FSMART - Disappointing 4Q22 performance; Initiate with BUY TP THB15.00

NSL - The sandwich is still hot; Maintain BUY TP THB26.00

M - Hit the bottom in 4Q22; Maintain BUY TP THB66.00

MEGA - Soft profit q-q in 4Q22 as expected; BUY TP THB65.00

CPN - Full recovery to 2019 levels; BUY TP THB82.00

NOBLE - Strong 4Q22 recovery as expected; Maintain BUY TP THB6.40

ERW - Solid 4Q22 driven by luxury hotels; Maintain BUY TP THB5.50

BPP - Strong 4Q22 core net profit; BUY TP THB18.00

GULF - Solid earnings from energy giant; BUY TP THB58.00

KEX - Diesel price may hurt KEX; Maintain REDUCE TP THB13.50