M: 1Q19 Earnings Reach a Record High
M reported 1Q19 net profit of Bt710m (+17%YoY, +12.3%QoQ) and in line with our expectation. The YoY growth was caused by better 7.5% sales growth...
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M: Trimmed 2019-20E Earnings Forecast by 12% and 19%
M had 4Q18 net profit of Bt606m (+11%YoY, -10%QoQ). The 2018 earnings was 10% lower than our forecast but in line with our expectation. Excluding...
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M: Gross Profit Widen to 68.5% Causes Increase Bottom Line Growth
M reported 1Q18 net profit of Bt632m (+14%YoY, +16%QoQ). The 1Q18 result was 22% of our full-year forecast and was in line with our forecast. Sales...
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M: Big-Three Chain Restaurant Giant Ramps up Brands and Networks
We initiate coverage on M with a BUY rating, based on a target price of Bt96 and derived from 31xPE’18E, which is the +2SD of three-year average...
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