Mr. Sutthichai Kumworachai, Head of Investment Strategy at InnovestX Securities, stated, "The global economy in Q3 2024 shows signs of a synchronized recovery, led by major economies such as the United States, followed by Europe and Asia, particularly in the manufacturing sector (PMI), which is rebounding. The service sector remains strong. China's economy is expected to be supported by stimulus measures across various dimensions, including fiscal, monetary, and the real estate sector, which has been a persistent issue. Additionally, measures to boost confidence in the capital market are in place, while inflation is gradually slowing down, leading to interest rate cuts primarily in Europe and later in the United States towards the end of the year. These factors will further support the global economic recovery and increase the attractiveness of Asian stock markets. The Thai stock market is also positively impacted by accelerated budget disbursements, supporting improved performance expected in the second half of the year. The SET Index target is set at 1,500 points. Recommended stocks include those in the food and beverage sector, electronics components, and ICT sectors."

       Dr. Piyasak Manason, Head of Economic Research at InnovestX Securities, revealed, "The macroeconomic direction is set to change, with the global economic recovery expected to boost overall GDP growth. Central banks worldwide are likely to start lowering interest rates, with the US Federal Reserve projected to make two rate cuts this year, and the European Central Bank (ECB) expected to make three. China will stimulate its economy through fiscal measures, ensuring continuous economic recovery. We believe that Q1 was the lowest point for the Thai economy, and it is now on the path to recovery. Key risks to watch this quarter include geopolitical issues, particularly the trade war between China and Western nations, and political risks within Thailand. Nonetheless, under a moderate scenario, we anticipate the Thai economy to grow by 2.5% in 2024 and 3.0% in 2025, driven by international momentum and accelerated public investment disbursements, following the trend of global recovery leading to Thai recovery."

       Mr. Sitthichai Duangrattanachaya, Senior Global Equity Strategist at InnovestX Securities, revealed “The third quarter 2024 investment strategy, indicating a shift from growth stocks to value and cyclical stocks, excluding the technology sector. This adjustment comes amidst global economic recovery bolstering investor confidence. While Thai equities remain underweight, a recovery in earnings report performance is anticipated. Political tensions easing and accelerated government spending are seen as fundamental catalysts enabling Thai equities to narrow the gap with top-performing markets like Taiwan and India, and underperformers such as Thailand and Indonesia. For the Thai stock market, the SET Index target is set at 1,500 points for Q3, with a recommendation to buy at levels below 1,300 points. Highlighted stocks for Q3 focus on companies showing consistent earnings report recovery and benefiting from global economic resurgence, emphasizing reliance less on uncertain domestic economic growth trends. Key stocks include ADVANC, KCE, OSP, PTTGC, and TU.”

       “In the third quarter, international stock markets are witnessing growth trends in sectors such as software, hardware, healthcare, and retail. Notable recommended stocks include MSFT, ORCL, AAPL, PFE, and WMT. In Europe, prominent recommendations focus on utilities like Iberdrola and Enel, while in China, highlighted stocks include Tencent, Xiaomi, Lenovo, Trip.com, and AIA.”

        Mr. Visakorn Kirivan, CFA, an Investment Strategist of Wealth Products & Strategy department at InnovestX Securities, stated, "For the third quarter, we anticipate investors will begin to see distinct trends in three primary categories. Firstly, in monetary policy, investors will observe progress in interest rate reductions following the established plans of several central banks in Asia, with Europe having already initiated rate cuts given the ongoing fragile economic outlook. Meanwhile, the Federal Reserve may maintain interest rates until the end of the third quarter. Secondly, fiscal and political policies are likely to have less impact on global financial markets as the United States enters the final stages of its presidential election campaign. Additionally, policies supporting the Ukraine-Russia conflict and funding for Israel are unlikely to receive additional injections due to the tight fiscal situation in the United States. Meanwhile, other countries will focus more on their own economic stimulus policies rather than international relations. Thirdly, the factors driving the growth of capital markets in each country vary significantly. In the United States, investment growth is primarily supported by earnings reports from the technology sector. In China, the capital market is driven by long-term economic policies announced during the 3rd Plenum meeting. In Europe, recovery is expected from macroeconomic conditions reaching their lowest point, along with the stimulus from interest rate cuts.”

        “For investment strategies this quarter, we recommend a buy-low, sell-high approach in markets with specific investment catalysts, such as the U.S. and China, especially when stock markets are in a correction phase. We have adjusted our investment outlook, increasing our focus on Europe and gold while reducing our recommendations for Vietnam. For medium- to long-term investment horizons (TAA 3-6 months and 12 months or more), we advise investors to gradually build a core portfolio through global equity funds like KT-GESG-A and to accumulate global bond investments via KFSINCFX-A. Additional returns can be achieved through U.S. equity funds such as TMBUSBLUECHIP and Chinese equity funds like SCBCHEQA.”

        Investors seeking investment opportunities can follow analysis and strategies from InnovestX, which covers a wide range of strategies for both short-term and long-term investments. Investors can choose strategies that best suit their own investment goals. For more information, visit www.innovestx.co.th/research or follow InnovestX on Facebook.

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*Investors should understand the nature of the products, return conditions, and risks before making investment decisions.

About InnovestX

InnovestX Securities Co., Ltd. (INVX) was founded in 1995 as a subsidiary of the SCBX group. The company provides a broad array of investment services, including Thai stocks, foreign stocks, funds, bonds, and digital assets, through its investment advisors and “InnovestX Super App”. In addition, it establishes a comprehensive digital asset business infrastructure across the ecosystem of the financial and investment industry, positioning the company to become a trusted leader in investments and digital assets in ASEAN.

www.InnovestX.co.th