In today’s briefing:
- LG Energy – Electrifying Downside Potential
- M: Positive Outlook for 2022-24 Earnings
- Torikizoku Holdings (3193): H FY7/22 Results Announced
LG Energy – Electrifying Downside Potential
- LG Energy offers extremely inflated valuation multiples that are even more stretched than frothy peers.
- It also offers numerous other red flags due to fire risks and a regional production capacity spread that could prove disadvantageous.
- Recent commodity price surges also impair the competitiveness of EVs overall but also LG Energy’s NMC chemistry vs. LFP.
M: Positive Outlook for 2022-24 Earnings
- Yesterday analyst meeting came out with a positive tone. We reiterate our BUY rating for M with a target price of Bt61.0 based on 25xPE’22E,Asia ex-Japan consumer staple sector average
- Management target same-stores-sales-growth (SSSG) at above 30% in 2022 from -15% in 2021.SSSG has strongly recovered at +15% in Jan-Feb 2022 supported by resuming dine-in services together with restoring consumer
- After resuming dine-in services,GPM recovered to 66.9% in 4Q21.We believe GPM to increase to 66% in 2022E from 64.1% in 2021 supported by a higher revenue contribution from dine-in service
Torikizoku Holdings (3193): H FY7/22 Results Announced
1H RP 1.3bn yen, of which subsidy income 3.2bn yen. Torikizoku Holdings (3193, the company) announced 1H (Aug-Jan) results
2Q (Nov-Jan) operating loss significantly reduced to 0.1bn yen. Positive impression
One of the few izakaya chains to survive the pandemic
Before it’s here, it’s on Smartkarma
