Petrochems…refiners…the dogs of the SET have been shining and will continue to shine (people have yet to realise how expensive it is to rebuild a new refinery facility could TOP, SPRC, BCP trade at a premium to replacement value in the future?)..now what about the few coal plays…(btw someone go shoot KBANK for refusing to fund coal projects in Thailand because of ESG)

Up until Iran, banks did start SME/corporate lending again, but now? If no lending – div play continues, but lower NIMs…

Tourism…should be fine…then a hiccup in 2Q…no idea on 3Q, maybe back by 4Q? Airlines same.

Telcos..nbtc allows them to charge a minimum of 200 something baht now (or forces them to at least provide services at a lower price), hurts the duopoly, and True’s turnaround team are staying in place – will flows shift back?

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