 billion worth of its shares.


Stocks relating to electronic parts in the Thai Exchange rose on Tuesday, following the increased sentiment in the US Nasdaq Composite and the expectations from investors which anticipated that the US Fed interest rate had already passed the highest point.

Kasikorn Securities analysed that DELTA’s base price was at THB 87. The estimated normal profit in 4Q/23 will be at THB 4.7 billion, increased 4.6% YoY, but decreased 6.7% QoQ. The decline was caused by the slowing revenue QoQ, while SG&A may rise. The analyst expected the revenue and net profit to bounce back in 1Q/24, following the higher demand of EV components. The data center sales is expected to edge up by 10% in 2024, supported by further investment plans in the server and cloud projects for hyper-scale clients. As a result, the normal profit is expected to increase by 31% in 2024.

The material stock, such as semiconductors, could take around six months to unburden. Thus, the semiconductor business, such as HANA will show a distinct sign of recovery in 2Q/24, while the trading valuation on PER24F is around 19.2 times, which is investable.

The rise of Nvidia stock has led to the business opportunities for other chipmakers. HANA could benefit from an upside in the next orders, with a target price of THB 57.