In today’s briefing:
- CBG: Expect Earnings to Recover YoY Supported by New Product Launches
- JASIF: 4Q21 Core Profit Remains Flat, In-Line with Our Expectation
CBG: Expect Earnings to Recover YoY Supported by New Product Launches
- We upgrade our recommendation for CBG from HOLD to BUY with a new target price of Bt115 (-9% from previous TP), derived from 35xPE’22E, the average of the Thai energy
- We forecast 2022E earnings to recover to Bt3.3bn (+16%YoY) supported by (1) recovering sales in CLMV market, (2) Solid liquor’s distribution revenue growth, and (3) new product launches in Thailand.
- Expect earnings to bounce back to roughly Bt800m in 2Q22,while we believe gross profit margin had already bottomed in 4Q21and expecting it to recover in 1Q22,supported by higher sales contribution
JASIF: 4Q21 Core Profit Remains Flat, In-Line with Our Expectation
- Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
- Excluding gain from asset revaluation of Bt300m, 4Q21 core profit remained flat both YoY and QoQ, in line with our forecast due to flat revenue at Bt2.5bn.
- 2021 core profit grew slightly at Bt8.7bn (+1.5%YoY) while NAV increased slightly to Bt11.127
Before it’s here, it’s on Smartkarma
