BANPU : 550 next target, but there’s risk of it falling further…530 then 510

Back on May 22 we said BANPU (at the time it was at 722) will likely fall to 640 during Q3, and indeed it posted a low at 588.

We expect 588 to fail in the near term, so treat any bounce in the next few days as a time to sell. Downside risk to 550 or so looks almost certain, and we would not be surprised to see it hit 530 or so, even the 500-510 range.

If Europe sees a sovereign default – which is quite likely – then we think BANPU will fall to nearer 460.


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