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KS believes the SET has partially priced in the deal while investors will keep an eye on the actual signing and second-phase agreement in January. KS takes a mostly positive view of the details of the initial-phase trade deal. Foreign investors have turned their attention to domestic political uncertainty.

KGI reiterated a rating of Outperform for VGI backed by i) earnings bottoming out since 1Q20/21, ii) expected turnaround in profit in 2021/22, and iii) upside from greater capacity and revenue in the transit segment along with BTS Group Holdings (BTS) s extension line and new lines (Gold, Pink and Yellow).

KGI reiterated a rating of Outperform for VGI backed by i) earnings bottoming out since 1Q20/21, ii) expected turnaround in profit in 2021/22, and iii) upside from greater capacity and revenue in the transit segment along with BTS Group Holdings (BTS) s extension line and new lines (Gold, Pink and Yellow).

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