CRC: Growth Momentum Intact Despite Uncertainties

CRC : Expect 2Q22 Performance to Turn to Profit

CRC: The 2nd Consecutive Quarter Loss in 3Q21

CRC: 1Q21 Earnings Was Pressured by New Wave of COVID-19 Outbreak

CRC: 2Q21 Result Was the 2nd Loss in past Five Quarters

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Central Retail Corp Ltd / Equity Bottom-Up

<ul>
<li>We reiterate our BUY rating for CRC with a target price of Bt43.0, based on DCF (WACC of 8.2% and TG of 2%), implying 35xPE’23E, close to Thai commerce sector.</li>
<li>We expect CRC to report 1Q22 net profit at Bt1.2bn (+208%YoY, -48%QoQ).</li>
<li>YoY growth will be supported by a recovery in sales from fashion business both Thailand and Italy, a solid demand recovery from tourism related parties, and government stimulus </li>
</ul>


We reiterate our BUY rating for CRC with a target price of Bt43.0, based on DCF (WACC of 8.2% and TG of 2%), implying 35xPE’23E, close to Thai commerce sector.
We expect CRC to report 1Q22 net profit at Bt1.2bn (+208%YoY, -48%QoQ).
YoY growth will be supported by a recovery in sales from fashion business both Thailand and Italy, a solid demand recovery from tourism related parties, and government stimulus 


CRC: Expect Strong Earnings Growth YoY in 1Q22