M: Expect 3Q21 Earnings Will Be the Bottom Quarter
Yesterday analyst meeting came out with a neutral tone. SSSG remain dropped at -50%-60% in July 2021. However, we expect SSSG in three main brands...
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M: Expect 1Q21 Earnings Will Be the Bottom Quarter
Yesterday analyst meeting came out with a positive tone. SSSG recovered MoM in Feb 2021. Moreover, we believe SSSG will turn positive in March 2021.
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M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant
We came out with a positive tone after yesterday analyst meeting driven by MK’SSSG recovery rapidly after lockdown easing. We expect COVID-19...
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M: Expect 2Q20 Performance to Bottom Out
We maintain HOLD rating but cut our target price by 9% to Bt50 (25xPE’21E, a 20% premium to the Asia ex-Japan consumer staple sector). We expect...
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M: Weakening Sales Expected
We downgrade M to HOLD from BUY to factor in weakening sales outlook and cut our target price by 39% to Bt54 (22xPE’20E, Asia ex-Japan consumer...
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