In today’s briefing:
- TISCO : A High Dividend Stock
- Srinanaporn Marketing (SNNP.BK) – Still Growing Well Even With Headwinds
TISCO : A High Dividend Stock
- Maintain BUY for TISCO with a target price of Bt106.00. We like its high dividend yield, expected at 8.4-9.3%for 2022-24.We maintain a moderate net profit growth of 6%CAGR for 2022-24.
- A mixed picture in 2Q22 We expect Tisco Financial Group (TISCO) to post a net profit of Bt1.74b in 2Q22, up 4.5% yoy (-3.1% qoq). The yoy rise will largely
- Lending growth in 2Q22 is likely to continue rising by 0.4% QoQ (1Q22: +0.4% QoQ), given elevated demand from corporate and SME lending despite muted new auto HP lending.
Srinanaporn Marketing (SNNP.BK) – Still Growing Well Even With Headwinds
- U/G to BUY from Hold
- Sales projected to hit record high in 2Q22
- Earnings to remain solid despite GPM pressure
- Promising 2H22E outlook
We upgrade SNNP to BUY from Hold after the share price corrected by 18% since 3 May when we deemed it to be fully valued. Sales momentum remains positive underpinned by greater mobility post-Covid and the successful launch of new products. Cost inflation and labour constraints may put pressure on GPM but solid top-line growth should buoy earnings growth. We believe the recent share price dip offers a buying opportunity, with 23% upside to our DCF-TP of THB18.80 (WACC 7.3% and G.3%).
Before it’s here, it’s on Smartkarma
