In today’s briefing:
- EGCO: Undemanding Valuation and Bright 2022 Outlook
EGCO: Undemanding Valuation and Bright 2022 Outlook
- Yesterday analyst meeting came out in a positive tone.We maintain the BUY call based on a target price of Bt220.0 derived using DCF methodology (WACC 9.8%, TG 1%), implying 11.0xPE’22E.
- Expect the 1Q22 recurring profit to improve YoY and QoQ on the back of profit recognition from investments in Linden, APEX (USA, 2Q-4Q21). Moreover, seasonal better electricity sales should offset
- The company maintains the CAPEX plan of Bt30bn for 2022, targeting new renewable energy project additions. We expect EGCO to add around 1,000MW to portfolio in 2022
Before it’s here, it’s on Smartkarma
