CRC : Solid Earnings Recovery, but It Has Mostly in the Price

CRC: Expect Strong Earnings Growth YoY in 1Q22

CRC: The 2nd Consecutive Quarter Loss in 3Q21

CRC: Growth Momentum Intact Despite Uncertainties

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Central Retail Corp Ltd / Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for CRC with a target price of Bt43. We expect the company to report 2Q22 net profit at Bt1.4bn (recovering from a loss YoY, +16%QoQ), </li>
<li>Expect 2Q22 earnings to recover to profit We 2Q22 earnings is expected to recover from net loss of Bt471m in 2Q21 to profit at Bt1.4bn(+16%QoQ)as a result of a recovery</li>
<li>We expect CRC to post 2Q22 revenue at Bt52.7bn(+22%YoY, +1%QoQ), driven by 1) an expected positive SSSG in all segments comprise of food segment at +17%YoY, hardline segment at +2%YoY</li>
</ul>


Maintain BUY recommendation for CRC with a target price of Bt43. We expect the company to report 2Q22 net profit at Bt1.4bn (recovering from a loss YoY, +16%QoQ), 
Expect 2Q22 earnings to recover to profit We 2Q22 earnings is expected to recover from net loss of Bt471m in 2Q21 to profit at Bt1.4bn(+16%QoQ)as a result of a recovery
We expect CRC to post 2Q22 revenue at Bt52.7bn(+22%YoY, +1%QoQ), driven by 1) an expected positive SSSG in all segments comprise of food segment at +17%YoY, hardline segment at +2%YoY


CRC : Expect 2Q22 Performance to Turn to Profit