In today’s briefing:
- CP Food (CPF TB): Vietnamese Ops To List On HCM Exchange
- ONEE: Expect Earnings to Grow YoY and QoQ in 1Q22
- CRC: Expect Strong Earnings Growth YoY in 1Q22
CP Food (CPF TB): Vietnamese Ops To List On HCM Exchange
- CP Vietnam (CPV), an 82%-held unlisted subsidiary of CP FOODS (CPF TB) (CPF), has applied for a listing on the Ho Chi Minh Stock Exchange
- CPV, an integrated agro-industrial and food business play in Vietnam, generated Bt111.1bn of sales in FY21, accounting for 21.7% of CPF’s revenue.
- CPV forms part of Cp Pokphand (43 HK) which was privatised in January this year.
ONEE: Expect Earnings to Grow YoY and QoQ in 1Q22
- We anticipate channel ONE average all day rating to climb back to top-5 tier channel by 2H22after fell down to no.7 in 1Q22.A recovery in rating will instantly benefit group
- We expect the company to report 1Q22 net profit at Bt219m (+13%YoY +7%QoQ), the highest level in the past three quarter.
- NEE still hold strong position in the digital TV industry with high potential growth of contents distribution via online platforms, other businesses that started to contribute great portion of profit
CRC: Expect Strong Earnings Growth YoY in 1Q22
- We reiterate our BUY rating for CRC with a target price of Bt43.0, based on DCF (WACC of 8.2% and TG of 2%), implying 35xPE’23E, close to Thai commerce sector.
- We expect CRC to report 1Q22 net profit at Bt1.2bn (+208%YoY, -48%QoQ).
- YoY growth will be supported by a recovery in sales from fashion business both Thailand and Italy, a solid demand recovery from tourism related parties, and government stimulus
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