In today’s briefing:
- SCGP : Time to Repack for Brighter 2H22 Outlook
SCGP : Time to Repack for Brighter 2H22 Outlook
- We retain our BUY rating with a TP of Bt66 derived from 33xPE’22E which is close to its 3-years trailing mean. We recommend investors to increase position in SCGP ahead
- Modest recovery in 2Q22, post 1Q22 bottom : We estimate 2Q22 core profit at Bt1.9bn (-8%YoY, +12%QoQ) based on assuming gross margin of 17.4% (-3.1ppts YoY, +0.3ppts QoQ).
- Likewise, we forecast the company to register revenue at Bt38.1bn (+28%YoY, +4%QoQ). The YoY rise is attributed to healthier demand volume and M&Ps contribution, upon the resumption of economic activities
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