In today’s briefing:
- GGC: Growth Momentum in 4Q21 Priced In
GGC: Growth Momentum in 4Q21 Priced In
- Downgrade to HOLD rating due to limited upside from current market price, with a TP of Bt14.60 based on 1.4xPBV’22E, which is ASIA ex-Japan Material sector. In our view
- We expect 4Q21 earnings at Bt310m (-45%YoY,+27%QoQ), on the back of revenue growth, together with margin expansion.
- Maintain 2022 positive view, following better biodiesel and fatty alcohol demand volume after lockdown easing, upswing in personal healthcare products, and new Bio-complex project.
Before it’s here, it’s on Smartkarma
