SPALI - Narrower gross margin hurt 1Q23 profit; Maintain BUY TP THB27.00

AP - Healthy 1Q23 profit as expected; Maintain BUY TP THB14.00

PSL - 1Q23 profit sank but recovery likely; Upgrade to BUY TP THB15.00

NSL - 1Q23 in line with our estimate; Maintain BUY TP THB26.00

SNNP - 1Q23 in line with a record high; Maintain BUY TP THB29.00

TTA - Rough start to 1Q23 but bottom likely; Upgrade to BUY TP THB9.00

BH - Unlocking double growth engines; Maintain BUY TP THB280.00

TU - Short-term pain but long-term gain; Maintain BUY TP THB20.00

ITC - Destocking should end within 1H23; Maintain BUY TP THB34.00

MAKRO - Strong growth for wholesale business in 1Q23; Maintain BUY TP THB46.00