In today’s briefing:
- Acommerce Pre-IPO – Beneficiary of COVID However, Has Been Losing Market Share
- Krung Thai Card (KTC.BK) – Solid Operations, But Limited Upside
Acommerce Pre-IPO – Beneficiary of COVID However, Has Been Losing Market Share
- ACommerce Group (ACOM TB) is looking to raise about US$200m in its upcoming Thailand IPO.
- Acommerce is an ecommerce enabler providing end-to-end and ala carte ecommerce solutions for brands in Southeast Asia (SEA).
- Acommerce has been a key beneficiary of COVID, however, has been recording unexpectedly weak margins, suggesting that it does a lot of logistical heavy lifting.
Krung Thai Card (KTC.BK) – Solid Operations, But Limited Upside
- Higher EPS and TP but still a HOLD
- Targets 10% card spending growth, 7% personal loan growth and THB11.5b title loans
- Better card spending but weak loan growth in 1Q22
- Raised FY22-23F earnings due to lower credit cost
Before it’s here, it’s on Smartkarma
