In today’s briefing:
- Thai Rayon (TR TB): IFA Rejects Surya Kiran’s Offer?
- M: Positive Outlook for 2022-24 Earnings
Thai Rayon (TR TB): IFA Rejects Surya Kiran’s Offer?
- After taking into account the IFA opinion, the directors of textile-play Thai Rayon Public Co Ltd (TR TB) unanimously reject Surya Kiran’s Offer.
- Surya Kiran is offering THB 50/share for the 79.33% of shares out in Thai Rayon it does not own. The Offer Price will not be increased.
- The Offer is currently open for acceptance and will close on the 25 March.
M: Positive Outlook for 2022-24 Earnings
- Yesterday analyst meeting came out with a positive tone. We reiterate our BUY rating for M with a target price of Bt61.0 based on 25xPE’22E,Asia ex-Japan consumer staple sector average
- Management target same-stores-sales-growth (SSSG) at above 30% in 2022 from -15% in 2021.SSSG has strongly recovered at +15% in Jan-Feb 2022 supported by resuming dine-in services together with restoring consumer
- After resuming dine-in services,GPM recovered to 66.9% in 4Q21.We believe GPM to increase to 66% in 2022E from 64.1% in 2021 supported by a higher revenue contribution from dine-in service
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