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Citi Thailand, using recent price movements, reviewed the performance of the SET50 uni¬verse, identifying winners and losers.

It said those stocks that depended on domestic growth outperformed those affected by global cycles.

Citi Thailand reviewed three periods - the past year, the 13 weeks of the recent market selloff and the past four weeks of recovery.

In all three, stocks in the top quartile are mostly domes¬tic in focus, while those in the bottom fourth are mostly glob¬al cyclicals.

In addition, growth stocks performed better than value stocks.

According to the bank, in all three periods, stocks in the top quartile were biased towards growth, not value, even in the recent bear market selloff.

In terms of sector, it said banks and property plays scored highly. Based on mar¬ket consensus earnings fore¬casts for 2009, 18 stocks pass the growth and value criteria.

Eleven are domestic in focus. Five are banks - Ayudhya, Krung Thai, Siam City, Thanachart Capital and TMB. Two are property stocks - Land and Houses and Preuksa Real Estate.

According to the Stock Exchange of Thailand, the combined net profit of 474 of its 500 listed companies shot up 48 per cent year on year to Bt312.86 billion in the first half.

These include property funds and companies in the noncompliance and nonper¬forming sectors. Of the 474, 388 made a net profit and 86 recorded losses.

Net-profit growth was con¬tributed to mostly by the finan¬cial and energy sectors, which grew 316 per cent 25 per cent, respectively.