Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

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<p>Company Update</p>
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<h2>Nawarat Patanakarn Plc. (NWR)</h2>
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<p>Construction Services</p>
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<h3>Improving outlook on strong margin</h3>
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<p>We upgrade NWR’s rating to Buy with the new target price of Bt0.68, pegged with 2021E PBV of 0.5x. The positives for NWR include not only its success in gaining a record-high backlog, which will secure its top line, but also sustainable margin improvement. The low PBV benchmark is justified in light of the volatile earnings risk.</p>
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<p><strong>Record-high backlog</strong><br>At the end of 2Q20…</p>
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<p>Company Update</p>
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<h2>Nawarat Patanakarn Plc. (NWR)</h2>
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<p>Construction Services</p>
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<p><strong>Delivery of earnings is the key</strong></p>
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<p>NWR has succeeded in gaining a record-high backlog, which will secure its top line. But as a small contractor, its volatile earnings remain the key concern. NWR, in our view, will deserve to be re-rated if it can deliver smooth earnings for several quarters. We maintain our Hold rating, with TP of Bt0.50, pegged with PBV of 0.4x (-0.8 S.D.).</p>
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<p><strong>Aggressive target for</strong>…</p>
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Thailand

Nawarat Patanakarn Public Company Limited, a general construction firm, builds major infrastructure projects such as roads, highways, bridges, expressways, berths, and power plants.  Other construction projects include residential projects, shopping complexes, and industrial factories.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00