EGCO: Undemanding Valuation and Bright 2022 Outlook

EGCO: Clean Energy Transition to Relegate ESG Concerns

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EGCO: Earnings Upcycle and Net Project Additions in 2H21

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Electricity Generating / Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting came out in a positive tone. We maintain the BUY recommendation based on a target price of Bt220.0 derived using DCF methodology (WACC 9.8% and TG 1%)</li>
<li>Expect the 4Q21 recurring profit to improve YoY on the back of profit recognition from Linden gas power plant (USA) added in 2Q21. While soften QoQ due to seasonal </li>
<li>The company has set an investment budget of Bt30bn for 2022 (with in the framework of Bt150bn for 2021-25), which will focus on new renewable energy project acquisitions.We expect EGCO</li>
</ul>


Yesterday analyst meeting came out in a positive tone. We maintain the BUY recommendation based on a target price of Bt220.0 derived using DCF methodology (WACC 9.8% and TG 1%)
Expect the 4Q21 recurring profit to improve YoY on the back of profit recognition from Linden gas power plant (USA) added in 2Q21. While soften QoQ due to seasonal 
The company has set an investment budget of Bt30bn for 2022 (with in the framework of Bt150bn for 2021-25), which will focus on new renewable energy project acquisitions.We expect EGCO


EGCO: Targets 15% Growth from New M&A’s in 2022