CBG : Weak Margin Pressured on 3Q22 Results

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CBG : Expect 2Q22 Earnings to Hit Four-Quarter High

CBG : 2Q22 Earnings Hit Four-Quarter High

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for CBG with a target price of Bt120 (Previous TP: Bt125). We expect the company to report 3Q22 net profit at Bt615m (+2%YoY, -17%QoQ).</li>
<li>Expect weak CLMV sales to drag 3Q22 earnings   We expect 3Q22 net profit to be at Bt615m. Revenue in 3Q22 is expected at Bt4.7bn (+20%YoY, -10%QoQ)</li>
<li>Gross profit margin in 3Q22 is assumed to drop to 30.6% from 34.1% in 3Q21 and 30.8% in 2Q22. The YoY and QoQ</li>
</ul>


Maintain BUY recommendation for CBG with a target price of Bt120 (Previous TP: Bt125). We expect the company to report 3Q22 net profit at Bt615m (+2%YoY, -17%QoQ).
Expect weak CLMV sales to drag 3Q22 earnings   We expect 3Q22 net profit to be at Bt615m. Revenue in 3Q22 is expected at Bt4.7bn (+20%YoY, -10%QoQ)
Gross profit margin in 3Q22 is assumed to drop to 30.6% from 34.1% in 3Q21 and 30.8% in 2Q22. The YoY and QoQ


CBG : Expect Weak CLMV Sales to Drag 3Q22 Earnings

Carabao Group

CBG : Expect Weak CLMV Sales to Drag 3Q22 Earnings