MAKRO : Lotus’s Malls Transformation to Meet the New Customers’ Lifestyle
We remain positive on Lotus’s earnings recovery outlook in 4Q22 and ahead in 2023 after the site visit at Lotus’s North Ratchapruek mall, backed...
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MAKRO : Solid Operations Offset by Rising Financial Cost
Maintain HOLD recommendation for MAKRO with a target price of Bt37.5, its 3Q22 net profit came in at Bt1.6bn (+2%YoY, +2%QoQ), in-line with our...
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MAKRO : Creating a ‘New S Curve’ Through O2O Channels
We initiate coverage of MAKRO with a HOLD rating and a target price of Bt37.50, based on a DCF approach (WACC of 8.7% and TG of 2%). Our valuation...
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BJC: More Positive on Modern Retail Business
Yesterday analyst meeting came out with a positive tone. We maintain our BUY rating with a target price of Bt61 based on DCF, implying 30xPE’20E,...
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BJC: Solid Supply Chain in the Retail Business
We initiate coverage of BJC with a BUY rating and a target price of Bt61, derived from a DCF methodology (WACC 7.2% and terminal growth of 1%),...
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