I’m still of the viewpoint that 2H>1H, which will break the usual trend that we’ve seen since Prayuth & friends came in.

Far higher probability that the market is nearer to 1,500 than 1,200 from here.

Why? Government spending is finallllllllllly back, and at 1.5x the speed due to the budget effectively doubling up => a pickup in bank lending => econ growth higher than expected + a low base effect comp to 2Q-3Q23.

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