Thailand: Siam Global House, Bangkok Expressway and Metro, SCG Packaging Public Company Limited, Dohome PCL and more

• We reiterate BUY rating for GLOBAL with a target price of Bt25.0 based on 35xPE’22E, close to the average of the Thailand home-improvement subsector.
• We expect GLOBAL to report 1Q22 net profit at Bt967m (flat YoY, +30%QoQ).
• QoQ growth will be supported by high season quarter with a solid SSSG at+7.5%YoY in 1Q22 together with economic recovery as shown by Farm income Index was at Bt215 (+9%YoY)

• We expect the company to report net profit of Bt400m in 1Q22. (+1%QoQ+31%YoY), the highest level in the past five quarters.YoY expansion will be due to effective operating cost management
• Expect daily ridership to reach 70% of pre-COVID19 level by 3Q22, under assumption that there will be no major restriction measures induced by the virus outbreak. Furthermore, we expect ridership 
• Earlier-Than-Expected bidding for Orange line will be the re-rating catalyst (previously expected to take place within 1H22). We estimate upsides from this project at Bt1.90 per share.

• Maintain BUY rating with a new TP of B66.00 (down 8% from previous TP),based on 30.8xPE’22E which is close to its -1SD of 3-years trailing average. We believe, SCGP’s 24%
• We expect 1Q22E core profit to be the bottom quarter at Bt1.7bn (-21%YoY,-21%QoQ). Excluding one-time gain from the acquisition of Go-Pak adjustment, its recurring profit should rise 23%QoQ.
• We believe earnings momentum to recover in  2Q22 onwards by raising product prices in wake of costs turbulence, but would drop YoY due to fall from high base. 

• We reiterate our HOLD rating for DOHOME with a target price of Bt21.4 (included stock dividend) derived from 35xPE’22E, which is close to the biggest home-improvement player in Thailand.
• We expect DOHOME to report 1Q22 net profit at Bt468m (-14%YoY, +41%QoQ), QoQ growth will be supported by (1) high season quarter with a solid SSSG outpace peer at +26%YoY
• We expect 2Q22 earnings continue to soften YoY pressured by (1) a drop in margin for steel products,which will trim down overall gross profit margin to roughly 18%-19% from 22.7%

• Maintain Buy with TP of THB26.35
• Solid SSSG and store expansion driving sales
• 1Q22E profit likely to grow 33% QoQ, 2% YoY
• Store expansion underpins growth

We expect GLOBAL’s 1Q22 earnings to reach a record high when it reports results at end-April. Healthy earnings are being driven by resilient demand for building materials and price adjustments, resulting in our projected SSSG of 7%. GLOBAL should continue to deliver resilient growth on continued store expansion in Thailand and parts of ASEAN. We maintain Buy, with a DCF-based and dividend-adjusted TP of THB26.35, WACC 7.2%, LTG 3%. Note that the stock went XD on 25 Feb at 23 existing shares for 1 share dividend with a cash dividend of THB0.2548/share.