In today’s briefing:
- Central Retail Corp Ltd (CRC TB) – Realising a Fashionable Recovery
- Thai Banks 4Q22 Screener; Krung Thai Back on Top
Central Retail Corp Ltd (CRC TB) – Realising a Fashionable Recovery
- Central Retail Corp remains a core holding to play the retail recovery in Thailand and Vietnam, with the tailwind from the recovery in tourism providing an additional boost.
- The company has seen a dramatic recovery in its fashion business along with higher margins plus it is expanding new stores and launching new formats such as Tops CLUB.
- Vietnam provides an additional growth driver through BigC and GO Stores, where it is the omnichannel market leader, with Italy under Rinascente already ahead of pre-COVID sales levels.
Thai Banks 4Q22 Screener; Krung Thai Back on Top
- Krung Thai is our pick; it ranks top in terms of post-provision profitability, as well as screening well on NPL coverage and valuations, including its low PEG ratio
- We also like Ayudhya, with its strong pre and post-provision profitability in 4Q22, strong credit quality metrics and attractive valuations
- Kasikorn has had a difficult 4Q22 due to its high cost of risk and its need to bolster provision coverage; Kasikorn may be a 2023 opportunity, but not yet
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