Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

<h2>Unique Engineering and Construction Plc. (UNIQ) </h2>
<p>Construction services </p>
<p><strong>Core profit in line </strong></p>
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<p>UNIQ’s core profit in 2019 contained no surprises. We maintain our forecasts in 2020-21E, expecting strong earnings growth in 2021E thanks to the potential ramp up of the backlog upon progress in public investment in infrastructure projects. We retain our Buy call and the PER-based TP of Bt13.30, pegged at PER of 21x, the historical average.</p>
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<p><strong>4Q19 net profit beat forecast on extra items </strong><br>UNIQ delivered…</p>

Thailand

Unique Engineering & Construction PCL is an engineering and construction company. The Company's services include bridge and tunnel construction and infrastructure design.

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